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289
<br />
<br />September 27, 1977
<br />
<br /> The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly
<br />executed, and the usual closing papers, including a certificate that no litigation is pending
<br />affecting the validity of the Bonds, will be made to~ the successful bidder in New York,
<br />New York, on November 10, 1977, or as soon thereafter as the Bonds may be prepared. Payment
<br />of the balance of the purchase price, including of any premium offered, must be made in
<br />Federal funds.
<br />
<br /> It is anticipated that CUSIP identification numbers will be printed on the Bonds, but
<br />neither the failure to print any such number on any Bond nor any error or omission with
<br />respect thereto shall constitute cause for failure or refusal by the successful bidder for
<br />the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of its
<br />proposal. No CUSIP identification number shall constitute or be deemed to be a part of
<br />any Bond or a part of the contract evidenced thereby and no liability shall attach to the
<br />City or any of its officers or asents because of or on account of any such number or any
<br />use made thereof. All expenses mn relation to the printing of CUSIP identification numbers
<br />on the Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau
<br />charge for the assignment of said numbers shall be the responsibility of and shall be paid
<br />by the successful bidder for the Bonds.
<br />
<br /> The respective opinion of Messrs. Wood Dawson Love & O'Brien approving the validity
<br />of each issue of Bonds will be furnished the successful bidder for the Bonds. Each such
<br />opinion will state that the respective Bonds constitute valid and legally binding obligations
<br />of the City and that the City has power and is obligated to levy ad valorem taxes for the
<br />payment of such Bonds and the interest thereon upon all property within the City, subject
<br />to taxation by the City, without limitation of rate or amount, it being understood that
<br />the rights of the holders of such Bonds and the enforceability thereof may be subject to
<br />judicial discretion and to valid bankruptcy, insolvency, reorganization, moratorium and
<br />other laws for the relief of debtors, and will also state that the interest on such Bonds
<br />is exempt from taxation by the United States of America under existing law and under the
<br />existing law of the Commonwealth of Virginia such interest is not includable in computing
<br />the Virginia income tax. A copy of the respective opinion will be printed on the respective
<br />Bonds.
<br />
<br /> Requests for proposal forms, for the official statement pertaining to the Bonds and
<br />for further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City
<br />of Portsmouth, P. O. Box 820, Portsmouth, Virginia 23705. Proposal forms and the official
<br />statement may also be obtained at the office of Messrs. Wood Dawson Love ~ O'Brien, 48 Wall
<br />Street, New York, New York 10005.
<br />
<br />Robert T. Williams
<br />City Manager
<br />Portsmouth, Virginia
<br />
<br /> 11. The City Attorney of the City shall and is hereby directed to file a copy of this
<br />resolution, certified by the City Clerk of the City to be a true copy hereof, with the Circuil
<br />Court of the City of Portsmouth, Virginia, and said City Clerk shall and is hereby directed
<br />to publish once within ten (10) days of the date of such filing a notice in The Virginian-
<br />Pilot, a newspaper of general circulation in the City, in accordance with Section 15.1-199
<br />of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the foltowi~
<br />fo~m:
<br />
<br />"LEGAL NOTICE
<br />
<br /> Notice is hereby given pursuant to Section 15.1-199 of the Code of Virginia, 1950,
<br />as amended, that The Council of the City of Portsmouth, Virginia, adopted on September 27,
<br />1977 resolutions authorizing the issuance oil $7,000,000 principal amount of General Obligatioi
<br />Bonds and $3,000,000 principal amount of Public Utility Bonds of said City and caused certifi(
<br />copies of said resolutions to be filed in the Circuit Court of the City of Portsmouth on
<br />
<br /> The proceeds of sale of said General Obligation Bonds shall be applied to the payment
<br />of the costs of the following public improvement projects in substantially the following
<br />respective amounts:
<br />
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Public Safety
<br />Urban Transportation
<br />Drainage, Curbs and Gutters
<br />Urban Renewal
<br />Seawall and Waterfront Improve-
<br /> ments
<br /> Total
<br />
<br />336,820.00
<br />610,112.00
<br />439,512.00
<br />97,150.00
<br />1,043,600.00
<br />469,581.00
<br />849,154.00
<br />
<br />3,154,071.00
<br />$7,000,000.00
<br />
<br />provided that if any project set forth above shall require less than the entire respective
<br />amount set forth above, the difference may be applied to any other project set forth above.
<br />
<br /> The proceeds of sale of said Public Utility Bonds shall be applied to the payment of
<br />the costs,of capital improvements, extensions and additions to said City's revenue-producing
<br />water and sewerage system.TM
<br />
<br /> 12. All other resolutions, ordinances or orders or parts thereof in conflict with
<br />the provisions of this resolution are tO the extent of such conflict hereby repealed.
<br />
<br /> 13. This resolution shall take effect from the date of its adoption.
<br />
<br />
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