1973 Resolutions - Laserfiche WebLink

Home Browse Search

consls~ang of the water, sewer and sewage ul=posa± systems are insufficient for that purpose. .... Section-3. Full power and authority ±s ~ereby given the C~y Manager to da~e ~he Utititv ~onds as of any aaue with- in the current fiscal year, and to ~ell the Utility Bonds in such manner~ either at private or public~ sale, and at such time and place, as the City Manager may/determine; the City ~anager is further authorized to sell the Utility Bonds el%her together with or separate from any other full faith and credit bonds of the City authorized for issuance. Full power and authority is hereby given, to the City~ ~aunager o~ the City of-Portsmou~a to prepare a~ i~sue the _utility Bonda in such form and for .such. sum as au~orized by c ~^~ ~ .~ ~he said City Mana~er:~is ~au~r~z~ to cause~ ~o-be' impri~%~~d on the ~ack o~ each o~ sa~d ~U%~!Z~, ~s, a ~o~y - of the complete final legit opinion w±~t~ respect 'tO saidbo~d~7 with n~me o~ the attorney or attorney-s ~enderin~same, together with a certification of the City Clerk, evidenced by a facsimile . signature-of that o_~ice.,._~o %he effect %hat the copy ~ a true and correct copy of the legal opinion ~hich was dated as :date of delivery and pak~ent of the bonds. · Section 4. T~.e Utility Bends shall not be subject to taxation by the City of Portsmouth, and the coupons pertaining- ~to_ _aaa bon~s, shall a~ter th~ maturity of said coupons, be re- ceived in payment o~ all dues~ taxes, and assessments due to the City. Section 5. The utility Bonds authorized by this reso- . lution shall no~ be .inc,tu~ed an ~e~er~ng~ tb~.~-~tationl upon' ............. th~- power ~f ~he ~Cit~ to. incur indeb~dr~ess under~ the' pro~isio~ of A2r~-icie ~tT,~/ 'Se~Ton>l~7 Clause (a~(2) , ~: ~h~ Con:stttution~f ~ir~inia, b~t ~rom ~nd ~aft~e~ ~roembe~r -~¥~ ~19~6~ ~,~2~ne~r and. ~ fo~ ..... ~- .... so~ Long as ~e revenue -producimg ~undertaking const~mcted· and ~prov~d?out.- Df.~roce~s..~of, sa~d-~onds ~ fa~ls ~ pr~uc~ .s~zf~ien~ ~revenue to' pay't~e~cost'of operatao~ and adm~nas~ra~ o~ lng interest on bonds issued therefor,' and the cost of insuranc~ against loss or injuries to persons and property), and an annual amount to be covered into a sinking fund sufficient to pay at or .before maturity all bonds issued on account of s~id revenue pro- _ducing undertaking. All such bonds outstanding shall be included in determining the l~mlta~lon upon the power of the City of Ports- mouth to incur indebtedness. Section 6. Ail other resolutions or orders, or parts thereof, !n conflict with the provisions of this resolution~ are -7-