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I~¢rtEREAS, the City Manager of the City of Portsmouth has received a proposal from the Fidelity National
<br />Bank, Lynchburg, Virginia for the purmhase of Ten Million Dollars~'o~f General Obligation B~nds authorized by
<br />the Resolution of the Council of the Eity of Portsmouth adopted November 11, 1969 as entitled, ~A RESOLUTION
<br />AL~FHORIZING THE ISSUANCE OF TEN MILLION DOLLARS ($10,000,000~ GENERAL OBLIGATION BONDS OF THE CITY OF
<br />PORTSHOUTH, VIRGINIA, FOR THE PUPdPOSE OF PROVIDING FUNDS FOR TilE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC
<br />BUILDINGS, AND STREETS; FOR URBAN RENEWAL PURPOSES; ;2~D TO PAY CE?.TAIN ANNEXATION COSTS PURSU;~N~r TO THE ORDER
<br />ENTERED IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA, C~ OCTOBER 2, 1967, ;&.~EXING CERTAIN TERRI-
<br />TORY TO R~{E CITY OF PORTS/~.~OLrFH, EFFECTIi~ J~4UARY 1, 1968; ~O~D MAKING PROVISION FOR ~IE FORM OF SAID BONDS 3J'~D
<br />FOR THE PAY~,~NT THEREOF~, and the City M~qager has recommended that said proposal be approved;
<br />
<br />NOW T~{EPJ3FOP£, BE IT RESOL¥~D by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. There be, and thereiis, hereby approved the sale to the Fidelity Lational Bank, Lynchburg, Virginia,
<br /> at par and a premium of $!,000, the Ten Million Dollars of General Obligation Bonds of the City of
<br />Portsmouth, Virginia, kuthorized by the resolution adopted by the Council of the City of Portsmouth, Virginia,
<br />November 11, 1969, and entitled ~A RESOLLrFION AbTHORIZING THE ISSUJ~CE OF TEN 2~tLLiON DOLLARS ($i0,000,000)
<br />GENEP.&L OBLIGATION BONDS OF TNE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CON-
<br />STRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC BUILDINGS, AND STPuEETS; FOR URBf~N ~qENEWAL PURPOSES; ;2ND TO PAY
<br />CERTAIN AlqNEX_ATION COSTS PUKSUANT TO ~{E ORDER ENTERED IN i/{E CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA
<br />ON OCTOBER 2, 1967, ~&{NEXING CERTAIN TERRITROY TO THE CITY OF PORTSMObTH, EFFECTIVE JANUARY 1, 1968; B&JD ~,~K!NG
<br />PROVISION FOR THE FOR~,f OF SAID BONDS ~D FOR THE PAYmeNT 21qEREOF% Said bonds shall be dated December 1, 1969,
<br />shall bear interest at the rate of six per centum per annoan payable semi-onnually each J%une 1 mud December 1
<br />gad shall mature on December 1 in ead~ of the years and in the principal amo~mts as follows, without option of
<br />prior redemption:
<br />
<br />Year of Amount Year of .A~mount
<br />Maturity Maturin..~ Haturi ty }4aturing
<br />
<br />1970 $ 790,000 1976 $ 790,000
<br />1971 790,000 1977 790,000
<br />1972 790,000 1978 790,000
<br />1975 1,200)000 1979 790,000
<br />1974 1,200~Q00 1980 470,000
<br />1975 1,200,000 1981 400,000
<br />
<br />Said bonds shall be issued in accordance with the provisions of the aforesaid Resolution and this Resolution,
<br />and the City Manager is hereby authorized to complete the sale of said bonds ~nd tine delivery of the same to
<br />the purchaser thereof upQn the payment of the purchase price therefor.
<br />
<br /> 2. The aforesaid Resolution adopted by the City Council of the City of Portsmouth, Virginia, on November
<br />11, 1969, be and the same is hereby amended by adding tae~e~o, a~ r the nresent third recital thereof, the
<br />following additional recital, to-~vit:
<br />
<br />~.~WHEREAS, the City of Portsmouth now requires an additional Four Million
<br />Five Htmdred ~ousund Dollars ($4,S00,000) of general obligation bonds
<br />for the aforesaid purposes; and'~
<br />
<br />On motion of Mr. Holley, the following resolution was adopted:
<br />
<br />,'A RESOLbV£ION TO AJ~PROVE THE SALE OF THE ONE ~ffLLION SIX HIiNDRED THOUSAND DOLLARS OF WATER
<br />BONDS Ab~HORtZED BY .~ ORDINANCE ADOPTED BY THE COL~CtL OF T?~ CITY. OEFDRTSMOUTH, VIRgiNIA,
<br />OCTOBER 17, 1961, ;~ND JR°PROVED BY ~{E ELECTORATE OF THE CITY NOVEi,4BER 7, 1961, AA~D BY A
<br />RESOLUTION ADOPTED BY THE CODICIL OF THE CITY OF PORTSMObTH, VIRGINIA, ON NOVE~ER 11~ 1969;
<br />AND FIXING CERTAIN DETAILS OF SAID BONDS
<br />
<br /> ~,¢qEP~EAS, the City Manager of the City of Portsmouth has received a proposal from ~e Fidelity National
<br />Bank, Lynchburg, Virginia, for the purchase of One Million Six Hundred Thousand Dollars of the Water Bonds
<br />authorized by an Ordinance adopted by the Council of the City of Portsmouth, Virg%nia, October 17, 1961 and
<br />approved by the electorate of.the City November 7, 1961 and by a Resolution of the Council of the City of
<br />Portsmouth, Virginia, ~adopted under said ordinance on November 11, 1969, and t~he City ~m~agerkhas recormended
<br />that said proposal be approved;
<br />
<br />NOW, THEP~EFORE, BE IT ~aESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. /here be, and there is, hereby approved the sale to the Fidelity National Bank, Lynchburg, Virginia,
<br />at par and apremium of $120, One Milli°n Six Hundred %nousand Dollars of the Water Bonds authorized by ~ ~'-
<br />nance of the Cozmcil of the City of Portsmouth, Virginia, adopted October 17, 1961 and approved by the electo-
<br />rate of the City at an eledtion November 7, 1961, entitled, '.~N ORDINiuNCE TO AD~FHORIZE THE ISSUkNCE OF FIVE
<br />MILLION SIX HUNDRED THOUSP~4D DOLLARS OF BONDS TO BE KNO%~q AS WATER BONDS, FOR THE PUthDOSE OF _~KING I~RO¥~-
<br />MEN'rS, EXTENSIONS ;~ND ADDITIONS TO THE SYSTEM OF WATER WORKS OF THE CITY, PURSUANrF TO SECTION ONE HUNDRED )D~D
<br />~ENTY-SE%~N, CLAUSE B, OF THE CONSTITUTION OF VIRGINIA, ;2qD CHAPTER 19.1 OF TITLE iS OF THE CODE OF VIRGINIA,
<br />19S0', -and by a resolution adopted by the Council of the City of Portsmouth, Virginia, on November 11, 1969,
<br />entitled, 'A RESOLUTION TO AUTHORIZE THE ISSUANCE OF ONE~ MILLION SIX HU.~DRED THOUS;~ND DOLLARS OF BONDS TO BE
<br />KNOWN AS WATER BONDS, FOR .THE PURPOSE OF MJJf!NG I~OVEMENTS, EXTENSIONS A3qD ADDITIONS TO THE SYSTEM OF ~?ATER
<br />WORKS OF THE CITY, PURSUANT TO SECTION 127, CLAUSE (B) OF THE CONSTITUTION OF ViRG~N!A ~ND C/q;u°TER S OF TITLE
<br />1S.1 OF THE CODE OF VIRGINIA, 1DSO, ;~ND LVNDER Ab-FHORITY% OF~,~ T!-~ VOTE OF THE,,t QUALIFIED. ~ VOTERS OF THE CITY OF
<br />P.ORTSMOUii~ AT A2q ELECTION HELD ON THE SEVENrTH DAY OF NO.TE ,BER,. 1961, A~qD ~ING PROVISIONS FOR THE FOR~i OF SAID
<br />BONDS~ AND FOR THE. PAY~NT~. THEREOF'. Said bonds shall~ be dated December. 1, 1969, shall bear interest at the
<br />rate of six per centum per annu~, payable semi-annually each June 1 and December 1, and shall mature on
<br />Dece.mbe~l in each of the years and in the principal amounts as follows, without option of prior rederrption:
<br />
<br />
<br />
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