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July 28, 1970
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<br /> WHEREAS, under and by virtue of Chapter 5 of Title 1S.1 of the Code of Virginia,
<br />1950, the Council of any city in this State which is authorized to acquire, maintain
<br />or establish a revenue producing undertaking consisting of water, sewer and sewage
<br />disposal systems, or other specific undertaking from which the City may derive a revenue,
<br />may, in accordance with Section One Hundred and Twenty-seven, Clause (b), of the Constitution
<br />of Virginia, issue so many bonds as may be necessary to acquire, maintain or establish
<br />such revenue producing undertaking, or other specific undertaking; and
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<br /> WHEREAS, Sectioh One-Hundred and~Twe~ty-seven, Clause (b), of the Constitution of
<br />Virginia, requires the ordinance authorizing the issuance of such bonds to be approved
<br />by the affirmative vote of the majority of the qualified voters of the'City voting upon
<br />th~~ question of their issuance at the general election next suceeding the enactment of
<br />the ordinance, or at a special election held for that purpose; and
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<br /> WHEREAS~ by virtue of an ordinance adopted by the Council of the City of Portsmouth
<br />on the eighth day of October, 1968, entitled, 'AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF
<br />TWO MILLION FIVE HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR THE
<br />PURPOSE OF MAKING IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRODUCING UNDERTAKING
<br />OF THE CITY, CONSISTING OF ITS WATER, SEWER, AND SEWAGE DISPOSAL SYSTEMS, PURSUANT TO SECTION
<br />ONE HUNDRED AND TWENTY-SEVEN, CLAUSE (B) OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5
<br />OF TITLE 1S.1 OF THE CODE OF VIRGINIA, 1950", the Court of Hustings for the City of Portsmouth
<br />by an order entered on the eleventh day of October, 1968, directed that there be submitted
<br />to the qualified voters of the City of Portsmouth at an election to be held on the fifth
<br />day of November, 1968, the question whether the Two Million Five Hundred Thousand Dollars
<br />of bonds authorized by the said ordinance should be issued; and
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<br /> WHEREAS, by a~oth~"o~de~ em~er~d by the said Court of Hustings of the City of Portsmoul
<br />on the twenty-second day of November, 1968, it was entered of record as a result of said
<br />election that a majority of the votes were cast for the bond issue, and that the Council
<br />of the City of Portsmouth be fully authorized and empowered to prepare and issue and to
<br />sell or to negotiate said bonds upon the faith, credit and property of said municipality
<br />in the amount so authorized; and
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<br /> WHEREAS, it is provided in said ordinance that the bonds may be issued at one time,
<br />or a part thereof from time to time, and the City Council of the City has directed, and
<br />bonds in the principal amount of One Million Dollars out of the total of Two Million Five
<br />Hundred Thousand Dollars of bonds authorized to be issued by said ordinance have heretofore
<br />been issuedL and
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<br /> WHEREAS, the City Council deems it advisable to issue at this time the One Million
<br />Five Hundred Thousand Dollars of bonds authorized by said ordinance remaining to be issued,
<br />to make the desired improvements, extensions and additions to the aforesaid revenue producing
<br />undertaking of the City;
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<br />NOW, THEREFORE, BB IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
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<br /> Section 1. Pursuant to Section One Hundred and Twenty-seven, Clause (b), of the
<br />Constitution of Virginia and Chapter S of Title 1S.1 of the Code of Virginia, 19S0, the
<br />referred to ordinance and under and by virtue of a majority of the votes cast "For Bond
<br />Issue", at an election of the qualified voters of the City of Portsmau~hkheld on the fifth
<br />day of November, 1968, in order to make certain improvements, extensions and additions
<br />to the revenue producing undertaking of the City, consisting of its combined water, sewer,
<br />and sewage disposal systems, the City of Portsmouth shall borrow the sum of One Million
<br />Five Hundred Thousand Dollars ($1,S00,000), and there shall be issued One Million Five
<br />Hundred Thousand Dollars of bonds of said City to be known as "Utility Bonds" (herein referr(
<br />to as the "Utility Bonds"), to evidence such borrowing. The Utility Bonds shall consist
<br />of three hundred bonds of the denomination of Five Thousand Dollars each, numbered 1 to
<br />300, both inclusive, upward in order of maturity. The Utility Bonds shall be dated as
<br />of any date within the current fiscal year as is determined by the City Manager. The Utility
<br />Bonds shall bear interest from their date at such rate or at such different or varying
<br />rates, not to exceed six per cen~um per annum on any bond, as may be determined at the
<br />time of sale. Interest on the Utility Bonds shall be payable semi-annually, with the first
<br />interest payment date being the day which is six months from the date of the Utility Bonds.
<br />Both principal and interest of said Utility Bonds shall be payable in lawful currency of
<br />the United States of America, at Tha Chase Manhattan Bank, N.A., New York, New York. The
<br />Utility Bonds shall mature serially, in numerical order, in such principal amounts and
<br />at such times as shall be determined by the City Manager within the limits of the Public
<br />Finance Act of 19S8. The Bonds may be redeemable, or not redeemable, as the City Manager
<br />may determine, and if redeemable, shall be redeemable at such times and prices as he may
<br />determine within the limits of the Public Finance Act of 19S8. The date, interest payment
<br />dates, interest rate or rates, maturities and redemption terms and prices, if any, of the
<br />Bonds shall be submitted to the City Council for its approval prior to the issuance and
<br />delivery of the Bonds. The proceeds arising from the sale of the Utility Bonds shall be
<br />applied to the payment of the costs of acquiring, constructing, reconstructing, improving,
<br />extending or enlarging the revenue producing undertaking of the City, consisting of its
<br />water, sewer and sewage disposal system of the City and to no other purpose.
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<br /> The Utility Bonds shall be signed by the Mayor and by the City Treasurer of the City
<br />of Portsmouth, either of whose signatures upon the Utility Bonds may be a facsimile of
<br />his signature. A facsimile of the seal of the City of Portsmouth shall be imprinted thereon,
<br />attested by the facsimile signature of the City Clerk. The coupons attached to the Utility
<br />Bonds shall be signed by the facsimile signature of the City Treasurer. The Utility Bonds
<br />and coupons pertaining thereto shall be substantially in the following form, to-wit:
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