Minutes 07/28/1970 - Laserfiche WebLink

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(FORM OF COUPON) No. The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia; will pay to bearer on the day of , 19the sum of in lawful currency of the United States of America, at The Chase Manhattan Bank, N.A., New York, New York, being six months' interest then due on its Utility Bond dated · 19 No. City Treasurer ~FORM OF REGISTRATION) This bond may be registered in the name of the holder on the books kept by the City Auditor of the City of Portsmouth, Virginia, as Registrar, as to principal only, such registration being noted hereon by the Registrar in the registration blank below, after which no transfer shall be effective against the Registrar, the City of Portsmouth and the paying agents for this bond unless made on said books by the registered holder or attorney duly authorized and similarly noted by the Registrar in the registration blank below; but it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this bond as to principal shall not restrain the negotiability by delivery.merely of the coupons pertaining hereto, but the coupons may be surrendered and the interest made payable only to the registered holder, in which event the Registrar shall note in the registration blank below that the bond is registered as to interest as well as to principal. With the consent of the holder and the City of Portsmouth, this bond when converted into a bond registered as to both principal and interest may be reconverted into a coupon bond and again converted into a bond registered as to both principal and interest, as hereinabove provided but always at the expense of the holder. Upon reeonversion of this bond, when registered as to principal and interest, into a coupon bond, coupons representing the interest to accrue on this bond to date of maturity shall be attached thereto by the Registrar, and the Registrar shall note in the registration blank below whether the bond is registered as to principal only or payable to bearer. DATE OF REGISTRATION: IN WHOSE NAME REGISTERED: MANNER OF REGISTRATION: SIGNATURE OF REGISTRAR: Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the payment of the principal of and interest on the Utility Bonds. The Utility Bonds shall be additionally secured by the net revenue of said revenue producing undertaking of the City, consisting of the water, sewers, and sewage disposal system, and said net revenues are hereby irrevocably pledged to the payment of the principal and interest of the Utility Bonds as them severally become due, and the fees, rents and charges for the use of said undertaking shall be maintained at a level which will produce net revenue sufficient for the payment of said principal and interest and for any reserve fund deemed necessary for the efficient administration of said undertaking and for the protection of the holders of the Utility Bonds. A sufficient amount of the revenue derived from the aforesaid undertaking after deductin the cost of operation and administration, including interest on the Utility Bonds and the cost of insurance against the loss by injury to persons or property (if any) shall be set aside annually and covered into a sinking fund to pay as they mature all bonds issued under the aforesaid ordinance. Section S. Full power and authority is hereby given the City Manager to date the Utility Bonds as of any date within the current fiscal year, and to sell the Utility Bonds in such manner, either at private or public sale, and at such time and place, as the City Manager may determine~ provided, however, that the Utility Bonds shall not be sold upon a basis which will cost the City of Portsmouth interest on the money received therefor at the rate of more than six per centum per annum, and that no sale shall be made without the approval of the City Council, the City Manager is further authorized to sell the Utility Bonds either together with or separate from any other full faith and credit bonds of the City authorized for issuance. Full power and authority is hereby given to the City Manager of the City of Portsmouth to prepare and issue the Utility Bonds in such form and for such sum as authorized by Section 1 hereof. The said City Manager is authorized to cause to be imprinted on the back of each said Utility Bond a copy of the complete final legal opinion with respect to said bonds, with the name of the attorney or attorneys rendering same, together with a certification of the City Clerk, evidenced by a facsimile signature of that officer, to the effect that the copy is a true and correct copy of the legal opinion which was dated as of the date of delivery and payment of the bonds.