1969 Resolutions - Laserfiche WebLink

Home Browse Search

A' RESOLUTION A~HORIZING THE iSSUANCE OF TEN MILLION DOLLARS ($10~000~000) GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH~ VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUC- TION OF SCHOOLS~ CERTAIN OTHER PUBLIC BUILDINGS, AND STR~mTS~-FOR URB~ RENEWAL PURPOSES AND TO FAY CERTAIN ANNEXATION COSTS PURSU~2~T TO THE ORDER ENTERED IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA, ON OCTOBER 2~ 1967, ANNEXING CERTAIN TERRITORY TO THE CITY OF FORTS- MO~H, EFFECTIVE JANUARY 1, 1968; AND MAKING PRO- VISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF. ~EREAS, by Ordinance No. 1968-87, adopted December 17, 1968, the City of Portsmouth, Virginia was authorized to issue Five ~llion Five Hundred Thousand Dollars ($5,500,000) of general obligation bonds for the purpose of providing funds for the construc- tion of schools, certain other public buildings, and streets, for urban renewal purposes, and to pay certain annexation costs pursuant to the order entered in the Circuit Court of the City of Chesa~eake~ Virginia, on October 2, 1967, annexing certain territory to the .City of Portsmouth~ effective January 1,-1968; and WHEREAS, the bonds authorized by the aforesaid ordinance have not beth issued or sold; and WHEREAS~ the City of Portsmouth has outstanding Bond Anti- cipation Notes in the total principal sum of Five Million Five Hun- dred Thousand Dollars ($5~500,000) issued in anticipation'of the sale of the,bonds authorized by the aforesaid ordinance; and WHEREAS, zt ms necessary to ~ssue bonds of tne. Cm~y mn the sym of Ten Million Dollars ($10:000,000) for the aforesamd purposes; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: Section t. For the purpose of providing funds for the con- struction of scho61s, certain other public buildings, and streets for urban renewal purposes~ and to pay certain annexation costs pursuant to the order entered in the Circuit Court of th~ ~ity of Chesapeake, Virginia~ on October 2, 1967, annexing~gertain .territory to the City of Portsmouth, effective January 1~ 196~, there shal± ~e issued Ten Million Dollars ($10,000,000) general obligati6n bonds (herein referred to as the "Bonds~) of the City of Portsmouth, Virginia, consisting of two thousand bonds of the denomination of Five Thousand Dollars each, numbered from 1 to 2,000~ both inc!usive, upward in order of maturity. The Bonds shall be dated as of any date within the current fiscal year 'as is determined by the City Manager. The Bonds shall bear interest from their date at such rate or at such