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28Z .
<br />
<br />27: 1977
<br />
<br />holder and the Registrar, this bond when converted into a bond registered as to both principal
<br />and interest may be reconverted into a counon bond and again converted into a bond registered
<br />as to both principal and interest as hereinabove provided, but always at the expense of the
<br />holder. Upon reconversion of this bond, when registered as to principal and interest, into
<br />a coupon bond coupons representing the interest to accrue on this bond to date of maturity
<br />shall be attached thereto by the Registrar, and the Registrar shall note in the registration
<br />blank below whether this bond is registered as to principal only or payable to bearer.
<br />
<br />DATE OF
<br />REGISTRATION:
<br />
<br />IN WHOSE N~4E
<br />REGISTERED:
<br />
<br />MLANNER OF
<br />REGISTRATION:
<br />
<br />SIGNATURE OF
<br />REGISTRAR:
<br />
<br /> 10. The City Manager of the City is hereby authorized to publish and distribute a notic~
<br />of sale of the bonds, such publication to be made in The Daily Bond Buyer, a financial newspaper
<br />published in the City of New York, New York, and in The Virginian-Pilot, a newspaper of general
<br />circulation in the City, at least once in each such paper, with the date of the first publica=
<br />tion to be at least seven (7) days prior to the date of sale of the bonds. Such notice of
<br />sale shall be in substantially the following form:
<br />
<br />"NOTICE OF SALE
<br />
<br />CITY OF PORTSMOUTH, VIRGINIA
<br />
<br />$10,000,000. GBNBRAL OBLIGATION BONDS
<br />
<br /> Sealed proposals for the purchase of $10,000,0OO. general obligation bonds hereinafter
<br />described of the City of Portsmouth, Virginia, will be received at the office of the City
<br />Manager, Municipal Building, Portsmouth, Virginia until twelve o'clock Noon, Virginia time,
<br />on Thursday, October 2?, 1977, at which time and place all proposals will be publicly opened.
<br />
<br /> The bonds offered for sale (the "Bonds") consist of two issues of general obligation
<br />bonds:
<br />
<br /> 1. $?,000,0OO. General Obligation Bonds maturing in the principal amount of $3SO,OOO.
<br />on January 1 in each of the years 1979 through 1998.
<br />
<br /> 2. $3,OOO,0OO Public Utility Bonds maturing in the principal amount of $1S0,OOO. on
<br />January 1 in each of the years 1979 through 1998.
<br />
<br /> The Bonds will be dated November 1, 1977; will be in coupon form registrable as to princi
<br />pal only or as to both principal and interest; will be of the denomination of $S,000. each;
<br />and will bear interest payable July 1, 1978, and semi-annually thereafter on January 1 and
<br />July 1 of each year. Both principal of and interest on the bonds will be payable in such
<br />coin or currency of the United States of America as at the respective dates of payment is
<br />legal tender for the payment of public and private debts, at the principal office of The
<br />Chase Manhattan Bank (National Association) in the City of New York, New York, except that
<br />interest on any bonds while registered as to both principal and interest shall be paid by
<br />the City.
<br />
<br /> The Bonds of each issue maturing on and after January 1, 1989, shall be subject to redem
<br /> tion at the option of the City prior to their stated maturities on or after January 1, 1988,
<br /> in whole at any time, or in part from time to time on any interest payment date in any order
<br /> determined by the City (except that if less than all of the Bonds of a maturity of such issue
<br /> are called for redemption, the particular Bonds of such maturity of such issue to be redeemed
<br /> shall be selected by lot), upon payment of the principal amount of the Bonds to be redeemed
<br /> together with the interest accrued thereon to the date fixed for redemption plus a premium
<br /> of one-half of one percent of the principal amount of each Bond to be redeemed for each six
<br /> month period or fraction thereof between the date fixed for redemption and the stated maturit'
<br /> date of such Bond, such premium in any event not to exceed three percent of such principal
<br /> amount.
<br />
<br /> The General Obligation Bonds are to be issued for the purpose of providing funds to
<br /> pay the cost of various public improvement projects. The full faith and credit of the City
<br /> shall be pledged to the payment of the principal of and interest on such Bonds as the same
<br /> become due. For the payment of such principal and interest, the City has power and will be
<br /> obligated to levy ad valorem taxes without limitation as to rate or amount on all the propert
<br /> subject to taxation by the City.
<br /> The Public Utility Bonds are to issued for the purpose of providing funds to pay the
<br /> cost of capital improvements, extensions and additions to the City's revenue-producing water
<br /> and sewerage system. The full faith and credit of theCity shall be pledged to the principal
<br /> of and interest on such bonds. The principal of and interest on the Public Utility Bonds
<br /> shall be payable fromad valorem taxes without limitation of rate or amount, if the revenues
<br /> of the undertaking consisting of the water and sewerage system of the City are insufficient
<br /> for that purpose.
<br />
<br />
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