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· . WHEREAS, by another order entered by the said Court on the t~enty-
<br />second day of Novamber, 1968, it was entered of record as a result of said
<br />election that a majority of the votes were cast for the bond issue, and
<br />that the Council of the City of Portamouth be fully authorized and eupower-
<br />e~ to prepare az~ issue and to sell or to negotiate said bonds upon the
<br />faith, credit and'property of said municipality in the amount sc a~thorized;
<br />
<br /> WHEP~AS, it is provided in said ordinance that the bonds may be
<br />issued at one tLme, er a part thereof from time to time, as the City Coun-
<br />cil of the City shall direct, and the City Ccuncil deams it advisable to
<br />issue at this tLme One Million Dollars of bonds, a part of the ~vo Million
<br />Five Hnndred Thousand Dollars of bonds so authorized, to make the desired
<br />improvements, exte~sions and additions to the revenue producing Ur~ertakirg
<br />of the City.
<br /> NO~, ~ORE, BE IT RESOLVED BY THE COUT~IL OF THE CI~ OF1 PORTS-
<br /> MOUTH~ VIRGINIA:
<br /> Section 1. Pursuant to Section One Hundred ar~ Twanty-seven, Clause
<br /> ..... r of Title 15.1 of the Code
<br /> (b), of the Constitution of Virgzu~a and Cnap~e 5
<br /> of Virginia, 1950, and under and by virtue of a ~majority of the votes cast
<br /> '~For Bond Issue", at an election of the qualified voters of ~he City of Ports-
<br /> mouth held on the fifth day of November, 1968, -in order to make certain im-
<br /> provements, extensions ar~l additions to the revenue producirg undertaking
<br /> of the City, consistirg of its water, sewer, and sewage disposal systams,
<br /> · f Dollars
<br /> the City of PortSuouth shall borrow the sum o One Million
<br /> ($t,000,000), and t~re sb~ll be issued One ~llion Dollars of bonds of
<br /> said city to be kno~ as Utility Bor~s, consisting of two hundred bonds of
<br /> the denomir~tion of Five Thousand Dollars each, rz~abered i to 200, both iu-
<br /> clusive, dated March l, 1968; the proceeds arisirg from the sale of said
<br /> bonds to be applied to the payment of the cost of makir~ certaLn improvaments,
<br /> tensions and additions ~o the revenue producing undertaking of the City and
<br /> ex- ~ ~o~ ~ sb~ll bear Luterest fr~ their da~e pay-
<br /> to no other purpose. '~n~ .........
<br /> able saul-annually ~i~rch i and Septeuber l, of each year, ay such ra~e or at
<br /> such different or varyirg rates; not to exceed six per centrum per ~ on
<br /> any bond, as may be fixed by the City Council prior to ~heir execution. Both
<br /> principSl ar~ interest of said bonds s~-all be payable in lawz~l currency of
<br /> the U~_ited States of America, at The C~hase Manhattan Bark (National Association)
<br /> New York, New York. The said bonds s~all no~ be redeamable by tD~ City of Porvs-
<br /> mouth and s~all mavure serially, in ~merical order, as follows:
<br /> $~0,000 of sa~d bonds shall be payable on ?&~rch l, 1970
<br /> $~0,000 of said bonds shall be payable on ~rch l~ 1971
<br /> $40,000 of said bonds shall be payable on ~rch l, 1972
<br /> $~0,000 of said bonds shall be payable on ~ch l, 1973
<br /> $40,000 of said bor~s shall be payable on ~rc~ 1,~197~
<br /> $~0,000 of said bo~ds s~all be paygale on March l, 1975
<br /> $~0,000 of said bonds shall be payable on ~are~ L, 1976
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