Minutes 11/11/1969 - Laserfiche WebLink

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~ousand Dollars of bonds authorized by the said ordinance s~konld be issued; and ~,~IERBAS, by another order entered by the said Court of Hustings of the City of Portsmouth on the ~nty- ..... %' m--, ~ N~vember 1968 it was entered of record as a result of said election that a majority of the votes ;;;~"~j~Yf;; t~e ~ond'issue~ and th~at the Council of the City of Portsmouth be full), authorized and empowered to prepare and issue and to sell or ~o negotiate said bonds upon the frith, credit and property of said munic- ipality in the amount so authorized; and ;,~{EREAS, none of the bonds authorized by said ordinance have heretofore been issued and it is provided in said ordinance that the bonds may be issued at one ~ime, or a part thereof from time to time, as the City Council of the City shall direct, and the City Council deems it advisable to issue at this time One Million Dollars of bonds, a oart of the 37W~ Million Five Hundred Thousand Dollars of bonds so authorized, to make the desired improvements~, extensions and additions to the aforesaid revenue producing undertaking of the City; NO!~, THEREFORE, BE IT P£SOLlrED BY ~{E COUNCIL OF THE CITYq4~F PORTSMOUTH, VIRGINIA: Section 1. Pursuant to Section One Hundred and Twenty-seven, Clause (b), of the Constitution of Virginia and Chapter S of Title 1S.1 of the Code of Virginia, 19S0, the referred to ordinance and under and by virtue of a majority of the votes cast "For Bond Issue", at an election of the qualified voters of the City of Ports- mouth held on the fifth day of November, 1968, in order to make certain improvements, extensions and additions to the revenue producing undertaking of the City, consisting of its combined water, sewer, and sewage disposal systems, the City of Portsmo.~th shall borrow the sum of One ~4illion Dollars [$1,000,000), and there shall be issued One Million Dollars of bonds of said City to be knc~n as "Utility Bonds" [herein referred to as the "Utility Bonds"), to evidence such borrowing. The Utility Bonds shall consist of two hundred bonds of the de- monination of Five Thousand Dollars each, numbered 1 to 200, both inclusive~ upward in or'er of maturity. The Utility Bonds shall be dated as of any date within the current fiscal year as is determined by the City Manager. The Utility Bonds shall bear i~{terest from their date at suc~ rate or at such different or varying rates, not to exceed six per centum per annum on any bond, as may be determined at the time of sale. Interest on the Utility Bonds shall be payable semi-annually, with the first interest payment date being the day which is six months from the date of the Utility Bonds. Both principal and interest of said Utility Bonds shall be payable in lawful currency of the United States of America, at The Chase Manhattan Bank, N.A., New York, New York~ T~e Utility Bonds shall mature serially, in numerical order, in such principal amounts and at such times as shall be determined by the City Manager within the limits of the Public Finance Act of 19S8. Tne Bonds may be re- deemable, or not redeemable, as the City Manager may determine, and if redeemable~ shall be redeemable at such times and prices as he may determine within the limits of the Public Finance Act of 19S8. The date, interest payment dates, interest rate or rates, maturities and redemption terms and prices, if any, of the Bonds shall be submitted to the City Council for its approval prior to the issuance and delivery of the Bonds. The proceeds arising from the sale of the Utility Bonds shall be applied to the payment of the costs of acquiring, construct- ing, reconstructing, improving, extending or enlarging the revenue producing undertaking of the City, consistin~ of its water, sewe~ and sewage disposal system of the City and to n~ other purpose. The Utility Bonds shall be signed by the :'~ayor and by the City Treasurer of the Sity~ o~ Portsmouth, either or whose signatures upon the Utility Bonds may be a facsimile of his signature. A facsimile of the seal of the City of Portsmouth shall be imprinted thereon~ attested by the facsimile signatue of the City C~erk. The pons attached to the Utility Bonds shall be signedLby the facsimile signature of the City Treasurer. The I~ility Bonds and coupons pertaining thereto shall be substantially in the following form, to-wit: L~ITED STATES OF 7~xMRICA CO~4ONWEALTH OF VIRGINIA CITY OF POP~SMOb~H UTILITY BOND No. $5,000.00 The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, hereby Bcknowledges it- self indebted for value received and p~omises to pay to the bearer, or if this bond be registered, to the re- gistere&hholder hereof, on the day of , 19 , the sum of Five Thousand Dollars, upon the surrender hereof, and to pay interest at the rate of per centum per annum payable semi-annually on the day of and in each year, after date, until maturity, upon surrender of the annexed ceupons as they ~everally become due, or if this Bond be registered as to both principal and interest, to the registered holder hereof. Both principal and interest of this bond are payable in ~wfulc~ur- of the United States of America, at The Chase Manhattan Bank, N.A., New York, New York. This bond may be registered by the holder as to principal or as to both principal and interest in accord- ance with the provisions for such registration endorsed hereon. This bond is one of a series aggregating One Million Dollars, and is issued for the purpose of making certain improvements, extensions and additions to the revenue producing undertaking of the City consisting of its water, sewer, and sewage disposal systems, under and pursuant to and in conformity with the Constitution and statutes of the Commonwealth of Virginia, including Chapter S of Title 1S.1 of the Code of Virginia, 19S0, the Charter of the City of Portsmouth and an election of the qualified voters of the City held under said Chapter S on the fith day of November, 1968, and pursuant to an ordinance duly adopted by the Council of the City of Portsmouthon the eighth day of October, 1968, and a resolution duly adopted by the Council of the City of Portsmouth on the llth day of Novenfber, 1969, under said Chapter 5. It is hereby certified and recited that all acts, conditions and things required by the Constitution and statutes of the Commonwealth of Virginia, to exist, to have happened, and to be performed precedent to and in the issuance of this bond, exist, havehappened ~nd have been performed in due time, form and manner as required by law, and that the issue of bonds of whicJ% this is one, together with all o%hcr indebtedness of the City, is within the otherwise authorized indebtedness of said City and is within every debt and other limit prescribed by the Constitution and laws of the Commonwealth of Virginia.