1963 Ordinances - Laserfiche WebLink

Home Browse Search

AN ORDIN/~qCE AIFFHORIZING ]]{E ISSIhLNCE OF ONE qlLLiON SIX iIUNDRED TSIOUS~*~D DOLLARS OF BONDS OF THE CI]%~ OF PORTSi~R)UTil, VIRGtNIA~ TO BE KNOWN AS GENEI~AL OBLIGATION BONDS~ FOR THE PURPOSE OF PROVIDING FUNDS TO CONSTRUCT SCHOOL BUILDING ADDITIONS, TO CONSTRUCT CERTAIN OTHER PUBLIC BUILDINCS~ AND TO CONSTRUCT CERTAIN STREET A2~D O~FILITY IMPROVEMENTS, ~KING PROVISION FOR FORM OF SAiD BONDS AND FOR THE BIVfMENT THEREOF, WHEREAS, it ms necessary to provide funds to construct school building additions, to construct certain other public buildings, and to construct certain street and utility improvements, at an estimated cost of One Million Six ilundred Thousand Dollars; and WHEREAS~ there are no funds in the treasury of the City of Portsmouth ap!licable to the payment of the cost of said improvements, and it is accordingly necessary to issue bonds of the City in the sum of One Million Six Hundred Fhousand Dollars for that purpose~ NOW, TtlEREFORE, BE IT ORDAINED BY THE COUNCIL OF THH CITY OF PORTS~Ob~iI~ ViRGINiA: Section 1o Fhat for the purpose of providing funds for the construction of school b~i!ding additions, the construction of certain other public buildings, and the construction of certain street and utility improvements, there shall be issued One Million Six Hundred Thousand Dollars of bonds of said City to be known as General Obligation Bonds~ consistin~ of three hundred and twenty bonds of the denomination of Five Thousand Dollars each, numbered 1 to 320, both inclusive, dated April 1, 1963~ and bearin~ interest Iron date payable semiannually on A~riI ! and October 1, of each year a~ such rate or at such different or varying rates, not to exceed szx per centum per annum on any bond~ as may be fixed by the City Counczi orior to their execution. Both principal and interest of said bonds shall be payable in lawful currency of the lMited States of gmerica, at The Chase Manhattan Bank: New York, New York~ and the said bonds shall ma~ure serially~ ~n numerical order as follows: $80~000~00 of said bonds to be payable on April I, 1964 S80,000.00 of said bonds to be payable on April i~ 1965 S80,000.00 of said bonds to be payable on April i~ I966 S80,000.00 of said bonds to be payable on April t, 1967 $80 000.00 of said bonds to be payable on A~)ri! l, 1968 $80 $80 $80 $80 000.00 of said bonds to be payable 000.00 of said bonds to be payable 000.00 of said bonds to be payable 000~00 of said bonds ~o be payable on April 1, !969 on Aoril t~ 1970 on April i~ 1971 on April 1, 1972