1966 Ordinances - Laserfiche WebLink

Home Browse Search

&f'&REAS, it is provided in said ordi~mqce that tae oonds ms2z be issuea a~ one tSm~, or a parr the~mof from time. vo time~ as vne City Council of ~ne City shall direct, and the City Council deems it advisable vo issue a~ vnis time One [.~iiion Dollsrs of bonds, a p~t of the Five Million Six ~'~ndred Thousand Dollars of bonds so authorized~ to make the desired improve- meuvs, extensions and additions ~o the sys-0em of water works of the City. ['~OW, T~]PLT~OF.E, BE IT OPJ3AINED BY IUE COUNCIL OF T~ CITY OF PO.~fP~°~ i i.' U2iJ, Section 1. [~ursue~t vo .,ection (~e }lundreo. anu l~'enty-seven, 'J..ause (~), of the Constitution of Virginia ~d Chapver 5 of Title 15.1 of %~.e Code of Virginia, i950~ ~d ~er ~d by vi~ue of a ~ority of ~ne roues cast "For Bond Issue", av ~ election of the qu~ified vo~ers of ~ne City of Fortsmouth held on the seventh day of November~ 1961, in o~der ~o · ~e certaLa L~rove~nts~ extensions ~d ad~tions to the system of w~ater ~orks of the City~ the City of Por%sn~uth sh~l bo~ow the s~ of ~e [~illion Ooii~s ($4000~000)~ ~d there shall be issued ~e MAllion ~1i~ of bonds of s~d city to be ~o~e~ as Water Bonds ~ consis~ of two h~d bonds of m~e deno~mtiou of Five Thous~d [)oll~s each, n~ered 1 to 200~ both incl~ive~ dated ~prii 1~ 1966; the pr~ee~ ~is~g from the s~e of said uozms to ~e applied to the p~n~ of the cost of ~g cert~ i~rove~n~s, extensions ~d ~diti~ns to the ws~er works system of the Ci~ty ~d ~o no other p~uose. The s~d bonds shall be~ ~te~st ~om their ~ate p~ie seml- m~m~liy f~rii 1 ~d October 1, of each ye~, ay such ra~ or at such dif- ~ren~ or w~y~g rates; not to exc~d s~ ~r cent~ per ~ ~ ~' bond, as may be fixed by the City Co~cit prior to their e~cut~. Both pr~cip~ ~a interest of s~d bonds s~lt be paygule ~ taw~ c~ency of. ti~ ~ted Sta~es of a-~rica, at The Chase ~.~mtt~ B~, N. A., New York~ New York. i~ne s~d bonds s~il nou be mdeenable by the City of Po~smouth ~d sh~l =at~ serialS% ~ n~ric~ order~ ~ follows: S40,000 of s~d bonds shall be pay'able on April 1, 1967 $40,000 of said bonds shall be payable on April 1, 1968 ,~40,000 of said bonds shall ~e payable on April 1, 1969 ~40.000 of said bonds shall be payable on April 1, 1970 $4O $4O $4O SaO. 000 of said bonds shall be 000 of said bo~s shall be 000 of said bonds shall be 00G of said bonds shall be 000 of said bonds shall be .payable on April t~ i97i p~vable on April 1, 1972 payable on April 1, 1973 payable on Aprit 1~ 197q payable on April t, 1975 -2-