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~une S0, 1969
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<br />At a called meeting of the City Council, he%d on June 30, 1969 there were present:
<br />
<br />Jack P. Barnes, George D. Eastes, James W. Holley, Isaac W. King, R..Irvine Smith, Raymond
<br />Turner, A. P. Johns6n, Jr., City Manager, and M. A. Korb, Jr., City Attorney.
<br />
<br />Absent: Burrell R. Johnson
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Chamber, at 8:00 A.M., on Monday,
<br />June 30, 1969, to consider a resolution authorizing the borrowing of two and one-half million dollars in
<br />temporary funds.
<br />
<br />69-215 - The City Manager presented the following letter:
<br />
<br /> "I submit the attached resolution and recommend itsadoption. This authorizes the borrowing of $2,500,000
<br />in temporary loans. These funds are to be used for financing capital projects that are under construction that
<br />bonds have not been issued for. This loan is for a period of eight months at which time the bonds are to be
<br />sold for the repayment of this loan plus the temporary lo~/1 made last month.
<br />
<br /> These funds are needed for the Merrifields School, Civic Center and other capital projedts that have not
<br />been bonded. The rate for this money will be 5.95%."
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<br />On motion of Mt. Smith, the following resolution was adopted and by the following vote:
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<br />Ayes: Barnes, Eastes, Holley, King, Smith and Turner
<br />Nays: None
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<br />"A RESOLUTION AUTHORIZING THE BORROWING OF $2,500,000 ~ND THE ISSUANCE OF BOND ANTICIPATION NOTES
<br />OF THE CITY OFPORTSMOUTH THEREFOR PENDING THB ISSUANCE AND SALE OF BONDS HERETOFORE LEGALLY
<br />AUTHORIZED BUT NOT ISSUED OR SOLD; FIXING THE FORM, TERMS AND RATE OF INTEREST FOR SAID NOTES;
<br />AND APPROVING THB SALE OF SAID TWO MILLION FIVE }FONDRBD THOUSAND DOLLARS OF BOND ANTICIPATION NOTES
<br />
<br /> WHEREAS, By Ordinance No. 1968-87, adopted December 17, 1968, the City of Portsmouth was authorized
<br />to issue $5,500,000 General Obligation Bonds for the purpose of providing funds for the construction of
<br />schools, certain other public buildings, and streets, for urban renewal purposes, and to pay certain annexation
<br />costs pursuant to the order entered in the Circuit Court of the City of Chesapeake on October 2, 1967, annexing
<br />certain territory of the City of Portsmouth, effective January 1, 1968; and
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<br />~*~dEREAS, the bonds authorized by the aforesaid ordinance havennot been issued or sold; and
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<br /> WHEREAS, it is necessary to borrow, pending the issuance and sale of such bonds, the money necessary to
<br />meet the City's obligations in connection with the p~rr~pse for which the said bondswere authorized; and
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<br /> ~EREAS, the City Manager of the City of Portsmouth has received a proposal for the purchase of Two Milliom
<br />Five Hundred Thousand Dollars of Bond Anticipation Notes from First 6 ~erchants National Bank, Richmond, Virgini
<br />and the Council deems said offer to be the best offer for the purchase of said note~ and th City Manager has
<br />recommended that the said offer belapproved,
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<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> section 1. Pending the issuance and sale of bonds authorized by Ordinance No. 1968-87, adopted December
<br />17, 1968, full power and authority is hereby given the City Manager of the City of Portsmouth to prepare and
<br />issue Bond Anticipation Notes in the form hereinafter prescribed and for the sum of $2,500,000 in the aggregate,
<br />in anticipation of the issuance of a like principal amount of general obligation bonds authorized to be issued
<br />by said Ordinance No. 1968-87. Said notes shall be dated July 2, 1969, be entitled "Bond Anticipation Note"~
<br />one shall be of the:denomination of $500,000 and two ~hall be of the denomination of $1,000,000 each, mature
<br />March 2, 1970, and bear interest at the rate of five and ninety-five hundredths per centum $5.95~)per annum.
<br />Both~ principal of and interest o~1 the notes shall be payable at the maturity thereof. The f~ll fsith~d Cl~dit
<br />of the City of Portsmouth shall be, and hereby are, pledged to the payment of the principal and interest there-
<br />of. The action of the City Manager in selling said notes is hereby ratified..
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<br /> Section 2. The notes shall be issued in bearer form with provision for registration as to principal and
<br />interest. Each note shall be payable as to both principal and interest at the principal office of the p~chaser
<br />thereof, or at such other place as may be designated by said purchaser.The notes shall be signed by the City
<br />Treasurer or Deputy City Treasurer and the City Manager of the City of Portsmouth and the corporate seal of the
<br />City of Portsmouth shall be affixed thereto and attested by the City Clerk or Deputy City Clerk. The no,es
<br />shall be issued in substantially the following form:
<br />
<br />UNITED STATES OF AMERICA
<br />
<br />COmmONWEALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />
<br />BOND ANTICIPATION NOTE
<br />
<br />NO. $
<br />
<br /> The City of Portsmouth, Virginia, for value received, acknowledges itself indebt'ed and hereby promises to
<br />~ay to the bearer, or, if this note be registered, to the registered owner hereof, t~e principal sum of
<br /> . , together with interest thereon from date hereof until payment of said princ~p-~
<br />sum, at the rate of five and ninety-five hundredths p~r centum per annum. Both principal of and interest on thi~
<br />note are payable on March 2, 1970, upon presentation and surrender of this note, at the principal office o~
<br />First ~ Merchants National Bank, Richmond, Virginia, in any coin or currency which on said date is legal tender
<br />for payment of public and private debts.
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