Minutes 10/23/1973 - Laserfiche WebLink

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[lc t~r--~3 Attest: City Clerk (FORM=OF COUPON) No. $ The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, Wil~ pay to bearer on the day of , 19 , the sum of in i-~l currency of the United States o~' America at The Chase Manhattan Bank (National Association), New York, New York, being the interest then due on its General Obligation Bond dated December 1, 1973. No. City Treasurer (~ORM OF REGISTRATION) This bond may be registered in the name of the holder on the books kept by the Direct of Finance of the City of Portsmouth, Virginia, as Registrar, as to principal only, such registration being noted hereon by the Registrar in the registration blank below, after which no transfer shall be effective against the Registrar, the City of Portsmouth and the paying agents for this bond unless made on said books by the registered holder or attorney duly authorized and similarly noted by the Registrar in the registration blank below; but it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before The registration of this bond as to principal shall not restrain the negotiability by delivery merely of the coupons pertaining hereto, but the coupons may be surrendered and the interest made payable only to the registered holder., in which event the Registrar shall note in the registration blank below that the bond is registered as to interest as well as to principal. With the consent of the holder and the City of Portsmouth, this bond when converted into a bond registered as to both principal and interest may be reconverted into a coupon bond and again converted into a bond registered as to both principal and interest as hereinabove provided, but always at the expense of the holder. Upon reconversion of this bond, when registered as to principal and interest, into a coupon bond, coupons representing the interest to accrue on this bond, to date of maturity shall be attached theret~o by the Registrar, and the~ Registrar shall note in the registrati( blank below whether the bond is registered as to principal only or payable to bearer. DATE OF REGISTRATION: IN WHOSE REGISTERED: MANNER OF REGISTRATION: ii; SIGNATURE OF REGISTRAR: Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the payment of the principal of and interest on the Bonds as the same become due~ For the payment of such principal and interest, the City of Portsmouth shall have power and be obligated to levy ad valorem taxes without limitation as to rate or amount on all the property subject to taxation by the City. Section 3. Full power and authority is hereby given to the City Manager of the City of Portsmouth to prepare and issue the Bonds in such form and for such sum as is authorized by Section 1 hereof. The City Manager is authorized to cause to be imprinted on the back of each of the Bonds, a copy of the complete final legal opinion with respect to the Bonds, with the name of the attorney or attorneys rendering same, together with a certification of the City Clerk evidenced by a facsimile signature of that officer, to the effect that the copy is a true and correct copy of the legal opinion which was dated as of the date of delivery of and payment for the Bonds. Full power and authority is hereby given the City Manager to sell said bonds in such manner, either at public or private sale, and at such time and place, as the City Manager may determine; provided, however, that no sale shall be made without the approval of the City Council. Section 4. The Bonds shall not be subject to taxation by the City of Portsmouth, and the coupons pertaining to said Bonds, shall after the maturity of said coupons, be received in payment of all dues~ taxes, and assessments due to the City. Section S. All resolutions or orders, or parts thereof, in conflict with {he provisions of this resolution, are to the extent of such conflict hereby repealed. Section 6. This resolution shall take effect from its passage."