Minutes 02/09/1971 - Laserfiche WebLink

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Fehrn~y c~. 1Q71 71-48 - "I submit the attached resolution and recommend its adoption. This authorizes the issuance of $5 million of General Obligation Bonds. These funds are used for the construction of the Hedges Manor High School. to be Due to favorable market conditions, it is recommended that these bonds be sold at this time. We contemplate receiving public bids for these bonds on Thursday, March 11, 1971. The bonds will be dated April 1 and repaid over a period of twenty years." On motion of Mr. Irvine Smith the following resolution was adopted, and by the following vote: "A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,000) GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION OF SCHOOLS AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT THEREOF. WHEREAS, it is necessary to provide funds for the construction of schools at an esti- mated cost of Five Million Dollars ($5,000,000.00); and WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the payment of the cost of said construction, and it is accordingly necessary to issue bonds of the City in the sum of Five Million Dollars ($5,000,000.00) for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: Section 1. For the purpose of providing funds for the construction of schools, there shall be issued Five Million Dollars of bonds of said City to be known as General Obligation Bonds consisting of one thousand bonds of the denomination of Five Thousand Dollars each, numbered 1 to 1,000, both inclusive, dated April 1, 1971, and bearing interest from date payable semiannually on April 1, and October 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: $250,000 $250 000 $250~000 $250 000 $250 000 $250 000 $250000 $250 000 $250000 $250 000 $250 000 $250,000 $250,000 $250,000 $250,000 $250,000 $250,000 $250,000 $250,000 $250,000 of said bonds to be payable on April 1, 1972 of said bonds to be payable on April 1, 1973 of said bonds to be payable on April 1, 1974 of said bonds to be payable on April 1, 1973 of said bonds to be payable on April 1, 1976 of said bonds to be payable on April 1, 1977 of said bonds to be payable on April 1, 1978 of said bonds to be payable on April 1, 1979 of said bonds to be payable on April 1, 1980 of said bonds to be payable on April 1, 1981 of said bonds to be payable on April 1, 1982 of said bonds to be payable on April 1, 1983 of said bonds to be payable on April 1, 1984 of said bonds to be payable on April 1, 1985 of said bonds to be payable on April 1, 1986 of said bonds to be payable on April 1, 1987 of said bonds to be payable on April 1, 1988 of said bonds to be payable on April 1, 1989 of said bonds to be payable on April 1, 1990 of said bonds to be payable on April 1, 1991 The said bonds shall be manually signedlby th~!MayoM~and Bha~t he;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 shall be in substantially the following f~orm, towit: UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION 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 first day of April, 19 , ~the sum of Five Thousand Dollars, and to pay interest thereon at the rate of per centum per annum payable semiannually, on the first day of April and October in each year, after date, until maturity, upon surrender of the annexed coupons as they severally become due, or if this b'ond be registered as to both principal and interest, to the registere holder hereof. Both principal and interest Of this bond are payable in lawful currency of the United States of America at The Chase Manhattan Bank (National Association, New York, New York.