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Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the payment of the
<br />principal of and interest on the Bonds 8s the same become due. For the payment of such Principal and interest,
<br />the City of Portsmouth shall have power and be obligated to levy and valorem ts_xes without limitation as to
<br />rate or amount on all the property subject to taxation by the City.
<br /> Section 3. Full power and authority is hereby given the City Manager to date the Bonds as of any date
<br />within the current fiscal year, and to sell the Bonds in such manner, either at private or public sale, and at
<br />suc]% time and place, as the City Manager may determine; provided, however, that the Bonds shall not be sold
<br />upon a basis w~ich will cost the City of Portsmouth interest on'~the money received therefor at the rate of more
<br />than six per centum Der annum, and that no sale shall be made without tJ~e approval of the City Council. The
<br />City Manager is fur~er authorized to sell the Bonds either together with or separate from any other full faith
<br />and credit bonds of the City authorized for issuance.
<br />
<br /> Full power and authority is hereby ~iven to the City danager of the Czty o~ Portsmouth to prepare and
<br />issue tile Bonds in such form and for sucJl sum as is a~thorized by Section ~1 hereof. /he Czty Manager is auth_or$
<br />ired to cause to be imprinted on the b~ck of each of tae Bonds a copy of the complete final legal opinion with
<br />respect to the Bonds with the name of the attorney or at~torneys rendering same, together witha certification
<br />of %he City Clerk, evidenced by a facsimile signature oz that officer, to the effect that the copy is a true
<br /> and correct copy of the legal opinion which was dated as of the date of delivery and payment of the Bonds.
<br />
<br /> Section 4. The Bonds shall not be subject to taxation by the City of Portsmouth, and the coupons per-
<br /> raining to said Bonds, shall after the maturity of said coupons, be received in payment of all dues, taxes,
<br /> and assessments due to the ~ity.
<br />
<br /> Section 5. The proceeds arising from the sale of said Bonds shall be applied to the payment of the costs
<br />for the construction of schools, certain other public buildings, and streets, for urban renewal purposes, ~und
<br />to pay certain annexation costs pursuant to the order entered in the Circuit Court of the City of Chesapeake,
<br />Virginia, on October 2, 1967, annexing certain territory to the City of Portsmouth, effective January 1, 1968,
<br />including the retirement of Bond Anticipation Notes heretofore issued in anticipation of the sale of said
<br />Bonds.
<br />
<br /> Section 6. All resolutions or orders, or parts thereof, in conflict with the provisions of this resolu-
<br />tion, are to the extent of su~ conflict hereby repealed.
<br />
<br />Section 7. This resolution shall take e~fect from its passage."
<br />
<br />Ay s. Barnes, Bastes. Holley, Johnson, King, Smith, Turner
<br />Nays: None
<br />
<br /> 69-356 - "I submit the attached resolution and recommend its adoption. This authorizes the sale of $1.6
<br />million in Water Bonds. These funds are for various projects improving our water system. These are projects
<br />for which the Federal Government has granted the~City $1,250,000 on a matching basis for these improvements.
<br />Some of these projects are in progress and some have been completed, and temporary funds have been borrowed.
<br />
<br /> These bonds have previously been authorized by ordinance and it is necessary to adopt this resolutiqn in
<br />order that we can expe~dite the sale of these bonds at suc2~ time as there is a faVOrable bond market,"
<br />
<br />On motion of Mr. Turner, the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION TO AUTHORIZE THE ISSUANCE OF ONE MILLION SIX HUNDRED T~OUSAND DOLLARS OF BONDS
<br />TO BE KNO~.~ AS WATER BONDS, FOR THE PURPOSEQ,0F MAKING IMPROVEF~N~FS, EXTBNSt0NS AND ADDITIONS
<br />TO THE SYSTEM OF WATER WORKS OF THE CITY, PURSUANT TO SECTION 127, CLAUSE (B) OF THE
<br />CONSTITb~rlON OF VIRGINIA B3~D CHAPTER S OF TITLE 15.1 OF THE CODE OF VIRGINIA, 19S0, AND UNDER
<br />AUTHORITY OF THE VOTE OF THE QUALIFIED VOTE~ OF THE CITY OF PORTSMOUTH AND AN BLECTION HELD
<br />0N THE SEVENTH DAY OF NOVE~ER, 1961, AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND
<br />FOR THE PAYmeNT THEREOF
<br />
<br /> )~IEREAS, the City of Portsmouth is authorized to estahlish or enlarge water works, and it is necess, ary and
<br />expedient to make certain improvements, extensions and additions to the system of water works of the City of
<br />Portsmouth and to issue bonds of t~he City in th~ sum of Cma Million Six Hundred Thousand Dollars for that pur-
<br />pose; and
<br />
<br /> I!~tEREAS, under and by virtue of Chapter S of Title 1S.1 of the Code of Virginia, 1950, the Council of any
<br />city in this state which is authorized to acquire, construct, reconstruct, imp~e, e~xtend or enlarge any
<br />revenue producing undertaking, may in accordance with Section One Hundred and Twenty-seven, Clause (b), of the
<br />Constitution of Virginia., issue so many bonds as may be necessary to acquire, construct, reconstruct, improve,
<br />extend or enlarge any revenue producing undertaking; and
<br />
<br /> ~fHERBAS, Section One Hundred and Twenty-seven, Clause (b), of the Constitution of Virginia, requires the
<br />ordinance authorizing the issuance of such bonds to be approved by the affirmative vote of the majority of the
<br />qualified voters of the City voting upon the question of their issuance, at the general election next succeedin
<br />the enactmant of the ordinance, or at a ~pecial election held for that purpose; and
<br />
<br /> }%~}~t~AS, by virtue of an ordinance adopted by the.Council of the City of Portsmou~ on the seventeenth
<br />day of Octobqr, 1961, entitled: "AN ORDIN/D~CB TO AUTHORIZE THE ISSUAHCE OF FIVEMILLION SIX HUNDRED ~OUSkND
<br />DOLLARS OF BONDS TO BE ~NOWN AS WATER BONDS, FOR THE PURPOSE OF M~kKING IMPROVEMENTS, EXTENSIONS AND ADDITIONS
<br />TO THE SYSTEM OF WATER WORKS OF THE CITY, PURSUANT TO SECTION ONE HUNDRED AND TWENTY-SEVEN, CLAUSE B, OF THE
<br />CONSTITUTION OF VIRGINIA, AND CAAPTER 59.1 OF TITLE 15 OF THE CODE OF VIRGINIA, 1950", the Court of Hustings
<br />for the City of Portsmouth, by an order entered on the eighteenth day of October, 1961, directed that there be
<br />submitted to the qualified voters of tlne City of Portsmouth at an election to be held on the seventh day of
<br />November, 1961, the question whether the bonds in the amount of Five Million Six Hundred Thousand Dollars
<br />authorized by the said ordinance should be issued;, and
<br />
<br />
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