Minutes 09/12/1972 - Laserfiche WebLink

Home Browse Search

Sentemhe~ 12, 197~ NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1. Pursuant to Article VII, Section 10, Clause (a) (2), of the Constitution of Virginia and Chapter 5 of Title 15.1 of the Code of Virginia, 1950, the referred to ordinanc~ and under and by virtue of a majority of the votes cast "For Bond Issue", at an election of the qualified voters of the City of Portsmouth held on the second day of November, 1971, in order to make certain improvements, extensions and additions to the revenue pro- ducing undertaking of the City, consisting of its combined water, sewer, and sewage disposal systems, the City of Portsmouth shall borrow the sum of Three Million Dollars ($5,OOO,OO0), and there shall be issued Three Million Dollars of bonds of said City to be known as "Utilit) Bonds" (herein referred to as the "Utility Bonds"), to evidence such borrowing. The Utility Bonds shall consist of six hundred bonds of the denomination of Five Thousand Dollars each, numbered 1 to 600, both inclusive, dated November 1, 1972, and bearing interest from date payable semiannually on May 1, and November 1, of each year at such rate or at such different or varying rates as may be fixed by the City Council prior to their execution. Both principal !and interest of said bonds shall be payable in lawful currency of the United States of America, at The Chase Manhattan Bank (National Association), New York, New York, and the said bonds shall mature serially, in numerical order as follows: $150 000 of said bonds to be payable on November 1, 1973 $150 000 of said bonds to be payable on November 1 1974 $150 000 of said $150 000 of said $150 000 of said $150 000 of said $150 000 of said $150,000 of said $150,000 of said $150,000 of said $150,000 of said bonds to be payable on $150 000 of said bonds to be payable on $150 000 of said bonds to be payable on $150 000 of said bonds to be payable on $150 000 of said bonds to be payable on 000 of said bonds to be payable on 000 of said bonds to be payable on 000 of said bonds to be payable on 000 of said bonds to be payable on 000 of said bonds to be payable on $180 $150 $150 $150 $150 bonds to be payable on bonds to be payable on bonds to be payable on bonds to be payable on bonds to be payable on bonds to be payable on bonds to be payable on bonds to be payable on November 1 1975 November 1 1976 November 1 1977 November 1 1978 November 1 1979 November 1 1980 November 1 1981 November 1 1982 November.1 1985 November 1 1984 November 1 1985 November 1 1986 November 1, 1987 November 1, 1988 November 1, 1989 November 1, 1990 November 1, 1991 November 1, 1992 The said bonds shall be manually signed by the Mayor and shall be signed by the facsimile signature of the City Treasurer, of the City of Portsmouth with a facsimile of the seal of the City to be imprinted thereon, attested by the facsimile signature of the City Clerk, and the coupons shall be signed by the facsimile signature of the City Treasurer, and said bonds, coupons and the provisions for registration thereof shall be in substantially the following form, towit: UNITED STATES OF AMERICA COMMRNlfEA~TRCO~%r~RR~I~A: CITY OF PORTSMOUTH UTILITY BOND No. $5,000.00 The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, hereby acknowledges itself indebted for value received and promises to pay to the bearer, or if this bond be registered, to the registered holder hereof, on the day of ,19 _, the sum of Five Thousand Dollars, upon the surrender-~eof, and to pay interest at the rate of per centum per annum payable semi-annually on the day of and in each year, after date, until maturity, upon [urrender of the annexed coupons as they severally become due, or if this Bond be registered as to both principal and interest, to the registered holder hereof. Both principa and interest of this bond are payable in lawful currency of the United States of America, at The Chase Manhattan Bank, N.A., New YOrk, New York. This bond may be registered by the holder as to principal or as to both principal and interest in accordance with the provisions for such registration endorsed hereon. This bond is one of a series aggregating Three Million Dollars, and is issued for the purpose of making certain improvements, extensions and additions to the revenue producin undertaking of the City consisting of its water, sewer, and sewage disposal systems, under and pursuant to and in conformity with the Constitution and statutes of the Commonwealth of Virginia, including Chapter S of Title 15.1 of the Code of Virginia, 1950, the Charter of the City of Portsmouth and an election of the qualified voters of the City held under said Chapter S on the second day of November, 1971, and pursuant to an ordinance duly adopted by the Council of the City of Portsmouth on the fifteenth day of September, 1971, and a resolution duly adopted by the Council of the City of Portsmouth on the 12th day of September 1972, under said Chapter 5. It is hereby certified and recited that all acts, conditions and things required by the Constitution and statutes of the Commonwealth of Virginia, to exist, to have happened~ and to be performed precedent to and in the issuance of this bond, exist, have happened and have been performed in due time, form and manner as required by law, and that the issue of bonds of which this is one, together with all other indebtedness of the City,