|
sale and at such time and place, as the City Manager may determine; provided, however, that the Water Bonds
<br /> shall not be sold upon a basis which will cost the City of Portsmouth interest on the money received therefor
<br /> at the rate of more than six per centum per annum, and that no sale shall be made without the approval of the
<br /> City Council. The City Manager is further authorized to se~l the Water Bonds either together with or separate
<br /> from any other full faith and credit bonds of the City authorized for issuance.
<br />
<br /> Full ~ower and authority is hereby given to the City Manager of the City of Portsmouth to prepare and issue
<br />the Water Bonds in such fo~m and for such sum as authorized by Section 1 hereof. The City Manager is authorized
<br />to cause to be imprinted on the back of each of the Water Bonds a copy of the complete final legal opinion with
<br />respect to said bonds, with the name of the attorney or attorneys rendering same, together with a certification
<br />of the City 61erk, evidencing by a facsimile signature of 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 Water Bonds shall not be subject to taxation by the City of Portsmouth, and the coupons
<br />pertaining to said bonds, shall after the maturity of said co,nons, be received in payment of all dues, %axes,
<br />and assessments due to the City. -
<br />
<br /> Section 5. The Water Bonds Shall not be included in determining the limitation ~pon the power of the City
<br />to incur indebtedness under the nrovisions of Section One Hundred Twenty-seven, Clause (b)of the Constitution
<br />of Virginia, but whenever~and fo~ so long as the water works system constructed and improved out of proceeds of
<br />said bonds fails to produce sufficient revenue to pay the cost ofoperation and administration (including inter-
<br />est on bonds issued therefore, and the cost of insurance against loss or injuries to nersons and property), and
<br />an annual amount to be covered into sinking fund ~f~igi~nt to pay at or before maturity all bonds issued on
<br />account of said water works system, all such bonds outstanding shall be included in determining the limitations
<br />upon the power of the City of Portsmouth to incur indebtedness.
<br />
<br /> Section 6. The resolutions entitled "A P~$O~L~ION ~0 AUTNORISM THE ISSUANCE OF ONE MILLION SIX HUNDRED
<br />THOUSAND DOLLARS OF BONDS TO BE kq~OWN AS WATER BONDS, FOR THE PURPOSE OF .MAKING IMPROVEMENTS, EXTENSIONS
<br />ADDITIONS TO ~T~{H SYSTEM OF WATER WORKS OF THE CITY, PURSU;uNT TO SECTION 127, CLAUSE (B), OF THE CONSTITUTION
<br />OF VIRGINIA A~D CHAPTER S OF TITLE 1S.l OF THE CODE OF VIRGINIA, 1950, AND UNDER AUTHORITY OF THE VOTE OF THE
<br />QUALIFIED VOTERS OF THE CITY OF PORTSMOLrfH &ND AN ELEETION HELD ON THE SE¥~NTH DAY OF NOVEMBER, 1961, AND MAKING
<br />PROVISION FOR THE FORM OF SAID BONDS ;~ND FOR THE PA~ENT~EREOF" and "A RESOLUTION A~NDING THE ~.~TURITY
<br />SCF~DULE FOR THE ONE MILLION SIX HL~DRED THOUSAND DOLLARS OF WATER BONDS AUTHORIZED TO BE ISSUED BY A CERTAIN
<br />RESOLUTION ADOPTED DECEMBER 17, 1968," adopted December 17, 1968, and January 14, 1969, respectively are hereby
<br />repealed. All other resolutions or orders, or parts thereof, in conflict with the provisions of this resolution
<br />are to the ~xtent of such conflict hereby repealed.
<br />
<br />Section 7.
<br />
<br /> This resolution shall take effect from its passage. '
<br />
<br />Ayes: Barnes, Eastes, Holley, Johnson, King, Smith, Turner
<br />Nays: None
<br />
<br /> 69-357 - "I submit the attached resolution and recommend its adoption. This authorizes the sale of $1
<br />.million in Utility Bonds. ?nese bonds are being issued for improvements to the City's sewer systems.
<br />
<br /> Work has not begun on these sewer projects except on a
<br />work has been done and the projects are ready for bidding.
<br />funds to proceed with these projects.
<br />
<br />limited basis. Substantially all of the engineering
<br />We have not, h~ever, been able to obtain temporary
<br />
<br /> ?nese bonds have p~eviously been authorized by ordinance, and this resolution will expedite the sale of
<br />these bonds as soon as there is a favorable bond market."
<br />
<br />On motion of Mr. Smith, the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLb~fION TO A~ORIZE THE ISSU~qCE OF ONE MILLION DOLLARS OF BONDS TO BE KNOWN AS UTILITY
<br />BONDS, FOR THE PURPOSE OF MAKING IMPROVEM~,NTS, EXTENSIONS AND ADDITIONS TO ~{E REVENU£ PRODUCING
<br />UNDERTakING OF ~{E CITY CONSISTING OF ITS COMBINED WATER, SEWER, AND SEWAGE DISPOSAL SYSTEm,S,
<br />PUR~UkNT TO SECTION 127, CLAUSE (B), OF THE CONSTITUTtffN OF VIRGINIA, _AND CHAPTER 5 OF TITLE
<br />15.1 OF THE CODE OF /~{E QUALIFIED ~OTERS OF THE CITY OF PORTSMOUTH AT ~N ELECTION MELD ON THE
<br />FIFTH DAY OF NOI~MBER, 1968, AND M~UfING PROVISION FOR THE FOP&! OF SAID BONDS -~ND FOR THE PAVemENT
<br />THEREOF
<br />
<br /> ~?HEREAS, the fiity of Portsmouth is authorized to establish or enlarge its revenue oroducing undertaking
<br />consisting of its combined water, sewer, and sewage disposal system3, and it is necessary and exnedient to make
<br />certain improvements, extensions and addition to such revenue producing undertaking and to issue-bonds of the
<br />City in the stun of One Million Dollars for that purpose; and
<br />
<br /> ~fMEREAS, muder 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, maintain or establish a revenue producing undertaking con-
<br />sisting of water, sewer and sewage disposal systems, or other specific undertaking from which the City may derive
<br />a revenue, may, in accordance with Section One Hundred and Twenty-seven, Clause be necessary to acquire, maintain
<br />or establish such revenue producing undertaking, or other specific undertaking; and
<br />
<br /> ~HEREAS, 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 succeeding
<br />the enactment of the ordinance, or at a special eleetion held for that purpose; and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Co~mcil of the City of Portsmouth on the eighth day of
<br />October, 1968, entitled, "kW ORDINANCE TO AUTHORIZE THE I~SU~NCE OF TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
<br />OF BONDS TO BE KN~VN AS UTILITY BONDS, FOR THE PURPOSE OF MAKING IMPROVEmeNTS, EXTENSIONS kND ADDITIONS TO THE
<br />REVENUE PRODUCING UNDERTAKING OF THE CITY, CONSISTING OF ITS WAT~R, SE$~R, ~ND SEWAGE DISPOSAi SYSTEM~, PUPJU~NT
<br />TO SECTION ONE HUNDRED ~ND TWENTY-SEVEN, CLAUSE (B) OF THE CONSTITUTION OF VIRGINIA, ~ND CHAPTER 5 OF TITLE 15.1
<br />OF THE CODE OF VIRGINIA, 1950" the Court of Hustings for the City of Portsmouth, by an order entered on the
<br />eleventh day of October, 1968, directed that there by submitted to the qualified voters of the City of Portsmouth
<br />at an election to be held on the fifth day of November, 1968, ~%e question whether the Two Million Pive Nu~ndred
<br />
<br />
<br />
|