|
~m~t 11. 1970
<br />
<br />On motion of Mr. Smith (R) the following resolutio~ was adopted and b~ the following vote:
<br />
<br />"A RESOLUTION TO APPROVE THE SALE OF THE ONE MILLION FII~ HI~DRED THOUSAND DOLLARS OF UTILITY
<br />BONDS AUTHORIZED BY A IhESOL'JFION ADOPTED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />ON JULY 28, 1970; AND FIXING CERTAIN DETAILS OF SAID BONDS
<br />
<br /> ~(~HEREAS, T_he City Manager of the City of Portsmuuth has received a proposal from Ii,vestment Corporation
<br />of Virginia, Norfolk, Virginia, for the purchase of One Million Five Hundred Thousand Dollars of Utility Bonds
<br />authorized by the Resolution of' the CounCil of the City of Portsmouth adopted July 28, 1970, entitled, "A
<br />RESOLIFFION TO AUTHORIZE THE ISSUANCE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,S00,000.00) OF BONDS TO
<br />BE KNOWN AS UTILITY BONDS, FO THE PURPOSE OF MAKING IMPROVEt~NTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRO-
<br />DUCING UNDERTAKING OF THE CITY CONSISTING OF ITS COb~BINED WATER, SEWER AND SEWAGE DISPOSAL SYSTEMS, PURSUANT
<br />TO SECTION 127, CLAUSE (B), OF THE CONSTITLrfION OF VIRGINIA, AND ~APTER S OF TITLE IS.l, OF THE CODE OF
<br />VIRGINIA, 1~9S0, AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED VO~ERS OF THE CITY OF PORTSMOUTH AT AN ELECTION
<br />HELD ON THE FIFTH DAY OF NOVEMBER, 1968, AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMHNT
<br />THEREOF", and the City Manager has recommended that said proposal be approved;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Pofts~mouth, Virginia:
<br />
<br /> 1. There be and there is, hereby approved the sale ~ ~nvestment Corporation of Virginia, Norfolk,
<br />Virginia, at par, the On~ Million Five Htnidred Thousand Dollars of Utility Bonds of the City of Portsmouth,
<br />Virginia, authorized by the resolution adopted by the Council of the City of Portsmouth, Virginia, July 28, 1970
<br />emt~t~led "A RESOLUTION TO AUTHORIZE THE ISSU~fqCE OF ONE MILLION FIVE HUNDRED THOUSAND D~L~RS ($1,S00,000.00)
<br />OF BONDS TO BE KN(~I~ AS UTILITY BONDS, FOR THE PURPOSE OF MA~KING IN~ROVEblENTS, EXTENSIONS ;~ND ADDITIONS TO THE
<br />REVENUE PRODUCING b}~DERTAKING OF THE CITY CONSISTING OF ITS COMBINED WATER, SEWER AND SEWAGE DISPOSAL SYSTE~
<br />PURSUANT TO SECTION 127, CLAUDE (B), OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE 15.1 OF THE CODE
<br />OF VIRGINIA, 19S0, AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS OF THE CITY OF PORTSMOUTH AT ;aM
<br />ELECTION HELD ON THE FIFTH DAY OF NOVEMBER, 1968, AND ~3%KING PROVISION FOR THE FOR~4 OF SAID BONDS AND FOR THE
<br />PAYMEN~ THEREOF". Said bonds shall be dated September 1, 1970, shall bear interest at the rates set forth in
<br />the table below, and shall mature without option of prior redemption on September li%'each of the years and in
<br />the principal amounts as follows:
<br />
<br />Year of Maturity
<br />
<br />Amotrat..M~turin g
<br />
<br />Interest Rate
<br />
<br />1976 $ 50,000 6.00%
<br />1977 $150,000 6.00%
<br />1978 $150,000 6.00%
<br />1979 $250,000 5.80%
<br />1980 $250,000 5.80%
<br />1981 $300,000 5.80%
<br />i982 $350,000
<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 price therefor."
<br />
<br />Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br />Nays: NOne
<br />
<br /> - L~FINISHED BUSINESS -
<br />
<br /> 70-311 - The following ordinance approved on first reading at last meeting, was taken un and read:
<br /> "ZONING ~&~NDMENT OP~DINANCE Z 70-16"
<br />
<br /> On motion of Mr. Smith (R) the ordinance was adopted and by the follm~ing vote:
<br />
<br /> Ayes: Holley, King, Smith (R)
<br /> Nays: Turner, Barnes
<br /> ~Mostaining: Johnson, Smith (I)
<br />
<br /> 70-311 - the ~following ordinance approved on first reading at last meeting, was taken up and read:
<br /> "ZONING A~END~J~NT ORDINANCE Z 70-17"
<br />
<br /> On motion of Mr. Johnson, the ordinance was adopted and by the following vote:
<br />
<br /> Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Ba~es
<br /> Nays: None
<br />
<br /> 70-311 - The follc~ing ordinance approved on first reading at last meeting, was taken up and read:
<br />
<br /> "AN ORDIN;2~CE TO AMEND SECTION 4-4 OF THE ZONING ORDIN~MNCE OF THE CITY OF PORTSMOUTH,
<br /> 1961, PERTAINING TO FENCING REQUIREMENTS FOR J~KYkRDS AND SCRAP PROCESSORS."
<br />
<br /> Motion of Mr. Holley to adopt the ordinance.
<br />
<br /> Motion of Mr. Smith to amend the ordinance by reinstating the following phrase in the eleventh and
<br />seventeenth paragraphs on page 9, was adopted, without disgenting vote:
<br />
<br /> "unless the council shall specify different requirements in the use permit"
<br />
<br /> Vote h'~in~ ~ak~, tt~e ~e~ed o~d~nance wa~ adopted, ~nd ~ tke' following vote:-
<br />
<br /> Ayes: Holley, Johnson, King, Smith (I), Smith [R), Turner, Barnes
<br /> Nays: None
<br />
<br />
<br />
|