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210
<br />
<br />October 10. 1975
<br />
<br />were
<br />
<br />At a called meeting of the City Council~l~
<br />present:
<br />Richard J. Davis, E. Saunders Early, Jr., Archie Elliott, Jr., Edward L. Oast, Jr.,
<br />Robert W. Wentz, Jr,, R. T. Williams, City Manager, H. M. Myers, Jr., Assistant City
<br />Manager, Gordon B. Tayloe, Jr., City A~torney~
<br />
<br />Absent: Jack P. Barnes, James W. Holley
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council to be held in the Council Chamber,
<br />at 8:30 ~.M. on Friday, October 10, 1975, to consider approving the sale of Eight Million
<br />Two Hundred Thousand Dollars of General Obligation Bonds, as provided in resolution adopted
<br />by City Council on November 10. 1970, and fixing the rate of interest of said bonds."
<br />
<br /> 75-417 - Motionoof Mr. Wentz and seconded by Mr. Early, that the official statement
<br />presented by Craigie, Mason-Hagan, Inc., be accepted, was adopted by the following vote:
<br />
<br />Ayes: Early, Ell~ott, Oast, Wentz, Davis
<br />Nays: None
<br />
<br />Motion of Mr. Wentz and seconded by Mr. Early, that the following resolution be adopted,
<br />was adopted by the following vote:
<br />
<br />"A RESOLUTION PROVIDING FOR THF ISSUANCE OF EIGHT MILLION TWO HUNDRED THOUSAND
<br />DOLLARS ($8,200,000) OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, TO BE KNOWN AS PORT IMPROVEMENT BONDS, SERIES OF 1975, FOR THE PURPOSE
<br />OF ACQUIRING CERTAIN PORT IMPROVEMENTS, AND TO CONSTRUCT CERTAIN ADDITIONAL
<br />PORT IMPROVEMENTS, WHICH SHALL CONSTITUTE A REVENUE PRODUCING UNDERTAKING OF THE
<br />CITY, PURSUANT TO ARTICLE VII, SECTION t~ (a) (2) OF THE CONSTITUTION OF Y.~tlGINIA,
<br />CHAPTER S OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND AUTHORIZED BY AN ORDI-
<br />NANCE OF THE COUNCIL ADOPTED ON SEPTEMBER 29, 1970, AM~ A~ ELECTION OF tHE
<br />QUALIFIED VOTERS OF THE CITY OF PORTSMOUTH HELD ON NOVEMBER 3, 1970, UNDER SAID
<br />CHAPTER S; .MAKING PROVISION FOR THE FORM AND DETAILS OF SAID BONDS; PROVIDING
<br />FOR THE PAYMENT OF SAID BONDS; AND ACCEPTING AN OFFER TO P~RCHASE SAID BONDS.
<br />
<br /> WHEREAS, by ~irtue of Ordinance No. ~970-90 adopted by the Council of the City of Ports-
<br />moutk on the twenty-ninth day of September 1970, entitled "AN ORDINANCE TO AUTHORIZE THE
<br />ISSUANCE OF EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOW AS PORT IMPROVE-
<br />MENT BONDS FOR THE PURPOSE OF-A~UIRING PORT IMPROVEMENTS AND CONSTRUCTING ADDITIONAL PORT
<br />IMPROVEMENTS, PURSUANT TO SECTION 127 CLAUSE (b) [now Article VII, Section t0 (a)(2)], O~
<br />TH~ CONST%TUT~O~ O~ VIRGIniA AND CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950", the
<br />Court of Hustings for the City of Portsmouth'enter an order directing that there be submitted
<br />to the qualified voters of the City of Portsmouth at the general election to be held on the
<br />3rd day of November, 1970, the question whether the $8,200~000 of bonds authorized by said
<br />ordinance should be issued; and
<br />
<br /> WHEREAS, by another order entered by the Court of HuskineSs of the City of Portsmouth,
<br />it was entered bf record as the result of said election that a majority of the votes were
<br />cast for the bond issue, and that the Council of the City of Portsmouth be fully authorized
<br />and empowered to prepare and issue and to sell or negotiate said bonds upon the faith, credit
<br />and property of said municipality in the amount so authorized; and
<br />
<br /> WHEREAS, none of the bonds authorized by said ordinance have heretofore been issued and
<br />the Council deems it advisable to issue at this time abe entire $8,200,000 of the bonds so
<br />authorized and to acquire and construct the desired po~t improvements.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> SECTION 1. Pursuant to Article VII, Section i0 (a)(2) [formerly Section 127~b)] of the
<br />Constitution of Virginia, Chapter S of Title 15.t of the Code of Virginia 1950, and the ordi-
<br />nance adopted on the twenty-n&nth day of September, 1970, referred to in the recitals hereto,
<br />and under and by ~irtue of the affirmative vote of a majority of the qualified voters of the
<br />City voting upon the question of the issuance at an election held thereon on the third day of
<br />November, 1970, the City of Portsmouth (hereinafter referred to as the "City") shall borrow
<br />the sum of $8,200,000 and there shall be issued $8,200,000 of general obligation bonds of the
<br />City to be known as "Por~Improvement Bonds" and designated "Series of 1975" (hereinafter re-
<br />ferred to as the "Bonds"), to evidence such borrowing, for the purpose of acquiring certain
<br />port improvements and constructing certain additional port improvements, which, together with
<br />all other port improvements of the City, constitute a revenue producing undertaking of the
<br />City (hereinafter collectively referred to as the 'port improvements). The Bonds shall be
<br />issued in bearer form with coupons attached and registrable as to principal only or as to both
<br />~rincipal^and interest; shall be dated October lB, 1975; shall be of the denomination of
<br /> S,000~SRoh; shall be numbered 1 to 1,640, both inclusive; shall bear interest from the date
<br />payable May 1, 1976 and semi-annually each May 1 and November 1 thereafter; and shall mature
<br />serially in numerical order on November 1 in each of the years and in principal amounts set
<br />forth below, with the Bonds maturing in a particular year bearing interest at the respective
<br />rate per annum set opposite such year as follows:
<br />
<br />
<br />
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