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Attest:
<br />
<br />City Clerk
<br />
<br />(FORM OF COUPON)
<br />
<br />No. $
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, will
<br />pay to bearer on the day of , 19 , the sum of in
<br />lawful currency of the United States of America at The Chase Manhattan Bank (National Associa:
<br />tion), New York, New York, being the interest then due on its General Obligation Bond dated
<br />October 1, 1971.
<br />
<br />NO.
<br />
<br />City Treasurer
<br />
<br />(FORM OF REGISTRATION)
<br />
<br /> This bond may be registered in the name of the holder on the books kept by the Director
<br />of Finance of the City of Portsmouth, Virginia, as Registrar, as to principal only, such register-
<br />ation being noted hereon by the Registrar in the registration blank below, after which no
<br />transfer shall be effective against the Registrar, the City of Portsmouth and the paying agents
<br />for this bond unless made on said books by the registered holder or attorney duly authorized
<br />and similarly noted by the Registrar in the registration blank below; but it may be discharged
<br />from
<br /> such
<br /> registration
<br /> by
<br /> being
<br /> transferred to bearer, after which it shall be transferable
<br /> delivery, but it may be again registered as before. The registration of this bond as to
<br />~incipal shall not restrain the negotiability by delivery merely of the coupons pertaining
<br />hereto, but the coupons may be surrendered and the interest made payable only to the registered
<br />holder, in which event the Registrar shall note in the registration blank below that the bond
<br />is registered as to interest as well as to principal. With the consent of the holder and
<br />the City of Portsmouth, this bond when converted into a bond registered as to both principal
<br />and interest may be reconverted into a coupon bond and again converted into a bond registered
<br />as to both principal and interest as hereinabove provided, but always at the expense of the
<br />holder. Upon r~conversion of this bond, when registered as to principal and interest, into
<br />a coupon bond, coupons representing the interest to accrue on this bond, to date of maturity
<br />shall be attached thereto by the Registrar, and the Registrar shall note in the registration
<br />blank below whether the bond is registered as to principal only or payable to bearer.
<br />
<br />DATE OF gN WHOSE NAME MANNER OF SIGNATURE OF
<br />REGISTRATION: REGISTERED: REGISTRATION: 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 pay-
<br />ment 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
<br />of 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 of
<br />the City Clerk evidenced by a facsimile signature of that officer, to the effect that the
<br />copy is a true and correct copy of the legal opinion which was dated as of the date of delive~
<br />of and payment for the Bonds. Full power and authority is hereby given the City Manager to
<br />sell said bonds in such manner, either at public or private sale, and at such time and place,
<br />as the City Manager may determine; provided, however, that no sale shall be made without the
<br />approval of the City Council.
<br />
<br /> Section 4. The Bonds shall not be subject to taxation by the City of Portsmouth, and
<br />the coupons pertaining to said Bonds, shall after the maturity of said coupons, be received
<br />in 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 />AMes: Holley, Johnson, King, Irvine Smith, Raymond Smith, Turner, Barnes
<br />Nays: None
<br />
<br />
<br />
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