|
A RESOLUTION TO- APPROVE THE SALE OF THE THRE~' w MILLION DOLLARS
<br />GENERAL OBLIGATION BONDS AUTHORIZED BY A RESOLUTION ADOPTED BY THE
<br />COUNCIL OF THE. CITY OF PORTSMOUTH, VIRGINIA, ON JULY 28, 1970, AND
<br />-FIXING CERTAIN DETAILS OF SAID BONDS.
<br />
<br /> WHEREAS, the City M~nager of the City of Portsmouth has J
<br /> received a proposal from Investment Corporation of Virginia, Norfolk,
<br /> Virginia, for the purchase of Three Million DolIars of General Obligation
<br /> Bonds. authorized by the Resolution of the Council of the City of Ports-
<br /> mouth adopted July 28, 1970, entitled, "A RESOLUTION AUTHORIZING THE
<br /> ISSUANCE OF THREE MILLION DOLLARS ($3~000,000.00) GENERAL OBLIGATION.
<br /> BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVID-
<br /> ING FUNDS FOR THE CONSTRUCTIONOF SCHOOLS, CERTAIN OTHER PUBLIC BUILD-
<br /> INGS, STORM SEWERS AND STREETS; FOR THE PURCHASE OF PROPERTY FOR
<br />GOVEP~MENTAL,'RECREATIONAL AND PORT DEVELOPMENT PURPOSES; FOR THE PUR-
<br />CHASE OF EQUIPMENT; FOR URBAN RENEWAL PURPOSES; AND TO PAY CERTAIN
<br />ANNEXATION COSTS PURSUanT TO THE ORDERENTERED~ IN THE CIRCUIT COURT Or
<br />THE CITY OF CHESAPEAKE, VIRGINIA, ON OCTOBER 2, 1967, ANNEXING CERTAIN
<br />TERRITORY PO THE CiTY OF PORTSMOUTH, EFFECTIVE JANUARY l, 1968; AND
<br />MAKING PROVISION FOR THE FO~ OF SAID BONDS AND FOR THE PAYMENT THEREOF",
<br />and the City M~nager has recommended that said proposal be approved;
<br />
<br /> NOW, THEREFORE, BE IT RESQLVED by the Council of the City of ~
<br />Portsmouth, Virginia:
<br />
<br /> 1. There be: and there is, hereby approved the sale to Invest-
<br />ment Corporation of Virginia, Norfolk, Virginia, at par, the Three Million
<br />Dollars of General Obligation Bonds· of the City of Portsmouth: Virginia,
<br />authorized by the resolution adopted by. the Council of the City of Ports-
<br />mouth, V~rginia, July 28, 1970, entitled "A RESOLUTION AUTHORIZING THE
<br />ISSUANCE OF THREE MILLION DOLLARS ($3,000,000..00) GENERAL OBLIGATION
<br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA~ FOR THE PURPOSE OF PROVI~G
<br />FUNDS FOR THE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC BUILDINGS,
<br />STO~4 SEWERS AND STREETS; FOR THE PURCHASE OF PROPERTY FOR GOVER~ENTAL,
<br />RECP~ATIONAL AND PORT DEVELOPMENT PURPOSES; FOR THE PURCHASE OF EQUIP-
<br />kENT; FOR URBAN RENEWAL PURPOSES; AND TO PAY CERTAIN ANNEXATION COSTS
<br />PURSUANT TO THE ORDER ENTERED IN THE CIRCUIT COURT OF THE CITY OF
<br />CHESAPEAKE, VIRGINIA, ON OCTOBER 2, 1967, ANNEXING CERTAIN TERRITORY
<br />TO THE CITY OF PORTSMOUTH, EFFECTIVE JANUARY l~ 1968~ AND M~KING PRO-
<br />VISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF". Said
<br />bonds shall be dated September l, 1970, shall bear interest at the
<br />rates set forth in the table below, and shall mature without option of
<br />prior redemption on September i in each of the years and in the principal
<br />
<br />amounts as follows:
<br />
<br /> Year of Maturity
<br />
<br /> 1978
<br /> 1979
<br /> ~98o
<br />
<br />Amount Maturing Interest Rate
<br />
<br />$250~000
<br />$250~000
<br />$2~o~ooo
<br />
<br />6.oo%
<br />
<br />
<br />
|