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~EREAS, by another order entered by the said Court on the twenty-seventh day of November, 1961, it was
<br />entered of record as a result of said election that a majority of tJ~e. votes were cast for the bond issue, and
<br />that the Council of the City of portsmouth be fUlly authOrized and en~p_owered to prepare and issue and to sell
<br />or to negotiate said bonds upon the faith, credit and property of said municipality in the amount so authorized;
<br />and - ~
<br />
<br /> }~MEREAS, it is provided in said ordinance that the bonds maybe issued at one time, or a part thereof from
<br />time to time, and the City Council of the City has airected, and bonds in the principal amount of Four Million
<br />Dollars out of the total of Five b~tlion Six Hundred Thousand Dollars of bonds authorized to be issued by said
<br />ordinance have heretofore been issued; and
<br />
<br /> ~CqEREAS, the City CounCil deems it advisable to issue at this time the One Million Six Hundred Thousand
<br />Dollars of bonds authorized by said ordinance re~aining to be issued, to make the desired improvements, exten-
<br />sions and additions to the system of water works of the City.
<br />
<br />N~%T, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> Section 1. Pursuant to Section One Hundred and Twenty-seven, clause (b), of the Constitution of Virginia
<br />and Chapter $ of Title 15.1 of ~he Code of Virginia, 1950, the referred to ordinance and under and by virtue
<br />of a majority of the votes case "For Bond Issue" at an election of the qualified voters of the City of
<br />Portsmouth held on the seventh day of November, 1961, in order to make certain improvements, extensions and
<br />additions to the system of water works of the City, the City of Portsmouth shall borrow the sum_ of One Million
<br />Six Hundred Thousand Dollars ($1,600,000), and there shall be issued One Million Six Hundred Thousand Dollars
<br />of bonds of said City to be known as "Water Bonds" (herein referred to as the "Water Bonds"), to evidence such
<br />borrowing. The Water Bonds shall consist of three hundred and twenty bonds of the denomination of Five Thousand
<br />Dollars each, numbered from 1 to 320, both inclusive, upward in order of maturity. The Water Bonds shall be
<br />dated as of any date within the current fiscal year as is determined by the City Manager. The Water Bonds shall
<br />bear interest from their date at such rate or at such different or varying rates, not to exceed six per centum
<br />per annum on any bond, as may be determined at the time of sale. Interest on the Water Bonds shall be payable
<br />semi-annually, with the first interest payment date being the day which is six months from the date of %he Water
<br />Bonds. Both principal and interest of said bonds shall be payable in lawful currency of the United States of
<br />America, at Th~ Chase Manhattan Bank, N.A., New York, New York.. The Water Bonds shall mature serially, in
<br />numerical order, in such principal amounts and at such times as shah be determined by the City Manager within
<br />the limits of the Public Finance Act of 1958. The bonds may be redeemable or not redeemable as the City Manager
<br />mg~/deterrmine, and if redeemiole, shall be redeemable at such times and prices as he may determine, within the
<br />limits of the Public Finance Act of 1958. The date, interest payment dates, interest rate or rates, maturities
<br />and redemption terms and prices, if any, shall be submitted to ~le City Council for its approval prior to the
<br />issuance and delivery of the bonds. The proceed~ arising from the sale of the Water Bonds shall be applied to
<br />the payment of the costs of making certain improvements, e~tensions and additions to the water works system of
<br />the City and to no other purpose.
<br />
<br /> The Water Bonds shall be signed by the Mayor and by the City Treasurer of the City of Portsmouth, either
<br />of whose signatures upon the Water Bonds may be a facsimile of his signature. A facsimile of the seal of the
<br />City of Portsmouth shall be imprinted thereon, attested by the facsimile sigrnature of the City Clerk. The coup
<br />oons attached to the Water Bends shall be signed by the facsimile signature of the City Treasurer. The Water
<br />Bonds and counons pertaining thereto shall be substantially in the following form., to-wit:
<br />
<br />UNITED STATES OF ~4ERICA
<br />
<br />COHMONB~EALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />
<br />WATER BOND
<br />
<br />No.
<br />
<br />$5,000.00
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, hereby acknowledges itself
<br />indebted for value received and promises to IlFy to the b~sl~er, or if this bond be registered, to the r~gistered
<br />holder hereof, on the day of , 19 , the sum of Five Thousand Dollars, upon the surrender
<br />hereof, and to p~gz interest on said sum at the rat~--~f per centum ncr annum payable semi-annually on
<br />the day of , and in each year, after date, until maturity, .upon surrender
<br />of th-~'-~exed coupons as they severally become due, or if this bond be registered as to both principal and
<br />interest of this bond are payable in lawful currency of the United States of America, at The Chase Manhattan
<br />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 />anco with the provisions for such registration endorsed hereon.
<br />
<br /> This bond is one of a series aggregating One Million Six Hundred ~ousand Dollars, and is issued for the
<br />purpose of making certain improvements, extensions and additions to the water works system of the City, under
<br />~nd pursuant to and in conformity with the Constitution and statutes of the Commonwaalth of Virginia, including
<br />Chapter S of Title 1S.1 of the Code of Virginia, 1950, the Charter of the City of Portsmouth and an election of
<br />the qualified voters of the City held under said Chapter S on the seventh day of November, 1961, and pursuant
<br />to an ordinance duly adopted by the Council of the City of Portsmouth on the seventh day of October, 1961, and
<br />a resolution duly adopted by the Council of the City of Portsmouth on the llth day of November, 19~, under sai~
<br />Chapter 5.
<br />
<br /> it is hereby certified and recited that all acts, conditions and things required by the Constitution and
<br />statutes of the Commonwealth of Virginia, to exist, to have happened, and to be performed precedent to and in
<br />the issuance of this bond, exist, have happened and have been performed in due time, form and manner as require~
<br />by la~, and that the issue of bonds of which this is one, together with all other idebtedness of the City, is
<br />wi~l~n the othemvise authorized idebtedness of said City, and is within every debt and other limit prescribed
<br />by the Constitution and la~s of the Commonwealth of Virginia.
<br />
<br />
<br />
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