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290
<br />
<br />September 27, 1977
<br />
<br /> Ayes: Barnes, Elliott, Holley, Oast, Wentz, Davis
<br /> Nays: None
<br />
<br /> 77-365 - "Consideration of a resolution authorizing the issuance of three million dollars
<br />($3,000,000~~ in P~blic Utility Bonds of the City of Portsmouth to pay for capital improvement~
<br />to the public utility system.
<br />
<br /> This resolution~will authorize the advertising and sale of $3 million in Public Utility
<br />bonds to pay for capital improvements to tho Public utility system. These improvements will
<br />include extensions and additions to the City of Portsmouth's revenue producing water and sewer
<br />systems. The CityiManager recommends adoption."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Oast, the following resolution was adopted,
<br />and by the following vote:
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION DOLLARS ($$,000,000.)
<br /> PRINCIPAL AMOUNT OF PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br /> FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS
<br /> TO THE WATERJAND SEWERAGE SYSTEM OF SAID CITY, PURSUANT TO ARTICLE VII, SECTION
<br /> lO(a)(2), OF THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF SAID BONDS AND
<br /> PROVIDING FOR THE SALE OF SAID BONDS.
<br />
<br /> WHEREAS, the City of Portsmouth (the "City") is authorized to operate a water utility system,
<br />~ncluding water production, preparation, distribution and transmission systems; and
<br />
<br /> WHEREAS, the City is authorized to operate a sewerage utility system, including sewage
<br />transmission, treatment and disposal systems; and
<br />
<br /> WHEREAS, the City is authorized to, and does, operate its water and sewerage systems as
<br />a single utility system; and
<br />
<br /> WHEREAS, such combined water and sewerage system is an undertaking from which the City
<br />derives revenue; and
<br />
<br /> WHEREAS, the City of Portsmouth is authorized under and by virtue of Article VII, Section
<br />lO(a)(2), of the Constitution of Virginia, and Chapter 5 of Title 15.1 of the Code of Virginia,
<br />1950, to issue bonds as may be aecessary to make capital improvements, extensions and additions
<br />to such water and sewerage system; and
<br />
<br /> WHEREAS, Article VII, Section lO(a)(2), of the Constitution of Virginia, requires the ordi
<br />nance authorizing the issuance of such bonds to be approved by the affirmative vote'of the
<br />majority of the qualified voters of the City voting upon the question of their issuance; and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by The Council of the City of Portsmouth, Virgi
<br />on May 13, 1975 entitled, "An Ordinance to authorize the issuance of $8,000,000.00 of Bonds
<br />To Be Known As Public Utility Bonds For The Purpose Of Making Capital Improvements, Extensions
<br />And Additions To The City Of Portsmouth's Revenue Producing Water And Sewer System, Pursuant
<br />To Article VII, Section lO(a)(2) Of The 1970 Constitution Of Virginia, And Chapter 5 Of Title
<br />1S.1 Of The Code Of Virginia, 1950", the Circuit Court of the City of Portsmouth, by an Order
<br />entered on August 1, 1975, directed that there be submitted to the qualified voters of the Cit~
<br />at an election to be held on November 4, 1975, the question whether the eight million dollars
<br />of bonds authorized by the said ordinance should be issued; and
<br />
<br /> WHEREAS, by another Order entered by the said Circuit on September 27, 1977, it was enter
<br />of record as a result of said election that a majority of the votes were cast for the bond
<br />issue, and that this Council be fully authorized and empowered to prepare and issue and to sell
<br />or to negotiate said bonds upon the faith, credit and property of said municipality in the amol
<br />so authorized; and
<br />
<br /> WHEREAS, it is provided in said ordinance that the bonds so authorized may be issued at
<br />one time, or a part thereof from time to time, as this Council shall direct, none of said bond:
<br />have heretofore been issued and this Council deems it advisable to issue at this time Three
<br />Million Dollars ($3,000,000.) of said bonds to make desired improvements, extensions and additJ
<br />to the aforesaid revenue producing undertaking of the City.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by The Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Article VII, Section lO(a)(2), of the Constitution of Virginia and Chapte~
<br />$ of Title 1S.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance
<br />Act, the ordinance referred to in the recitals hereinabove and under and by virtue of an affirn
<br />ative vote of a majority of the qualified voters of the City on November 4, 1975 on the questi¢
<br />of the issuance of said bonds that for the purpose of providing funds to pay the cost of capita
<br />improvements, extensions and additions to the City's revenue producing water and sewerage syst~
<br />there are hereby authorized to be issued Three Million Dollars ($5,000,000.) principal amount
<br />of bonds of said City to be known as "Public Utility Bonds" (the "Bonds"). The Bonds shall
<br />be dated as of November 1, 1977; shall be numbered from one (1) consecutively upward in order
<br />of maturity (earliest maturities first); shall be of the denomination of $5,000. each; shall
<br />bear interest payable July 1, 1978 and semi-annually thereafter on January 1 and July 1 of
<br />each year, at such rate or rates per annum as shall be determined by resolution of this Council
<br />upon the sale of the Bonds; shall mature serially in numerical order $150,OO0. principal amoun~
<br />of Bonds on January 1 in each of the years 1979 to 1998, both inclusive; and shall be issued
<br />as coupon bonds r~gistrable as to principal only or as to both principal and interest.
<br />
<br />nia,
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