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City Treasurer
<br />
<br />Attest:
<br />
<br />City Clerk
<br />
<br />(FORM OF COUPON)
<br />
<br />No.
<br />
<br />will
<br />
<br />Bank (National Association), New York, New York,
<br />General Obligation Bond dated November 1, 1972.
<br />
<br /> $
<br />The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia,
<br />pay to bearer on the __ day of , 19 , the sum of
<br /> in lawful currency of the United States of America at The Chase Manhattan
<br /> being the interest then due on its
<br />
<br />NO.
<br />
<br />City Treasurer
<br />
<br />(FO~4 OF REGISTRATION)
<br />
<br /> This bond may be registered in the name of the holder on the books kept by the
<br />Director of Finance of the City of Portsmouth, Virginia, as Registrar, as to principal
<br />only, such registration being noted hereon by the Registrar in the registration blank
<br />below, after which no transfer shall be effective against the Registrar, the City of Portsmouth
<br />and the paying agents for this bond unless made on said books by the registered holder
<br />or attorney duly authorized and similarly noted by the Registrar in the registration blank
<br />below; but it may be discharged from such registration by being transferred to bearer,
<br />after which it shall be transferable by delivery, but it may be again registered as before.
<br />The registration of this bond as to principal shall not restrain the negotiability by
<br />delivery merely of the coupons pertaining hereto, but the coupons may be surrendered and
<br />the interest made payable only to the registered holder, in which event the Registrar
<br />shall note in the registration blank below that the bond is registered as to interest as
<br />well as to principal. With the consent of the holder and the City of Portsmouth, this
<br />bond when converted into a bond registered as to both principal and interest may be reconvert
<br />ed into a coupon bond and again converted into a bond registered as to both principal and
<br />interest as hereinabove provided, but always at the expense of the holder. Upon reconversion
<br />of this bond, when registered as to principal and interest, into a coupon bond, coupons
<br />representing the interest to accrue on this bond, to date of maturity shall be attached
<br />thereto by the Registrar, and the Registrar shall note in the registration blank below whetheM
<br />the bond is registered as to principal only or payable to bearer.
<br />
<br />DATE OF
<br />REGISTRATION'.
<br />
<br />IN WHOSE NAME
<br />REGISTERED:
<br />
<br />MANNER OF
<br />REGISTRATION:
<br />
<br />SIGNATURE OF
<br />REGISTRAR:
<br />
<br />Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the
<br />payment of the principal of and interest on the Bonds as the same become due. For the paymen
<br />of such principal and interest, the City of Portsmouth shall have power and be obligated
<br />to levy ad valorem taxes without limitation as to rate or amount on all the property subject
<br />to taxation by the City.
<br />
<br />Section 3. Full power and authority is hereby given to the City Manager of the City of
<br />Portsmouth to prepare and issue the Bonds in such form and for such sum as is authorized
<br />by Section 1 hereof. The City Manager is authorized to cause to be imprinted on the back
<br />of each of the Bonds, a copy of the complete final legal opinion with respect to the Bonds,
<br />with the name of the attorney or attorneys rendering same, together with a certification
<br />of the City Clerk evidenced by a facsimile signature of that officer, to the effect that
<br />the copy if a true and correct copy of the legal opinion which was dated as of the date
<br />of delivery of and payment for the Bonds. Full power and authority is hereby given the
<br />City Manager to sell said bonds in such manner, either at public or private sale, and at
<br />such time and place, as the City Manager may determine; provided, however, that no sale
<br />shall be made without the approval of the City Council.
<br />
<br />Section 4. The Bonds shall not be subject to taxation by the City of Portsmouth, and the
<br />Coupons pertaining to said Bonds, shall after the maturity of said coupons, be received
<br />· n payment of all dues, taxes, and assessments due to the City.
<br />
<br />Section S, All resolutions or orders, or parts thereof, in conflict with the provisions
<br />of this resolution, are to the extent of such conflict hereby repealed.
<br />
<br />Section 6. This resolution shall take effect from its passage."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br />
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