1972 Resolutions - Laserfiche WebLink

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the water, sewer and sewage disposal systems are insufficient for that purpose. Section 3. Full power and authority is hereby given the City Manager to date the Utili'cy Bonds as of any date with- in the current fiscal year, and to sell the Utility Bonds in such manner, either at private or public sales and at such time and place, as the City Manager may determine; the City Manager is further authorized to sell the Utility Bonds either together with or separate from any otker full faith and credit bonds of the City authorized for issuance. Full power and authority is hereby given to the City Manager of the City of Portsmouth to prepare and issue the Uti- lity Bonds in such fo~ and for such s~ as authorized by Section i hereof. The said City Manager-is authorized to cause to be im- printed on the back of each of said Utility Bonds a copy of tke complete final legal opinion with respect to said bonds, with name of the attorney or attorneys rendering same, together with a certification of the City Clerk, evidenced by a facsimile signa- ture of that officer, to the effect that the copy is a true and correct copy of the legal opinion which was dated as of the date of delivery and payment of the bonds. Section 4. The Utility Bonds shall not be subject to taxation by the City of Portsmouth, and the coupons pertaining to said bonds, shall after the maturity of said coupons, be re- ceived in payment of all dues, taxes, and assessments due to the City. Section 5. The Utility Bonds authorized by this resolu- tion shall not be included in determining the limitation upon the power of the City to incur indebtedness under the provisions of Article VII, Section 10, Clause (a) (2), of the Constitution of Vir- ginia, but from and after November 2, 1976, whenever and for so long as the revenue producing undertaking constructed and im- proved out of proceeds of said bonds fails to produce sufficient revenue to pay the cost of operation and administration (includ- ing interest on bonds issued therefor, and the cost of insurance 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 said revenue pro- ducing undertaking, all such bonds outstanding shall be included in determining the limitation upon the power of the City of Ports- mouth to incur indebtedness. Section 6. Ail other resolutions or orders, or parts thereof, in conflict with the provisions of this resolution, are to the extent of such conflict hereby repealed. -7-