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12. lq72
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<br /> 72-375 - "I submit the attached resolution and recommend its adoption. This authorizes
<br />the issuance of.$3,000,000 in Utility Bonds. These will be issued as revenue bonds with
<br />the full faith and credit of the City Pledged. The repayment will be made from the revenues
<br />from the water and sewer facilities.
<br />
<br />The funds are to be used to finance the following projects:
<br />
<br />Sewers
<br />
<br />Elizabeth Manor (in progress)
<br />Armistead Forest
<br />Siesta Gardens, Section 4
<br />Smithfield Road
<br />Green Lakes Portsmouth Acres
<br />Edgefield
<br />Alabama Avenue
<br />Modernization - Pump Stations (3)
<br />Force Mains Cedar Lane - River Shore Road
<br /> Swannanoa and Twin Pines Road
<br />
<br />Water
<br />
<br />Filtration Plant - Suffolk (in progress)
<br />
<br /> These bonds are to be sold along with the General Obligation Bonds in October and
<br />dated November 1, 1972.
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, the following resolution was
<br />adopted, and by the following vote:
<br />
<br /> "A RESOLUTION TO AUTHORIZE THE ISSUANCE OF THREE MILLION DOLLARS OF BONDS TO BE
<br /> KNOWN AS UTILITY BONDS, FOR THE PURPOSE OF MAKING IMPROVEMENTS, EXTENSIONS AND
<br /> ADDITIONS TO THE REVENUE PRODUCING UNDERTAKING OF THE CITY CONSISTING OF ITS
<br /> COMBINED WATER SEWER AND SEWAGE DISPOSAL SYSTEMS, PURSUANT TO ARTICLE VII,
<br /> SECTION 10, CLAUSE (a)(2), OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF
<br /> TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND UNDER AUTHORITY OF THE VOTE
<br /> OF THE QUALIFIED VOTERS OF THE CITY OF PORTSMOUTH AT AN ELECTION HELD ON THE
<br /> SECOND DAY OF NOVEMBER, 1971, AND MAKING PROVISION FOR THE FOR]%] OF SAID BONDS
<br /> AND FOR THE PAYMENT THEREOF.
<br />
<br /> WHEREAS, the City of Portsmouth is authorized to establish or enlarge its revenue
<br />producing undertaking consisting of its combined water, sewer, and sewage disposal systems,
<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 Three
<br />Million Dollars for that purpose; and
<br />
<br /> WHEREAS, under and by virtue of Chapter 5 of Title 15.1 of the Code of Virginia, 1950,
<br />the Council of any city in this State which is authorized to acquire, maintain or establish
<br />a revenue producing undertaking consisting of water, sewer and sewage disposal systems,
<br />or other specific undertaking from which the City may derive a revenue, may, in accordance
<br />with Article VII, Section 10, Clause (a)(2), of the Constitution of Virginia issue so many
<br />bonds as may be necessary to acquire, maintain or establish such revenue producing undertakisg,
<br />or other specific undertaking; and
<br />
<br /> WHEREAS, Article VII, Section 10, C~use (a)(2), of the Constitution of Virginia, requi:
<br />the ordinance authorizing the issuance of such bonds to be approved by the affirmative vote
<br />of the majority of the qualified voters of the City voting upon the question of their issuan~
<br />at the general election next succeeding the enactment of the ordinance, or at a special
<br />election hold for that purpose; and
<br />
<br /> B~EREAS, 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 ISSUANCE
<br />OF FIVE MILLION FIVE HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR
<br />THE PURPOSE OF MAKING IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRODUCING UNDER%
<br />ING OF THE CITY, CONSISTING OF ITS WATER, SEWER, AND SEWAGE DISPOSAL SYSTEMS, PURSUANT TO
<br />ARTICLE VII, SECTION 10, SECTION 10, CLAUSE (2) OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER
<br />5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950" the Court of Hustings for the City of Portsmoq
<br />by an order entered on the twenty-first day of September, 1971, directed that there be submi
<br />ted to the qualified voters of the City of Portsmouth at an election to be held on the secon~
<br />day of November, 1971, the question whether the Five Million Five Hundred Thousand Dollars
<br />of bonds authorized by the said ordinance should be issued; and
<br />
<br /> WHEREAS, by another order entered by the said Court of Hustings of the City of Portsmou}h
<br />on the seventeenth day of December, 1971, it was entered of record as a result of said elec-
<br />ti6n that a majority of the votes were cast for the bond issue, and that the Council of
<br />the City of Portsmouth be fully authorized and empowered to prepare and issue and to sell
<br />or to negotiate said bonds upon the faith, credit and property of said municipality in the
<br />amount so authorized; and
<br />
<br /> WHEREAS, none of the bonds authorized by said ordinance have heretofore been issued
<br />and it is provided in said ordinance that the bonds may be issued at one time, or a part
<br />thereof from time to time, as the City Council of the City shall direct, and the City Counci
<br />deems it advisable to issue at this time Three Million'Dollars of bonds, a part of the Five
<br />Million Five Hundred Thousand Dollars of bonds so authorized, to make the desired improvemen
<br />extensions and additions to the aforesaid revenue producing undertaking of the City;
<br />
<br />-es
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<br />lth,
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