Minutes 11/11/1969 - Laserfiche WebLink

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November 11. 1969 The full faith and credit of the City of Portsmouth are hereby irrevocably pledged for the payment of the principal and interest of this bond. There is also irrevocably pledged to such payment the net revenue of the water works system of the City, and the fees, rents and charges for the use of said system shall be maintained at a level which will produce net revenue sufficient for the payment of said principal and interest and for any reserve fund deemed necessary for the efficient administration of said system, and for the protection of the holder of this bond and the other bonds issued pursuant to said ordinance. /his bond is not subject to taxation by the City of Portsmouth and the coupons attached shall, at and after maturity, be received in payment of all dues, taxes and assessments due to the City. IN WITNESS WHEP~OF, the City of Portsmouth ~as caused this bond to be signed by the Mayor and by the City Treasurer of said City, either of whose signatures hereon may be a facsimile of his signature; a facsimile of the seal of the City to be imprinted hereon, attested by the facsimile signature of the City Cte~K; the cou- pons hereto attached to be authenticated by the facsimile signature of the City Treasurer; and this bond to be dated , 19 (SEAL) The Mayor of the City of POrtsmouth, Virginia Attest: City Treasurer City Clerk (FO~[ OF COUPON) No. $ The City of Portsmouth, a municipal corporation of the Common-ealth of Virginia, will pay to bearer on the day of , 19 , the sum of in lawful currency of the U~ited States of America, at The Caase Manhattan Bank, N.'.~., "'New York,""'~ew York being six months' interest then due on its ~fater Bond dated , 19 . No. City Treasure~ ...... (FO~4 OF REGISTRATION) This bond may be registered in the name of the holder on the books kept by the City Auditor of the City of Portsmouth, Virginia, as Registrar, as to principal only, such registration being noted hereon by the Registrar in the registration blank below, after which no transfer shall be effective against the Registrar, ~he City of Portsmouth and the paying agents for this bond unless made on said books by the registered holder or attorney duly authorized and similarly noted by the Registrar in the registration blank below; but it may be discharged from such registration by being transferred to bearer, after whicJ~ it shall be transferable by delivery,, but it may ben'again registered as before. ~ne registration of this bond as to principal shall not re- strain the negotiability by delivery merely of the coupons pertaining hereto, but the coupons may be surrendere~ and the interest made payable only to the registered holder, in which event the Registrar shall note in the registration blank below that the bond is registered as to interest as well as to principal. With the consent of the holder and the City of Portsmouth, thls bond when converted into a bond registered as to both principal and interest may be reconverted into a coupon bond and again converted into a bond registered as to both prin- cipal and interestl as hereinabove provided, but always at the expense of thee holder. Upon reconversion of this bond, when registered as to principal and interest, into a coupon bond, coupons representing ~the interest to accrue on this bond to date of maturity shall be attached thereto by tho Registrar, and the Registrar shall note in the registration blank below whether the bond is registered as to principal only or payable to bearer. DATE OF IN ~{OSE ~A~E MANNER OF SIGNATURE OF REGISTK~TI ON: p~FGISTERED: REGISTRATION: REGISTRAR: Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the payment of fl~e principal of and interest on the Water Bonds. Said Water Bonds shall be additionally secured by a pledge of the net revenues of the system of water works as set forth in Section II the aforesaid ordinance adopted October 17, 1961. Section 3. Full power and authority is hereby given the City Manager to date the Water Bonds as of any date within the current fiscal year, and to s.elt the Water Bonds in such m~tnner, either at private or public