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38c
<br />
<br />July 13. 1976
<br />
<br />general obligation bonds of the City to be designated "General Obligation Bonds" (the
<br />"Bonds"). The Bonds shall be dated as of August 1, 1976; shall be numbered from one (I)
<br />consecutively upward in order of maturity; shall be of the denomination of $S,O00. each;
<br />shall bear interest payable semiannually on February 1 and August 1 of each year, commencing
<br />February 1, 1977, at such rate or rates per annum as shall be determined by resolution of
<br />this Council upon the sale of the Bonds; shall mature serially in numerical order $SOO,0OO.
<br />principal amount of Bonds on August 1 in each of the years 1977 to 1996, both inclusive;
<br />andand interest, shall be issued as coupon bonds registrable as to principal only or as to both principal
<br />
<br /> The Bonds maturing on and after August 1, 1987, shall be subject to redemption at the
<br /> option of the City prior to their stated maturities on or after August 1. 1986, in whole
<br /> at any time, or in part from time to time on any interest payment date i~ any order determi:
<br /> by the City (except that if less than all of the Bonds of a maturity are.¢a~led fdr redempt:
<br /> the particular Bonds of suchmaturity to be'redeemed shall.'~elgeiectdd by lot), upon*payment
<br /> the-principal amount of {h~ Bonds go he~r6de~med together with the interest accrued t~ereon
<br /> · a~i~te ~Xed_fo~/redemptisn~plu~: ~- pr. emi~um~f~one.haiT~ of 6ne perCeat- o'f, the princi
<br /> of:sach'Bond'~td~be redeemed for each si~.~nth period:or fraciion ~ .
<br />for redemptloff amd the~stated · . ,,~ ~ _ thereof between the date fix
<br /> . . -- maturity date of such B~.nd, such- rem ..... - - ·
<br />¢~d'thre~mercen~' .~ ~. ~,,~ . ~_. p ~um4n~any event-not to ex.
<br /> .... -~ .... -~-~zpat am~,.t.. ~ such ,d~ '-
<br /> ~? re~eem~ and of the se'l~t~on-of B - ~. .. _~... .. _ ~ ,~,~ .~.Bo~dp to
<br />the D~rector of Finance of the City. onds ~n a matur~t~ to be r~eeme~ sha~ ae-made by
<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 premim, if any, payabl{
<br />upon such redemption, shall be given by the City by publication of such notice once ~n a
<br />newspaper printed in the English language and customarily published on each business day
<br />and of general circulation in the City of Portsmouth, Virginia, and once in at least one
<br />newspaper or financial publication printed in the English language and customarily published
<br />on each business day in the City of New York, New York, the date of publication of such notic~
<br />in each case to be at least thir:y days prior to the date fixed for redemption. If any Bond
<br />called for redemption is registered as to principal only or as to both principal and interest
<br />notice of the redemption thereof shall be mailed not less than thirty days prior to the date
<br />fixed for redemption by registered mail to the registered o~er of such Bond at such o~er's
<br />address as sho~ on the books of registry; privided, however, that notice of redemption by
<br />publication need nor be given to the registered omer of any registered Bond if notice of
<br />redemption shall have been mailed as aforesaid, and if notice of redemption is given by publi~
<br />cation as aforesaid then neither the failure to mail such notice ;o the registered o~mer
<br />of any registered Bond nor any defect in any notice so mailed shall affect the sufficiency
<br />of the proceedings for the redemption of such Bonds. ~en notice of redemption of Bonds
<br />shall have been given as hereinabove set forth, and pa~ent of the principal amount of the
<br />Bonds so called for redemption and of the accrued interest and premium, if any, payable, upon
<br />such redemption shall have been duly made or provided for, interest on such Bonds shall cease
<br />from and after the date so specified for their redemption and any coupons representing such
<br />interest shall be void.
<br />
<br /> The Bonds may be registered by the holder as to principal only or as to both principal
<br />and interest in accordance with the provisions for such registration to be endorsed thereon
<br />as set forth in Section 8 hereof.
<br />
<br /> 2. The principal of, premium, if any, and interest on the Bonds shall be payable in
<br />such coin or currency of the United States of America as at the respective dates of payment
<br />is legal tender for the payment of public and private debts. If any Bond shall not then
<br />be registered as to both principal and interest the interest thereon payable prior to ma1
<br />shall be payable at the principal office of The Chase Manhattan Bank (National Association)
<br />in the City of New York, New York, as the paying agent for the Bonds. The interest on any
<br />Bond while registered as to both principal and interest shall be payable by the City by checl
<br />or draft mailed to the registered owner at such_owner's-address as shown on the books of
<br />registry. The principal of and premium, if any, on the Bonds are payable at the principal
<br />office of the said paying agent for the Bonds.
<br />
<br /> 3. The full faith and credit of the City shall be and hereby is irrevocably pledged
<br />to the payment of the principal of and interest on the Bonds as the same become due. In
<br />each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assesse(,
<br />levied and collected, at the same time and in the same manner as other taxes in the City
<br />are assessed, levied and collected, upon ail property of the City subject to taxation by
<br />the City, a tax sufficient to provide for the payment of the principal of and interest on
<br />the Bonds as the same become due.
<br />
<br /> 4. The proceeds of the sale of the Bonds shall be applied to the payment of the costs
<br />of the following public improvement projects in substantially the following respective amountg:
<br />
<br />Urban Renewal
<br />Acquisition of Land
<br />Construction, Improvement and
<br /> Repair of Public Buildings
<br /> Other than Schools
<br />For the Construction and Im- provement of School Buildings
<br />Street, Highway and Bridge
<br /> Improvements
<br />Purchase and Installation of
<br />Traffic Control Equipment
<br />Construction and Equipping of
<br /> Parks and Recreation Facilities
<br />Purchase of Public Transportation
<br /> Equipment
<br />
<br />$ 2,639,538.
<br /> 697,299.
<br />
<br /> 811,9~
<br />5,122,200.
<br />1,947,333.
<br />153,100.
<br />223,100.
<br />104,694.
<br />
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