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62
<br />
<br />A RESOLUTION TO APPROVE THE SALE OF THE ONE MILLION FIVE HUNDRED THOUSAND
<br />DOLLARS OF UTILITY BOND~ AUTHORIZED BY A RESOLUTION ADOPTED BY THE COUN-
<br />CIL OF THE CITY OF PORTSMOUTH, VIRGINIA: ON JULY 28, 1970; AND FIXING
<br />CERTAIN DETAILS OF SAID BONDS.
<br />
<br /> WHEREAS, the
<br /> ceived a proposal from Inves~men~ Corporation of Virginia, Norfolk,
<br /> Virginia, for the purchase of One Million Five Hundred Thousand Dollars
<br />.of Utility Bonds authorized by'~he Resolution of the Council of the
<br /> City of Portsmouth adopted July 28, 1970~ entitled, ~'A RESOLUTION
<br /> TO AUTHORIZE THE ISSUANCE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS
<br /> ($1,500,000.00) OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR THE PURPOSE
<br /> OF MAKING IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRO-
<br /> DUCING UNDERTAKING OF THE CITY CONSISTING OF ITS COMBINED WATER~SEWER
<br /> AND SEWAGE DISPOSAL SYSTEMS, PURSUANT~TO SECTION !27~ CLAUSE (B), OF
<br /> THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE 15.1 OF THE CODE
<br /> OF VIRGINIA, 1950, AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED
<br /> VOTERS OF THE CITY OF PORTSMOUTH AT AN ELECTION HELD ON THE FIFTH DAY
<br /> OF NOVEMBER, 1968, AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND
<br /> FOR THE PAYMENT THEREOF", and the City Manager has recommended that said
<br /> proposal be approved;
<br />
<br />City Manager of the City of Portsmouth has re-
<br />
<br /> NOW,' THEREFORE, BE IT RESOLVED 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 One Million
<br />Five Hundred Thousand Dollars of Utility Bonds of the City of Portsmouth,
<br />Virginia, authorized by the resolution adopted by the Council of the City
<br />of Portsmouth, Virginia~ July 28, 1970, entitled "A RESOLUTION TO
<br />AUTHORIZE THE ISSUANCE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS
<br />($1,500,000.00) OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR THE PURPOSE
<br />OF ~KING IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRODUC-
<br />ING UNDERTAKING OF THE CITY CONSISTING OF ITS COMBINED WATER, SEWER AND
<br />SEWAGE DISPOSAL SYSTEMS, PURSUANT TO SECTION !27, CLAUSE (B), OF THE
<br />CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE 15.1 OF THE CODE OF
<br />VIRGINIA, 1950, AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS
<br />OF THE CITY OF PORTSMOUTH AT AN ELECTION .HELD ON THE FIFTH DAY OF
<br />NO%~MBER, 1968: AND ~KING PROVISION FOR THE FORM OF SAID BONDS AND FOR
<br />THE PAYMENT THEREOF:~. Said bonds shall be dated September 1~ 1970, shall
<br />bear interest at the rates set forth in the table below~ and shall mature
<br />without option of prior redemption on September ! in each of the years
<br />and in the principal amounts as follows: -
<br />
<br />Year of Maturity
<br />
<br />Amount MaturinE Interest Rate
<br />
<br />1976 $ 50,000 ~.00%
<br />1977 $t50,000 6.00%
<br />1978 $150,000 6.00%
<br />1979' ' $250,000 5.80%
<br />198o . $250,000 ~ 5.80~ ¢
<br />1981 $300,000 5.80%
<br />~982 $350,000 5.80%
<br />
<br />
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