Minutes 07/28/1970 - Laserfiche WebLink

Home Browse Search

July 28~ 1970 Section 4. The Utility Bonds shall not be subject to taxation by the City of Portsmouth, and the coupons pertaining to said bonds, shall after the maturity of said coupons, be received in payment of all dues, taxes, and assessments due to the City. Section 5. The Utility Bonds authorized by this resolution shall not be included in determining the limitation upon the power of the City ot incur indebtedness under the provisions of Section One Hundred Twenty-seven, Clause (b), of the Constitution of Virginia, but from and after November 5, 1975, whenever and for so long as the revenue producing undertaking constructed and improved out of proceeds of said bonds fails to produce sufficient revenue to pay the cost of operation and administration'(including interest on bonds issued therefor, and the cost of insurance against loss or injuries to persons and property), and an annual amount to be covered into a sinking fund sufficient to pay at or before maturity all bonds issued on account of said revenue producing undertaking, all such bonds outstanding shall be included in determining the limitation upon the power of the City of Portsmouth to incur indebtedness. Section 6. All o~her resolutions or orders, or parts thereof, in conflict with the provisions of this resolution, are to the extent of such conflict hereby repealed. Section 7. This resolution shall Ayes: Holley, Johnson, Nays: None take effect from its passage." King, Smith (R), Turner, Barnes 70-320 - "I submit the attached resolution and recommend its adoption. This authorizes the sale of $3 million in General Obligation Bonds. These bonds cover projects such as high- ways, urban renewal, public buildings, etc., that have been completed or are under construc- tion, I am recommending the adoption of this resolution in order that we can progeed to sell thesei~Onds on a favorable bond market." On moti9n pf Mr. Hp!!ey., thee fp!!pwing re~s.9tution was adopted and byy the following vote: "A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION DOLLARS ($$,000,000) GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PRO~IDI~NG~UNDS FOR THE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC BUILD- INGS, STORM SEWERS, AND STrEEtS; ~OR ~RB ~%FRCHASE OF PROPERTY FOR GOVERNMENTAL, RBCRBATIONAL, AND PORT DEVELOPMENT PURPOSES; FOR THE PURCHASE OF EQUIPMENT; FOR URBAN RENEWAL PURPOSES; AND TO PAY CERTAIN ANNEXATION COSTS PURSUANT TO THE ORDER ~NTBRED IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA, ON OCTOBER ~, 1967, ANNEXING CERTAIN TERRITORY TO THE CITY OF PORTSMOUTH, EFFECTIVE JANUARY 1, 1968; AND MAKING PROVISION FOR THE FORM OF MAID BONDS AND FOR THE PAYMENT THEREOF WHEREAS, it is necessary to provide funds for the construction of schools, certain other public buildings, storm sewers, and streets; for the purchase of property for governmentll, recreational, and port development purposes; for the purchase of equipment; for urban renewal purposes; and to pay certain annexation costs pursuant to the order entered in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certain territory to the City of Portsmouth, effective January 1, 1968, at an estimated cost of Three 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 improvements, and it is accordingly necessary to issue bond~of ~he City in the sum of Three Million Dollars ($5,000,000.00) for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VfRGINIA: Section 1. For the purpose of providing funds for the construction of schools, certain other public buildings, storm sewers, and streets; for the purchase of property for governmental, recreational, and port development purposes; for the purchase of equipment; for urban renewal purposes; and to pay certain annexation costs pursuant to the order entered in the Circuit Court of the City of Chesapeake, Virginia, On October 2, 1967, annexing certain territory to the City of Portsmouth, effective January 1, 1968, there shall be issued Three Million Dollars ($5,000,000) of General Obligation BOnds (herein referred to as the '~B°nds") of the City of Portsmouth, Virginia, consisting of Six Hundred bonds of the denomination of Five Thousand Dollars each, numbered from 1 to 600, both inclusive, upWard in order of maturit)' The Bonds shall be dated as of any date within the current fiscal year as is determined by the City Manager. The Bonds shall bear interest from their date at such rate or at such different or varying rates as may be determined at the time of sale. Interest on the Bonds shall be payabl~ semi-annually, with the first interest payment date being the day which is six months from the date of the Bonds. Both principal and interestiof said Bonds shall be payable in lawful curren~cy of the United States of America, at The Chase Manhattan Bank, N,A., New York, New York. The Bonds shall mature serially in numerical order, in such principl amounts and at such times as shall be determined by the City Manager within the limits of the Public Finance Act of 1958. The bonds may be redeemable or not redeemable as the City Manager may determine, and if redeemable, shall be redeemable at such times and prices as he may determine within the limits of the Public Finance Act of 1958. The date, interest payment dates, interest rate or rates, maturities, and redemption terms and prices, if any, shall be submitted to the City Council, for its approval prior to the issuance and delivery of the bonds.