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146
<br />
<br />OctobeK 2~t 1973
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br />(See Exhibit 73-448 Letter from Finance Co~ission)
<br />
<br /> 73-449 "i submit the attached resolution and recommend its adoption. This autho-
<br />rizes the issuance of $2,500,000 in Utility Bonds. These will be issued as revenue
<br />bonds with the full faith and credit of the City pledged. The repayment will be made
<br />from the revenues from the water and sewer facilities.
<br />
<br />The funds are to be used To finance the following projects:
<br />
<br />Sewers
<br />
<br />Sewerage, Hatton Point
<br />Sewerage, Rivershores
<br />
<br />Cardinal Lane
<br />
<br />Treatment Plant
<br />
<br />Sewage Treatment Plant Upgrading
<br />
<br /> These bonds are to be sold along with the General Obligation Bonds in November
<br />and dated December 1, 1973."
<br />
<br />adop
<br />
<br />On motion of Mr. Smith and seconded by Mr. Johnson, the following resolution was
<br />ted, and by the following vote:
<br />
<br /> "A RESOLUTION TO AUTHORIZE THE ISSUANCE OF TWO MILLION FIVE t~NDRED THOUSAND
<br /> DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR THE PURPOSE OF MAKING IM-
<br /> PROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVE~E PRODUCING UNDERTAKING
<br /> OF THE CITY CONSISTING OF ITS COMBINED WATER, SE~R AND SEWAGE DISPOSAL SYSTEMS,
<br /> PURSUANT TO ARTICLE VII, SECTION 10, CLAUSE (a) (2), OF THE CONSTITUTION OF
<br /> VIRGINIA, AND CHAPTER S OF TITLE 1S.1 OF THE CODE OF VIRGINIA, 19S0, AND UNDER
<br /> AUTHORITY OF THE VOTE OF THE Q~gALIFIED VOTERS OF THE CITY OF PORTSMOUTH AT AN
<br /> ELECTION }~LD ON THE SECOND DAY OF NOVEHBER, 1971, AND ~IKING PROVISION FOR THE
<br /> FOPJ{ OF SAID BONDS AND FOR THE PA~ENT THEREOF.
<br />
<br /> WHEREAS, the City of Portsmouth ~s authorized to establish or enlarge its revenue
<br />producing undertaking consisting of its combined water, sewer, and sewage disposal system.
<br />and it is necessary and expedient to make certain improvements, extensions and additions
<br />to such revenue producing undertaking and to issue bonds of the City in the sum of Two
<br />Million Five Hundred Thousand Dollars for that purpose; and
<br />
<br /> WHEREAS, under and by virtue of Chapter S of Title 15.1 of the Code of Virginia,
<br />1950, the Council of any city in this State which is authorized to acquire, maintain
<br />or establish a revenue producing undertaking consisting of water, sewer and sewage dispos~
<br />systems, or other specific undertaking from which the City may derive a revenue, may,
<br />in accordance with Article VII, Section 10, Clause (a)(2), of the Constitution of Virgini~
<br />issue so many bonds as may be necessary to acquire, maintain or establish such revenue
<br />producing undertaking, or other specific undertaking; and
<br />
<br /> WF~REAS, Article VII, Section 10, Clause (a)(2), of the Constitution of Virginia,
<br />requires the ordinance authorizing the issuance of such bonds to be approved by the
<br />affirmative vote of the majority of the qualified voters of the City voting upon the
<br />question of their issuance at the general election next succeeding the enactment of
<br />the ordinance, or at a special election held for that purpose; and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City of Portsmouth
<br />on the fifteenth day of September, 1971, entitled, "AN ORDINANCE TO AUTHORIZE THE ISSUANC
<br />OF FIVE MILLION FIVE HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOF~ AS UTILITY BONDS,
<br />FOR THE PURPOSE OF ~&KING IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRODUCING
<br />UNDERTAKING OF THE CITY, CONSISTING OF ITS WATER, SEWER, AND SEWAGE DISPOSAL SYSTEMS,
<br />PURSUANT TO ARTICLE VII, SECTION 10, CLAUSE (2) OP TIIE CONSTITUTION OF VIRGINIA, AND
<br />CI~PTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950'~ the Court of Hustings for the
<br />City of Portsmouth, by an order entered on the twenty-first day of September, 1971,
<br />directed that there be submitted to the qualified voters of the City of Portsmouth at
<br />an election to be held on the second day of November, 1971, the question whether the
<br />Five Million Five Hundred Thousand Dollars of bonds authorized by the said ordinance
<br />should be issued; and
<br />
<br /> I%~HEREAS, by another order entered by the said Court of Hustings of the City of
<br />Portsmouth on the seventeenth day of December, 1971, it was entered of record as a result
<br />of said election that a majority of the votes were cast for the bond issue, and that
<br />the Council of the City of Portsmouth he fully authorized and empowered to prepare and
<br />issue and to sell or to negotiate said bonds upon the faith, credit and property of
<br />said municipality in the amount so authorized; and
<br />
<br /> WHEREAS, Three Million Dollars of the bonds authorized by said ordinance have heretoJ
<br />fore been issued and it is provided in said ordinance that the bonds may be issued at
<br />one time, or a part thereof from time to time, as the City Council of the City shall
<br />direct, and the City Council deems it advisable to issue at this time Two Million Five
<br />Hundred Thousand Dollars of bonds, the remaining portion of the Five Million Five Hundred
<br />Thousand Dollars of bonds so authorized, to make the desired improvements, extensions
<br />and additions Eo the aforesaid revenue producing undertaking of the City;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br />
<br />
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