1966 Ordinances - Laserfiche WebLink

Home Browse Search

Council of the City of Portsmouth be fully authorized and empowered to prepare and issue and to sell or to negotiate said bonds upon the faith, credit and prc~erty of said municipalit.v in the ~otu~t so authorized; and %,~AS, it is provided in said ordinance that the bonds may be is- sued at rune time, or a part thereof from time to time~ as the Cit~ Cou~cil of the City shall direct~ and the City Council deems it advisable to issue at this t~me all of the One M~llion Five Hundred Thousand Dollars of bo~ds so authordzed~ to make the desired ~mprovements, extensions and additions to the sewagoe disposal system of the City, NOW, THEBE~OP~, BE IT OF~AI~ ~kq) BY THE COUNCIL OF ~ CI~f OF PORI~k~)UTH, YV~RGINIA: Section 1. Pursuant to Section One Htu~ah~ed and ~'~enty-seven, Clause (b), of the Constitution of Virginia and Chapter 5 of Title 15.1 of the Code of Vir~?~nia, 1950, m~d under and, by virtue of a m~jority of the votes cast "For Bor~ Issue", at an election of the qualified voters of the City of Portsmouth held on~ the second day of November~ 1965, in order to make certain improvements, extensions and a~ditions to the sewage disposal system of the City, the City of Portsmouth shall borrow the sum of One ~llion Five Hundred %~nousand Dollars ($1,50~,000.00), and there shall be issued One l~llion Five Hundred Thousand Dollars of bonds of said City to be known as Sanitation Bo~ds, consisting of vnree ~unch~ed bonds of the denomination of Five ~ousand D6llars each, num- bered i to 300, both inclusive, dated~ April 1~ 1966; the p~oceeds ~ising from the sale of said bonds to be applied to the payment of the cost of making certain Lmprovements~ extensions ~.~d additions to the sewage disposal system of the City and to no other purpose. The said bonds shall bear interest from their date payable semiannually April i and October 1~ of each year,, at such rase or at such different or var~j~g rates; not to exceed six per centum per samnt~v~ on ar~f bond~ as may be fixed by the City Cou~cil prior to their exe- cution. Both principal and interest of said bonds shall be payable in lawful c~rrency of the Unite~ States of America~ at ~ae Chase MarJ~attan Bank, N.A., New Y~'~ ~" The said bonds st~all not be redeemable by the City of Ports- ~K, New York. mouth and shall mature seri~lly~ in numerical order~ as follows: $60,000 of said bonds shall be payable on April 1~ 1967 $60,000 of said bonds shall be payable on April 1~ 1968 $60,000 of said bonds shall be payable on April 1, 1969 $60~000 of said bonds shall be payable on April 1~ 1970 260,000 of said bonds shall be payable on April 1, 1971 ~60,O00 of said bonds shall be payable on ~ril 1, 1972 60,000 of said bonds sh~ll be payable on April 1~ 1973 $60,300 of said bonds shall be payable on April 1, 1974 -2-