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Nnvemhe-~ 2S. 1969
<br />
<br />Year of ~ount Year of Amomnt
<br />~aturity Maturing }~tFrity Maturing
<br />
<br />1970 $130,000 1976 $130,000
<br />1971 1~0,O00 1977 130,000
<br />1972 130,000 1978 130~000
<br />1973 180,000 1979 130,000
<br />1974 180,000 1980 !80,000
<br />1975 180,000 1981 70,000
<br />
<br />Said bonds shall be issued in accordmnce with the provisions of the aforesaid Resolution and this Resolution,
<br />and the City ~nager is hereby authorized to complete the sale of said bonds and the delivery of the same to
<br />the purdnaser ~thereof upon the payment of the purmhase price tJlerefor."
<br />
<br />On motion of Mr. King, the following resolution was adopted:
<br />
<br />"A RESOLUTION TO J~PROVE THE SALE OF ONE MILLION DOLLARS OF THE [~flLITY BONDS AUTHORIZED
<br />BY AN ORDINB/'~CE ADOPTED BY THE COL~qC!L OF THE CITY OF PORTSMOb~fH OCTOBER 8, 1968, ;~ND APPR0¥~D
<br />BY THE ELECTORATE OF THE CITY NOVE~BER S, 1968, ;~{D BY A RESOLLrFION ADOPTED BY THE COUNCIL OF
<br />TNE CITY OF PORTS~OUTH, VIRGINIA, ON NOVEMBER tl, 1969; PLEDGING THE NET REVENb~S OF THE
<br />UTILITY UNDERTAKING TO THE PAYMENT OF SAID BONDS: A~,~NDING SAID RESOLDTION ADOPTED NOVEMBER 11,
<br />1969; ~X[D FIXING CERTAIN DETAILS OF SAID BONDS
<br />
<br /> WHEREAS, the City Manager of the City of Portsmouth has received a proposal from the Fidelity National
<br />Bank, Lynchburg, Virginia, for the purchase of ~ne Million Dollars of the Utility Bonds authorized by an Ordi-
<br />nance adopted by the Council of the City of Pot~tsmouth October 8, 1968, and approved by the electorate of the
<br />City November 5, 1968, and by a Resolution of the Council of the City of Portsmouth, Virginia, adopted trader
<br />said ordinance on November 11, 1969, and the City Manager has recommended t~hat said proposal be approved:
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the kity of Portsmouth, Virginia:
<br />
<br /> 1. There be, and there is, hereby approved the s~.e to the Fidelity National Bank, Lynchburg, Virginia,
<br />at par and a premium_ of $100, One ~illion Dollars of the Utility Bonds authorized by an ordinance of the Council
<br />of the City of Portsmouth, Virginia adopted on October 8, 1968 and approved by the electorate of the City at an
<br />election Novemb.~.r S, 1968, entitled ~AN ORDINANCE TO AUTHORIZE THE ISSUA3~CE OF ~¥0 MILLION FIVE H~DRED THOUSkND
<br />DOLLARS OF BONDS TO BE KNOW,tN AS D~flLITY BONDS, FOR THE PURPOSE OF ~/4ING I~iPROVE~v~NTS, EXTENSIONS -~D ADDITIONS
<br />TO %~IB REVENO~ ~RODUCING L~DERTAKING OF THE CITY, CONSISTING OF ITS WATER, SEWER, AND SE~.~AGE DISPOSAL SYSTEMS,
<br />FUP~qU/U~f TO SECflON ONE HUNDRED 7~WD I~ENTY-SEVEN, CLAUSE (B) OF THE CONSTITUTION OF VtRGI~IA, ~D GqAPTER S
<br />OF TITLE 1S.1 OF TNB CODE OF VIRGINIA, 19S0', and by a Resolution adopted by the Council of the City of Ports-
<br />mouth, Virginia, on November 11, 1969, entitled 'A RESOLUTION TO AJJTNORIZE THE ISSU;~NCE OF ONE MILLION DOLLARS
<br />OF BONDS TO BE KNO~ AS O~ILITY BONDS, FOR THE PUkP0SE OF MAKING IMPROVEY£NTS, EXTENSIONS AND ADDITIONS TO THE
<br />REI~NUB PRODUCING UNDERTAKING OF ~E CITY CONSISTING OF ITS CO~INED WATER, SEWER, END SEWAGE DISPOSAL SYSTE~{S,
<br />PURSU~kk~T TO SECTION 127, CAAUSE (B), OF TNB CONSTITUTION OF VIRGINIA, AND C/HAPTER S OF TITLE 1S.1 OF THE CODE
<br />OF VIRGINIA, 19S0, AND b~DER Ab'FHORITY OF %HE I.~E OF THE QUALIFIED VOTERS OF THE CITY OF PORTSI'4Ob~FH AT AN
<br />ELECTION HELD ON THE FIFTH DAY OF NOI~MBER, 1968, ~D ~'~AKING PROVISION FOR THE FO~ OF SAID BONDS ;~ND FOR
<br />PAYE~.iTN TF~REOF', Said.bonds shall be issued in accordance with the provisions of the aforesaid Resolution mad
<br />this Resolution, mud the City ~{anager is hereby authorized to complete the sale of said bonds and the delivery
<br />of the same to the put, chaser ~¢hereof upon the payment of the purchase price therefor.
<br />
<br /> 2. ~ere be, mud there is, hereby additionally pledged the net revenue of said revenue producing under-
<br />tskzng of the City, consisting of the water, sewers, and sewage disposal systems, and said net revenues are
<br />here-Dy irrevocably pledged to the payment of the principal and interest of the Utility Bonds as they severally
<br />become due, and the fees, rents and charges for the use of said undertaJ<ing shall be maintained at a level which
<br />will produce net revenue sufficient for the payment of said principal and interest and for any reserve fund
<br />deemed necessary for the efficient a~ministration of said tuldertakin~ and for the protection of the holders of
<br />the Utility Bonds.
<br />
<br /> A sufficient mnount of revenue ~ived from the aforesaid undert~JKing, after deducting the cost of operatio[
<br />end administration, including interest on ~ne Utility Bonds and the cost of insurance against the loss by injury
<br />to persons or property (if any), shall be set aside annually and covered into a sinking fund to pay as they
<br />ture all bonds issued under the aforesaid ordinance.
<br />
<br /> 3. Sections i and 2 of the aforesaid Resolution adopted by the Council of the City of Portsmouth, Virgini~
<br />November 1I, 1969, be, and the ssme are hereby amended to read in their entirety as follows:
<br />
<br /> 'Section 1. Pursuant to Section One Hundred and Twenty-seven, Claude ~b), of the Constitution of Virginia
<br />and Chapter S of Title 1S.1 of the Co~e of Virginia, 19S0, the referred to ordinance and under and by virtue of
<br />a majority of the votes cast 'For Bond Issue', at an election of the qualified voters of the City of Portsmouth
<br />held on the fifth day of November, 1968, in order to make certain improvements, extensions and additions to the
<br />revenue producing undertaking of the City, consisting of its combined water, sewer, and sewage disposal systems
<br />the City of Portsmouth shall borrow the sum of One Million Dollars ($1,000,000), and there shall be issued
<br />One ~.~illion Dollars of bonds of said City to be known as 'Utility Bonds' (herein referred to as the 'Utility
<br />Bonds'), to evidence sucA borrowing. Zne Utility Bonds shall consist of two hundred bonds of the denomination
<br />of Five H'.ousand Dollars each, numbered 1 to 200, both inclusive, upward in order¢6f.'.~.maturity. The Utility
<br />Bonds shall be dated Decem~er 1, 1969. ?ne Utility Bonds shall bear interest from their date at the rate of
<br />six per centum per annum. Interest on the Utility Bonds shall be payable semi-annually, with the first interes
<br />payment date being the day which is six months from the date of the Utility Bonds. Both of orincipal and inter-
<br />est of se-id Utility Bonds shall be payable in lawful currency of the United State of /u~erica; at ~fhe C"nase
<br />M~nhattsn Bank, N.A., New York, New York. The Utility Bonds shall mature serially, in numerical order on
<br />December 1 in eaoh of the years and in the principal amounts as follows, without option of prior redemption:
<br />
<br />
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