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August 11~'1970
<br />
<br />"RESOLIIflON ~HANGING THE REGU~R MEETING OF THE CITY COUNCIL FROM SBPTBMBB'R 22, 1970,
<br />TO SEPTEFBER 29, 1970, TO AVOID CONFLICTING WITH THE ANNUAL MEETING OF THE VIRGINIA
<br />~fONICIPAL LEAGUE
<br />
<br /> WHEREAS, a regular meeting of the Portsmouth City Council is scheduled for Tuesday, September 22, 1970;
<br />mud
<br />
<br /> I%~qBRBAS, the Virginia Municipal League will be holding its annual session during the period of September
<br />20-22, 1970; and
<br />
<br /> WNEREAS, it is in the best interest of the city that the members of the council be able to attend and
<br />participate in the proceedings of the annual session of the Virginia Municipal League.
<br />
<br /> Nf~,V, THEREFORE, BE IT RESOLI~D by the Council of the City of Portsmouth, Virginia, that its regular
<br />meeting scheduled for September 22, 1970 be and, the same ~reby is, changed to September 29, 1970, 'to avoid
<br />conflicting with the annual session of the Virginia Municipal League."
<br />
<br />Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br />Nays: None
<br />
<br /> 70-250 - "I submit the attached two resolutions and recommend fheir adoption. This authorizes the sale
<br />of $1.5 million in Utility Bonds and $3 million of General Obligation Bonds.
<br />
<br /> Today, we have received a negotiated price from Investment Corporation of Virginia to purchase these
<br />bonds at a net interest cost to the City as follows:
<br />
<br />$5,000,000 of General Ob ligat&on Bonds
<br /> Interest Rate of 5.9855
<br />
<br />$1,500~000 of Utility Bonds
<br /> Interest Rate of 5.8344
<br />
<br /> The Bond Commission met on Monday, August 10, 1970. It was the recommendation of the Bond Commission
<br />that ,the City negotiate the sale of these honda. Ir'was felt that this is necessary due ~the 6% limitation
<br />on the Utility Bonds. This sale is in accordance with the Bond Commission's recommendation. These funds are
<br />to be used for construction of sanitary sewers and the re-payment of temporary loans, on various projects that
<br />have been committed and are under construction."
<br />
<br />On motion of ~r. Smith (I) the following resolution was adopted and by the following vote:
<br />
<br />"A RES~brfION TO APPROVE THE SALE OF THE THREE MILLION DOLLARS OF GENERAL OBLIGATION BONDS
<br />AUTHORIZED BY A RESOLUTION ADOPTED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ON
<br />JULY 28, 1970, AND FIXING CERTAIN DETAILS OF SAID BONDS
<br />
<br /> WHEREAS, The City Manager of the City of PortSmouth has received a proposal from Investment Corporation
<br />of Virginia, Norfolk~ Virginia, for the purchase of Three Million Dollars of General (Yoligation Bonds autho-
<br />rized by the Resolution of the Council of the City of Portsmouth adopted July 28, 1970, entitled, "A
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION DOLLARS ($5,000,000.00) GENEP~AL OBLIGATION BONDS OF TMB
<br />CITY OF PORJFSMOUTH, VIRGINIA, .FOR THE PURPOSE OF PROVIDING FDNDS FOR THE CONSTRUCTION OF S~qOOLS, CERTAIN
<br />OTHER PUBLIC BUILDINGS, STOP~! SE}~E~ ~D STREETS: FOR THE PURCHASE OF PROPERTY FOR GOVEkNS.~BNTAL, .PBCREA-
<br />TIONAL AND PORT DEVELOPmeNT PURPOSES; FOR THE PURCHASE OF EQUIPMENT; FOR URJ~kN RENEWAL PURPOSES; AND TO PAY
<br />CBltTAIN ANNEXATION COSTS PURSUANT TO THE ORDER ENTEPMD IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA
<br />ON OCTOBER 2, 1967, A~INBXING CRRTAIN TERRITORY TO THE CITY OF PORTSMOUTH, EFFECTII~E J/~qUARY 1, 1968; AMD
<br />~{AKING PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYM£NT THEREOF", and the City ~Janager has recommended
<br />that said proposal be approved;
<br />
<br />N(gq,THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. There be, and there is, hereby approved the sale to Investment Corporation of Virginia~ Norfolk,
<br />Virginia~ at par, the Three Million Dollars of G~Reral Obligation Bonds of the City of Portsmouth, Virginia,
<br />authorized by the resolution adopted by the Council of the City of Portsmouth, Virginia, July 28, -1970, en-
<br />titled "A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION DOLLARS ($5,000,000.00) GENERAL OBLIGATION BONDS
<br />OF THE CITY OF PORTSMO~$ VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION OF S(/qOOLS, CER-
<br />TAIN OTHER PUBLIC BUILDINGS, STO~ SEWERS ;~ND STREETS; FOR THE PURCqASE OF PROPERTY FOR GOVE.%NMER~fAL, RECREa-
<br />TIONAL END PORT DBVELOP~ENT PURPOSES; FOR THE PURf/~ASE OF EQUIPMENT; FOR URBAN RENEWAL PURPOSES; ~D TO PAY
<br />CERTAIN ;~Xg~BXATI(tN COSTS PURSUANT TO THE ORDER ENTERED IN THE CIR2UIT COURT OF THE CITY OF CHESAPEAKE,
<br />VIRGINIA, ON OCTOBER 2, 1967, ~NNEXING CERTAIN TERRITORY TO THE CITY OF PORTSMOUTH, B'F~BCTIVE J~NUARY 1, 1968;
<br />;~D b~KING PROVISI~N FOR THE FO~? OF SAID BONDS ;~ND FOR THE PAY~.~NT THEREOF". Said bonds shall be dated
<br />September 1, 1970, shall bear interest at the rates set forth in the table below, and shall mature without
<br />option of prior redemption on September 1 in each of ~]le years and in the principal amounts as fellows:
<br />
<br />Year of,Maturity
<br />
<br />Amount Maturing
<br />
<br />Interest Rate
<br />
<br />1978 $250,000 6.00%
<br />1979 $250,000 5.80%
<br />1980 $250,000 5.~0%
<br />1981 $250,000 5.80%
<br />1982 $500,000 6.10%
<br />1985 $500,000 6.10%
<br />1984 $S00,000 6.10%~
<br />1985 $SO0,000 6.10%
<br />
<br /> Said bonds shall be issued in accordance with the provisions of the aforesaid Resolution and this Resol-
<br />ution, and the City Manager is hereby authorized to complete the sale of said bonds and the delivery of the
<br />same to the purchaser thereof upon the payment of the purchase pri~e therefor."
<br />
<br />Ayes: Holley, Johnson, King, Smith (!), Smith (R)~ Turner, Barnes
<br />Nays: None
<br />
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