1969 Resolutions - Laserfiche WebLink

Home Browse Search

consent ~f the holder and the City of Portsmouth, this bond when converted into bond registered as to both prmncmpa and interest may be reconverted into a coupon bond s~d again converted into a bond registered as to both principal and interest, as hereinabove · d provide ~ but always at the expense of the holder. Upon reconversion of this bond, when registered as to principal and interest, into a coupon bond, coupons representing the interest to accrue on this bond to date of maturity shall be attached thereto by the Registrar, and the Registrar shall note in the ~e~ist~ation blank below wh~ther the bond is registered as to principal only or payable to bearer. DATE OF IN WHOSE N~E MANNER OF SIGNATURE OF REGISTRATION: REGISTERED: REGISTRATION: REGISTRAR: Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the payment of the principal of and interest on the Bonds as the same become due. For the payment of such principal and interest, the City of Portsmouth shall have power and be obligated to levy ad valorem taxes without limitation as to rate or amount on all the property subject to taxation b~ the City. Section 3. Full power a~d authority is hereby given the City Manager to date the Bonds as of any date within the current fiscal year, and to sell the Bonds in such manner, either'at private or public sale, and at such time and place, as the ~ity Manager may determine; provided, however~ that the Bonds shall not be sold upon a basis which will cost the Cit~ of Portsmouth interest on the money ~eceived therefor at the rate of more than six per centum per annum, and that no sale shall be made without the approval of the City Council. The City Manager is furthe~ authorized to sell the Bonds either 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 Manager of She City of Portsmouth to prepare and issue the Bonds in such form and for such s~m as is authorized by'Section 1 hereof. The City Manager is authorized to cause to be imprinte~ on the back of each of the Bonds a copy of the complete final tegal opinion with respect to the Bonds, with the name of the attorney or attorneys rendering same, ~together with a certification of the City Clerk, evidenc~ by a facsimile signature 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 ~. The Bonds shall not be subject to_~axation by the City of Portsmouth, and the coupons pertaining to said Bonds, shall after the maturity of said coupons, be received in payment of all dues, taxes, and assessments due to the City.