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143
<br />
<br /> Motion of Mr. King, and seconded by Mr. Smith, that the permits be granted to both
<br />organizations, was adopted by unanimous vote.
<br />
<br /> 73-448 "I submit the attached resolution and recommend its adoption. This
<br />authorizes the issuance of $4,800,000 in General Obligation Bonds.
<br />
<br /> Previous resolutions have been adopted for projects amounting to $2,579,256 which
<br />include appropriations as shown on the attached list of Capital Improvements dated
<br />October 18, 1973.
<br />
<br />The total bond issue is broken down by the following categories:
<br />
<br />Urban Renewal
<br />Public Buildings
<br />Curbs, Gutters ~ Drainage
<br />Schools
<br />Parks & Recreation
<br />Street Improvements
<br />Public Safety
<br />Waste Disposal
<br />
<br />$1,053
<br />570
<br />273
<br />1,093
<br />235
<br />769
<br />364
<br />140
<br />
<br />634
<br />20O
<br />
<br />163
<br />178
<br />025
<br />550
<br />750
<br />
<br /> It is anticipated that these bonds will be sold in November and are to be dated
<br />December 1, 1973. This conforms to the City's program for the financing of capital
<br />projects and funds have been provided in the current budget to meet the debt obligation.
<br />There is also attached a letter from the City's Finance Commission recommending the
<br />issuance of these bonds."
<br />
<br /> On motion of Mr. Kihg and seconded by Mr. Early, the following resolution was
<br />adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE iSSUANCE OF FOUR MILLION FIVE HUNDRED THOUSAND
<br />DOLLARS ($4,500,000) GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR URBAN RENEWAL PURPOSES;
<br />FOR THE ACQUISITION OF LAND AND THE CONSTRUCTION OF PUBLIC BUILDINGS THEREON;
<br />FOR THE CONSTRUCTION OF CURBS, GUTTERS AND DRAINAGE FACILITIES, STREET AND
<br />HIGHWAY IMPROVEMENTS; FOR THE CONSTRUCTION AN~ EQUIPPING OF CERTAIN PARKS
<br />AND RECREATION FACILITIES; FOR THE PURCFASE AND INSTALLATION OF EQUIPMENT
<br />FOR TRAFFIC CONTROL SYSTEMS; FOR THE REPAIR OF WASTE DISPOSAL FACILITIES;
<br />AND FOR THE PURCtiASE OF SCHOOL BUSES, MOBILE CLASSROOMS AND THE CONSTRUCTION
<br />OF SCHOOL BUILDINGS; AND ~,~KING PROVISION FOR THE FORM OF SAID BONDS AND FOR
<br />TH_E PAYMENT THEREOF.
<br />
<br /> WF~REAS, it is necessary.to provide funds for' urban renewal puposes; for the
<br />acquisition of land and the construction of public buildings thereon~ for the construction
<br />of curbs, gutters and drainage facilities, street and highway improvements; for the
<br />construction and equipping of certain parks and recreation facilities; for the purchase
<br />and installation of equipment for traffic control systems; for the repair of waste disposal
<br />facilities; and for the purch¢se of school buses, mobile classrooms and the construction
<br />of school buildings; and making provision for the form of said bonds and for the payment
<br />thereof at an estimated cost of Four Million Five Hundred Thousand Dollars ($4,500,000);
<br />and
<br />
<br /> WFIEJEAS there are no funds in the treasury of the City of Portsmouth applicable
<br />to the payment of the cost of said improvements, and it is aqcordingly necessary to
<br />issue bonds of the City in the sum of Four Million Five Hundred Thousand Dollars ($4~500,0
<br />for the aforesaid purposes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br />Section 1. For the purpose of providing funds for urban renewal purposes; for the acquisii
<br />tion of land and the construction of public buildings thereon; for the constrUction ~
<br />of curbs, gutters and drainage facilities, street and hignway improvements; for the ~
<br />construction and equipping of certain parks and recreation facilities; for the purchase ~
<br />and installation of equipment for traffic control systems; for the repair of waste disposal
<br />facilities; and for the purchase of school buses, mobile classrooms and the construction
<br />of school buildings; there shall be issued Four Million Five Hundred Thousand Dollars
<br />of bonds of said City to be known as General Obligation Bonds, consisting of nine hundred
<br />bonds of the denomination of Five Thousand Dollars each, numbered 1 to 900, both inclusive
<br />dated December 1, 1973, and bearing interest from date payable semi-annually on June
<br />1, and December 1, of each year at such rate or at such different or varying rates as
<br />may be fixed by the City Council Prior to their execution. Both principal 'and interest
<br />of said bonds shall b~ payable in lawful currency of the United States of America, at
<br />The Chase Manhattan Bank (National Association), New York, New York, and the said bonds
<br />shall mature serially, in numerical order as follows:
<br />
<br /> $225
<br /> $225
<br /> $225
<br /> $22s
<br /> $22s
<br /> $22
<br />,$225
<br /> $22s
<br />
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />000 of said bonds to be
<br />
<br />payable on December 1, 1974
<br />payable on December 1, 1975
<br />payable on December 1, 1976
<br />payable on December 1, 1977
<br />payable on December 1, 1978
<br />payable on December 1, 1979
<br />payable on December 1, 1980
<br />payable on December 1, 1981
<br />
<br />0)
<br />
<br />
<br />
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