1971 Ordinances - Laserfiche WebLink

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to the payment of the costs of acquirmng, constructing, reconstruc=- lng, improving, extending, or enlarging the said revenue producing undertaking consisting of the water, sewer, and sewage disposal systems of the City, and to no other purpose. (b) The said bonds shall be issued at one time, or a part thereof from time to time as the City Council shall direct, and each issue shall be payable not exceeding forty years from its date and said bonds shall bear interest at the rate or rates to be hereafter determined by the City Council, upon the sale of said bonds. (c) The principal and innerest of said bonds shall be payable from advalorem taxes without limitation of rate or amount if the revenues of the undertaking consisting of the water, sewer, and sewage disposal systems are insufficient for nhan purpose, and said bonds are to be issued pursuant to Article VII, Section !0, clause (2), of the Constitution of Virglnia, and are not to be included in determining the limi- tanion for the City within the limitation prescribed by Article Vii, Section 10, of the Constitution of Virglnia, but from and after five years from the date of the election on the question of the issuance of said bonds, whenever and for so long as such undertaking fails to produce sufficient revenue no pay for cosn of cperation and administration (including interest on bonds issued therefor), the cost o~ insurance against loss by injury to persons or property, and an annual amount no be placed into a sinking fund sufficient to pay the bonds at or before maturity, all outstanding bonds issued on account of such ~ndertaking shall be included in determining such limitation. Section 2: No bonds shall be issued under this ordinance unless and until their issuance shall have been approved by the affirmative vote of the qualified voters of the City of Portsmouth voting upon the question o~ their issuance under the applicable provisions of the Code of Virginia, and acts amendatory thereof and supplemental thereto. Section 3: The City Attorney be and he is hereby directed to presen= to the Court of Hustings for the City of Portsmouth, or To the Judge thereof in vacation, a duly certified copy of this ordi- nance and to take such steps as may be necessary and proper to cause to be submitted to the qualified voters of the City the question of whether the bonds provided for in this ordinance shall be issued. Section 4: An emergency is declared to exist, ~nd this ordinance shall take effect from its passage. Adopted by the Council of the City of Portsmouth, Virginia, 2