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Anti] 29. 1g6g
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<br />At a called meeting of the City Council, hei~ on April 29, 1969 there were present:
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<br />Jack P. Barnes, George D. Eastes, Jan~es I~. Molley, Burrell R. Johnson, Isaac W. King, R. Irvine
<br />Smith, Raymond Turner, A. P. Johnson, Jr., City. blanager, M. A. Korb, ~,.,r~ City Attorney, and
<br />R. D. 0ttavio, City Auditor.
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<br />Absent: None
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<br />The following call for the meeting was read:
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<br /> "Please attend a celica meeting of the City Comncil, in t.he Council Chamber, at 7:30 P.M., on Tuesday,
<br />April 29, 1969, to consider a resolution authorizing the borrowing of three billion dollars in temporary
<br />bond anticipation notes."
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<br />69-117 - The City Manager presented the following letter:
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<br /> "I submit the attached resolution and recommend its adoption. This authorizes the borrowing of three
<br />million dollars in temporary bond anticipation notes.
<br />million ~
<br />Five and one-half~dollars in bonds have been authorized but they have not been issued due to the condition
<br />of the bond market. ~e have, however, proceeded with the ca~ital projects, such as the ~errifields School,
<br />Churchland Elementai~..,~tc. These notes will be due March 2,~1970, and the funds will be used to meet our
<br />capital obligations." '
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<br />On motion of Mr. King, the following resolution was adopted and by the following vote:
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<br /> Ayes: Barnes, Eastes, Holley, ~onnson, ~lng~ Smith, Turner
<br /> Nays: None
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<br />"A RESOLUTION AUTHORIZING THE BORROWING OF $3,000,000.00 ;z~.D THE ISSUANCE OF BOND ANTICIPATION
<br />NOTES OF THE CITY OF PORTSMOUTH THEREFOR PENDING THE ISSUJf~ICE fLND g~tLE OF BONDS i{ERETOFORE
<br />LEGALLY AUTHORIZED BUT NOT ISSUED OR SOLD: FIXING THE FO~, TEIb~S Bf~D RATE OF INTEREST FOR SAID
<br />NOTES; BfWD APPROVING THE SALE OF SAID ~{REE MILLION DOLLARS OF BOND ~NT!CIPATION NOTES.
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<br /> ?~I{EREAS, by Ordinance No. 1968-87, adooted December 17, 1968, the City of Portsmouth was authorized to
<br />issue $S,S00,000 General Obligation Bonds for the purpose of providing funds for the construction of-schools,
<br />certain other public buildings, and streets, for urban renewal purposes, and to pay certain annexation costs
<br />pursuant to the order entered in the Circuit Court of the City of Ches~apeake on October 2, 1967, annexing
<br />certain territory of the City of Portsmouth, effective January 1, 1968; and
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<br />WHEREAS, the bonds authorized by the aforesaid ordinance have not been issued or sold; and
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<br /> igHEREAS, 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 purpose for ~£~ich the said bonds were authorized, and
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<br /> ~{EREAS, the City Manager of the City of Portsmouth has received a proposal for the purchase of Three
<br />Million Dollars of Bond Anticipation Notes from The Chase Map~hattan Bank~ National Association, New York,
<br />New Yoor, and the Comncil deems said offer to be the best offer for the nurchase of said notes, and the City
<br />Manager has recommended that the said offer be approved,
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<br />NOW, T!IERBFORE, 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 the bonds authorized by Ordinance No. 1968-87, adopted
<br />December 17, 1968, full power and authority is hereby given the City Manager of the C~ty of Portsmouth to
<br />prepare and issue Bond Anticipation Notes in the form hereinafter prescribed and for the sum of $3,000,000 in
<br />the aggregate, in anticipation of the issuance of a like principal amount of general obligation bonds
<br />authorized to be issued by said Ordinance No. 1968-87. Said notes shall be dated May 1, 1969, be entitled
<br />"Bond Anticipation Note", be of the denomination of S100,~00 each, mature March 2~ 1970 and bear interest at
<br />the rate of four and seventy-five hundredths per centum (4.75%) per annum. Both principal of and interest
<br />on the notes shall be payable az the maturity thereof. The full faith and credit of the City of Portsmouth
<br />shall be, and hereby are, pledged to the payment of the principal and interest thereof. The action of tD~
<br />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 nrincioal and
<br />interest. Each note shall be pay~fDle as to both orincipal and interest at the principal office ~f the pur-
<br />chaser thereof, or at such other place as may be designated by said purchaser. The notes shall be signed by
<br />the Mayor of said City and its corporate sea] to be affixed thereto and attested by the City Clerk and counter-
<br />sig~..ed by the City Attorney. The notes ~hall be issued in substantially the following form:
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<br />b~ITED STATES OF ~{ERICA
<br />
<br />C0.~.,~ONWEALTH OF VIRGINIA
<br />
<br /> CITY OF PORTSMOLWH
<br />BOND ;~TICIPATION NOTE
<br />
<br />No.
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<br />SIO0,000
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<br /> The City of Portsmouth, Virginia, for value received, acknowledges itself indebted and hereby promises
<br />~ pay to the bearer, or, if this note be registered, to the registered o~er hereof, the principal sum of
<br />One Hundred Thousand Dollars ($100,000), together witk interest thereon from date hereof until payment of said
<br />nrincipaI s~m, at the rate of four and seventy-five hundredths per centum ocr annum. Both orincipa] of and
<br />interest on this note are payable on March 2, 1970, upon ~resentation and ~nrrender of this note, at the
<br />principal office of The Chase Manhattan Bank, National Association, New York, New York, in any coin or currency
<br />which on said date is legal eender for payment of uublic and private debts.
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