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284
<br />
<br />September 27, 1977
<br />
<br /> Pursuant to Federal and State law the City of Portsmouth undertook to describe precinct
<br />boundaries utilizing specific ground markings and natural monuments. After review of the pre-
<br />vious amendments by the Census Bureau of the Federal Government; such bureau has mandated
<br />further changes under the same law. The Board of Electors of the City of Portsmouth has re-
<br />viewed the boundary changes and has forwarded a letter which states that they have no objec-
<br />tions. The City Manager recommends adoption."
<br />
<br /> S. DeLacy Stith, 446 Green Street, representing NAACP, spoke regarding precinct boundarie
<br />mequesting if what the Census Bureau was requiring was in compliance with the Office of Civil
<br />Rights, Voting Section of the Department of Justice.
<br />
<br /> Motion of Mr. Holley and Mr. Oast, the matter to be deferred until the City Attorney's
<br />office can make inquiry to the request, was adopted by unanimous vote.
<br />
<br /> 77-364 "Consideration of a resolution authorizing the issuance of seven million dollars
<br />($7,000,000) in General Obligation Bonds of the City of Portsmouth for the purpose of providin
<br />funds to pay the costs of various public improvement projects for the City by fixing the form
<br />of said bonds and providing for the sale of said bonds.
<br />
<br /> This resolution authorizes the advertising and sale of $7 million in G.O. bonds of the
<br />City of Portsmouth for the purpose of providing funds to pay the costs of various public
<br />improvement projects for the City. A list of projects to be funded from these proceeds is
<br />attached for your information. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. east, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000.)
<br />PRINCIPAL ~,{OUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOUS PUBLIC IMPROVE-
<br />MENT PROJECTS OF SAID CITY, FIXING THE FORM OF SAID BONDS AND PROVIDING FOR THE
<br />SALE OF SAID BONDS.
<br />
<br /> WHEREAS, in the judgment of The Council of the City of Portsmouth, Virginia, it is
<br />necessary and expedient to issue and sell General Obligation Bonds of the City of Portsmouth
<br />(the "City") in the principal amount of Seven Million Dollars ($7,000,000) for the purpose
<br />of providing funds to pay the costs of various public improvement projects of the City;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of Title iS.1 of the Code of Virginia, 1950, as amended, the
<br />same being the Public Finance Act, for the purpose of providing funds to pay the cost of variou
<br />public improvement projects of the City as set out in Section 4 hereof, there are hereby author
<br />rized to be issued Seven Million Dollars ($7,000,000.) principal amount of general obligation
<br />bonds of the City to be designated "General Obligation 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 (earlier maturities first); shall be of the denomination of $5,000. each; shall
<br />bear interest payable July t, 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 $350,000. principal amount
<br />of Bonds on January 1 in each of the years 1979 to 1998, both inclusive; and shall be issued
<br />as coupon bonds registrable as to principal only or as to both principal and interest.
<br />
<br /> The Bonds maturing on and after January 1, 1989, shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after January 1, 1988, in whole at
<br />any time, or in part from time to time on any interest payment date in any order determined
<br />by the City (except that if less than all of the Bonds of a maturity are called for redemption,
<br />the particular Bonds of such maturity to be redeemed shall be selected by lot), upon payment
<br />of the principal amount of the Bonds to be redeemed together with the interest accrued thereon
<br />to the date fixed for redemption plus a premium of one-half of one pereeR1 of the principal
<br />amount of each Bond to be redeemed for each six month period or fraction thereof between the
<br />date fixed for redemption and the stated maturity date of such Bond,, such premium in any event
<br />not to exceed three percent of such principal amount. Any such declaration of the maturity
<br />of Bonds to be redeemed and of the selection of Bonds within a maturity to be redeemed shall
<br />be made by the Director of Finance of the City.
<br />
<br /> Notice of any such redemption, specifying the date, numbers and maturities of the Bonds
<br /> to be redeemed, the date and place fixed for their redemption and the premium, if any, payable
<br /> upon such redemption, shall be given by the City by publication of such notice once in a newspa
<br /> printed in the English language and customarily p~blished on each business day and of general
<br /> circulation in the City, and once in at least one newspaper or financial publication printed
<br /> in the English language and customarily published on each business day in the City of New York,
<br /> New York, the date of publication of such notice in each case to be at least thirty days prior
<br /> to the date fixed for redemption. If any bond called for redemption is registered as to princip
<br /> only or as to both principal and interest, notice of the redemption thereof shall be mailed
<br /> not less than thirty days prior to the data fixed for redemption by registered mail to the reg~
<br /> ed owner of such Bond at such owner's address as shown on the books of registry; provided, howe
<br /> that notice of redemption by publication need not be given to the registered owner of any regis
<br />Bond if notice of redemption shall have been mailed as aforesaid, and if notice of redemption
<br /> is given by publication as aforesaid then neither the failure to mail such notice to the regist
<br /> owner of any registered Bond nor any defect in any notice so mailed shall affect the sufficien,
<br /> of the proceedings for the redemption of such Bonds. When notice of redemption of Bonds shall
<br /> have been given as hereinabove set forth, and payment of the principal amount of the Bonds
<br /> so called for redemption and of the accrued interest and premium, if any, payable upon such
<br />
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