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November I1. 1969
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<br />J'A RESOLUTION AUR~HORIZING THE ISSUANCE OF TFJ~ MILLION DOLLARS ~($1O~O00,000] GENERAL
<br />OBLIGATION BONDS OF THE CITY OF PORTSMOUTH~ VIRGINIA~ FOR THE PURPOSE OF PROVIDING
<br />FUNDS FOR THE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC BUILDINGS, AND STREETS;
<br />FOR URB;~N RENEWAL PURPOSES; ;dqD TO PAY CERTAIN .~qNEXATION COSTS PURSU~kNT TO THE ORDER
<br />ENTERED IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA, ON OCTOBER 2, 1967,
<br />~NNEXING CERTAIN TERRITORY TO THE CITY OF PORTSMOUTH, EFFECTIVE JA~qqJARY 1, 196B; ~ND
<br />MAKING PROVISION FOR Tile FOP3~ OF SAID BONDS ~x~D FOR THE PAYMENT THEREOF
<br />
<br /> I,?HEREAS, by Ordinance No. 1968-87, adopted ~ecember 17, 1968, the City of Portsmouth, Virginia was
<br />authorized to issue Five Million Five HundFed Thousand Dollars ($S,S00,000) of general obligation bonds for
<br />the purpose of providing funds for the construction of schools, certain other public buildings, andstreets,
<br />for ~rban renewal purposes, and to pay certain annexation costs pursuant to the order entered in the Circuit
<br />Court of the City ~f Chesapeake, Virginia, on October 2, 1967, annexing certain territory to the City of
<br />Portsmouth, effective January 1, 1968; and
<br />
<br /> WHEREAS, the bonds authorized by the aforesaid ordinance have not been issued or sold; and
<br />
<br /> WHEREAS, the City of Portsmouth has outstanding Bond Anticipation Notes in the total principal sum of
<br />Five Y~llion Five Hm/dred Thousand Dollars ($5,500,000) issued in anticipation ~of the sale of the bonds
<br />authorized by the aforesaid ordinance; and
<br />
<br /> %%~EREBS, it is necessary to issue bonds of the City in the sum of Ten Million Dollars ($10,000,000) for
<br />the aforesaid purposes;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> Section 1. For the purpose of providing fm~ds for the construction of sd~ools, certain other public
<br />buildings, and streets for urban renewal purposes, at, Ct to pay ~ertain annexation costs pursuant to the order
<br />entered in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certain
<br />territory to the City of Portsmouth, effective January 1, 1968, there shall be issued Ten Million Dollars
<br />($10,000,000) general obligation bonds (herein referred to as the "Bonds") of the ~ity of Portsmouth, Virginia,
<br />consisting of two thousand bonds of the denomination of Five Thousand Dollars each, numbered from 1 to 2,000,
<br />both inclusive, upward in order of maturity. The Bonds shall be dated as of any date within the current fiscal
<br />year as is determined by the City Manager. The Bonds shall bear interest from their date at such rate or at
<br />such different or varying rates, not to exceed six per centum per annum on any bond, as may be determined at
<br />the time of sale. Interest on the Bonds skall be payable semi-annually, with the first interest payment date
<br />being the day ~4hich is six months from the date of tke Bonds. Both principal and interest of said Bonds shall
<br />be payable in lawful currency of the United States of America, at The Chase >~ar~attan Bank, 'N;A., New York,
<br />New York. The Bonds shall mature serially in numerical order, in such principal amounts and at such times as
<br />shall be determined by the City Manager within the limits of the Public Finance Act of 1958. The bonds may be
<br />redeemable or not redeemable at such times and prices as he may determine within the limits of the Public
<br />Finance Act of 1958. The date, interest payment dates, interest rate or rates, maturities, and redemption
<br />terms and prices, if any, shall be submitted to the City Council, for its approval prior to the issuance and
<br />delivery of the bonds.
<br />
<br /> The Bonds shall be signed by the Mayor and by the City Treasurer of the City of Portsmouth, either of
<br />whose signature upon the Bonds may be ~ facsimile of his signature. A facsimile of the seal of the City of
<br />Portsmouth shall be imprinted thereon, attested by the facsimile signature of the City Clerk. ~le coupons
<br />attached to the Bonds shall be signed 'by the facsimile signature of the City Treasurer. The Bonds and coupons
<br />pertaining thereto shall be substantially in the following form, to-wit:
<br />
<br />O~ITED STATES OF AMERICA
<br />
<br />COMMONWEALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOLFfH
<br />
<br />GENERAL OBLIGATION BOND
<br />
<br />No. $S,000,00
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, hereby acknowledges it-
<br />self indebted for value received and promises to Day tO the bea~er, or if this bond be registered, to the
<br />registered holder hereof, on the __day of , 19__, .the sum of Five Thousand Dollars, upon the
<br />surrender hereof, and to pay interest thereon at the rate of per centum per annum payable semi-annu-
<br />ally on the day of and in--r; after date, until maturity, upon sur-
<br />render of the annexed coupons as they severally become due, or it ~lis bond be registered as to both ~incipal
<br />and interest, to the registered holder ~ereof. Both principal and interest of this bond are payable in lawful
<br />currency of the United States of America at /"ne Ckase Manhattan Bank, N.A., New York, New York.
<br />
<br /> This bond may be registered by the holder as to principal or as to both principal and interest in accord-
<br />ance with ~e provisions for such registration endorsed hereon.
<br />
<br /> This bond is one of a series aggregating Ten Million ~lousand Dollars ($10,000,000) and is issued for
<br />the purpose of providing funds for the construction of schools, certain other public buildings, and streets,
<br />for urban renewal purposes, and to pay certain annexation costs pursuant to the order entered in the Circuit
<br />Court of tke City of Chesapeake, Virginia on October 2, 1967, annexing certain territory to the City of
<br />Portsmouth, effective January 1, 1968, under and pursuant to and in conformity with the Constitution and
<br />§tatutes of the CoMmomfeRit~!Df;¥i~fi~a~:&ncluding ~qapter 5 of Title 1S.1 of the Code of Virginia, 19S0, and
<br />the Charter of the City of Portsmouth, mhd pursuant to a resolution of the Council of the City of Portsmouth,
<br />entitled:
<br />
<br />'A RESOLUTION AUTHORIZING T}~ ISSUANCE OF TEN MILLION DOLLARS ($10,000,O00) GENERAL OBLIGATION
<br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FORTHE CONSTRUCTION
<br />OF SCHOOLS, CERTAIN OTHER PUBLIC BUILDINGS, AND STREETS; FOR URB~-~ F~NBWAL PURPOSES; AND TO PAY CERTAIN
<br />ANNEXATION COSTS PURSU~qT TO THE ORDER ENTERED IN THE CIRCUIT COURT OF %~E CITY OF.CHESAPEaKE, VIRGINIA,
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