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SECTION 1. Pursuant to Article VIi, Section 10 (a) (2)
<br />[formerly Section 127(b)] of the Constitution of Virginia, Chapter 5
<br />of Title 15.1 of the Code of Virginia 1950, and the ordinance adopted
<br />on the t%~3enty-ninth day of September, 1970, referred to in the
<br />recitals hereto, and under and by virtue of the affirmative vote
<br />of a majority of ~he qualified voters of the City voting upon the
<br />question of the issuance at an election held thereon on the third
<br />day of November, 1970, the City of Portsmouth (hereinafter referred
<br />to as the "City") shall borrow the sum of $8,200,000 and there shall
<br />be issued $8,200,000 of general obligation bonds of the City to be
<br />kno~ as "Port Improvement Bonds" and designated "Series of 1975"
<br />(hereinafter referred to as the "Bonds"), to evidence such borrowing,
<br />for %he purpose of acquiring certain port improvements and constructing
<br />certain additional port improvements, which, together with all other
<br />port improvements of the City, constitute a revenue producing under-
<br />taking of the City (hereinafter collectively referred to as the "port
<br />improvements"). The Bonds shall be issued in bearer form with
<br />coupons attached and registrable as to principal only or as to both
<br />principal and interest; shall be dated Octobe~ 15, 1975; shall be
<br />of the denomination of $5~000 each; shall be nu/~bered 1 to 1,640,
<br />both inclusive; shall bear interest from the date payable May i, 1976
<br />and semi-annually each May 1 and November 1 thereafter; and shall
<br />ma~ure serially in numerical order on November 1 in each of the years
<br />and in the princIpal amounts set forth below, with the Bonds maturing
<br />in a particular year bearing mnterest at the respective rate per annum
<br />set opposite such year as follows:
<br />
<br />Year of Principal Year of Principal
<br />Maturity ~ount Interest Maturity Am~,.oun~ Interest
<br />(Nov. 1) Maturing Rate (Nov. 1) Maturing Rate
<br />
<br /> 1976
<br /> 1977
<br />'1978
<br /> 1979
<br /> 1980
<br /> 1981
<br /> 1982
<br /> 1983
<br /> 1984
<br /> 1985
<br /> 1986
<br /> 1987
<br /> 1988
<br /> 1989
<br /> 1990
<br />
<br />95,000
<br />100 000
<br />105 000
<br />110 000
<br />120 000
<br />125 000
<br />135 000
<br />140 OO0
<br />145 000
<br />155 000
<br />165,0OO
<br />175,000
<br />185,0OO
<br />200,000
<br />215,000
<br />
<br />6.00% 1991 $230,000 7.00%
<br />6.00% 1992 245~00 7.10%
<br />6.00% 1993 265,000 7.20%
<br />6.00% 1994 285,000 7.30%
<br />6.00% 1995 305,000 7.40%
<br />6.00% 1996 325,OOO 7.45%
<br />6.00% 1997 355,000 7.50%
<br />6.00% 1998 380,O00 7.55%
<br />6.00% 1999 410~000 7.60%
<br />6.15% 2000 445.,000 7.65%
<br />6.30% 2001 480,000 7.70%
<br />6.45% 2002 515,000 7.75%
<br />6.60% 2003 555..000 7.75%
<br />6.75% 2004 595~O00 7.75%
<br />6.85% 2005 640,000 7.75%
<br />
<br /> The principal of, premium, if any, and interest o~ the Bonds
<br />shall be payable in any comn or currency of the United States of
<br />~erica which at the time of payment is legal tender for public and
<br />private debts, at the principal office of Virginia National Bank, in the
<br />City of Norfolk, Virginia, which is hereby appointed as principal payzng
<br />agent for the Bonds. At %he option of the holder~ the principal of the
<br />Bonds, unless registered other than to bearer, and the interest on the
<br />Bonds, unless registered as to both principal and interest, also be
<br />
<br />
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