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July 28, 1970
<br />
<br />UNITED STATES OF AMERICA
<br />
<br />:<COMMOMWEALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />~: ~UTILITY BOND
<br />
<br />No. $5,000.00
<br />
<br /> The City of Portsmouth· a municipal corporation of the Commonwealth of Virginia, hereby .
<br />acknowledges itsel'f indebted for value received and promises to pay to the bearer, oriif
<br />~his bond be registered, to the registered holder hereof, on the day of ,
<br />19 , the sum of Five Thousand Dollars, upon the surrender hereof, and to pay interest
<br />at the rate of ~ - per centum per annum payable semi,annually on the __
<br />day of and in each year, after date· until maturity· upon surrender
<br />of the annexed coupons as they severally become due, or if this Bond be registered as to
<br />both principal and interest, to the registered holder hereof. Both principal and interest
<br />bf this bond are payable in lawful currency of the United States of America, at The
<br />Chase Manhattan Bank, N.A., New York, New York.
<br />
<br />J i ~This bond may be registered by the holder as to principal or as to both principal
<br />and interest in accordance with the provisions for such registration endorsed hereon.
<br />
<br /> This bond is one of a series aggregating One Million Five Hundred Thousand
<br />Dollars· and is issued for the purpose of making certain improvements, extensions and
<br />additions to the revenue producing undertaking of the City consisting of its water, sewer,
<br />and sewage disposal systems, under and pursuant to and in conformity with the Constitution
<br />and statutes of the Commonwealth of Virginia· including Chapter S of Title 1S.1 of the
<br />Cod;e of Virginia, 19S0, the Charter of the City' of Portsmouth and an election of the qualified
<br />voters of the City held under said Chapter S on the fifth day of November, 1968, and pursuant
<br />to an ordinance duly adopted by the Council of the City of Portsmouth on the eighth day
<br />of October, 1968, and a resolution duly adopted by the Council of the City of Portsmouth
<br />on the 28th day of July, 1970, under said Chapter S.
<br />
<br /> It is hereby certified and recited that all acts, conditions and things required by
<br />the Constitution and statutes of the Commonwealth of Virginia, to exist, to have happened,
<br />and to be performed precedent to and in the issuance of this bond, exist, have happened
<br />and have been performed in due time, form and manner as required by law, and that the issue
<br />of bonds of which this is one, together with all other indebtedness of the City, is within
<br />the otherwise authorized indebtedness of said City and is within every debt and other limit
<br />prescribed by the :Constitution and laws of the Commonwealth of Virginia.
<br />
<br /> The full faith and C~edit of the City of Portsmouth are hereby irrevocably pledged
<br />for the payment of the p~incipal and interest of this bond. There is also irrevocably
<br />pledged to such payment th~ net revenue of the revenue producing undertaking of the City,
<br />consisiing of the water, ~s.ewers, and sewage disposal systems, and the fees, rents and charges
<br />for the use of said undertaking shall be maintained at a level which will produce net revenue
<br />sufficient for the payment of said principal and interest and for any reserve fund deemed
<br />necessary for the efficient administration of said undertaking and for the protection of
<br />the holder of this bond and the other bonds issued to
<br /> pursuant the aforesaid ordinance.
<br />
<br /> ~ ' he eto
<br /> This bond is not subject to taxation by the City os Portsmouth and the coupons r
<br />attached shall, at and after maturity, be received in payment of all dues, taxes and assessments
<br />due to the City.
<br />
<br /> ,IN WITNESS WHEREOF, the City of Portsmouth has caused this bond to be signed by the
<br />Mayor and by the City Treasurer of said City either of whose ~ignatures hereon may be a
<br />facsimile of his signature; a facsimile of the seal of the City to be imprinted hereon,
<br />attesZpdlby th~ facsimile signature of the City Clerk; the coupons hereto attached to be
<br />authenticated by the facsimile signature of the City Treasurer; and this bond to be dated
<br />
<br /> · 19
<br />
<br />Mayor of the City of
<br />Portsmouth, Virginia
<br />
<br />(SEAL)
<br />Attest:
<br />
<br />City Treasurer
<br />
<br />City Clerk
<br />
<br />
<br />
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