Minutes 03/11/1969 - Laserfiche WebLink

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March 11, 1969 WHEREAS, the bonds authorized by the aforesaid ordinances have not been issued or sold; and WF~P~AS, it is necessary to issue bonds of the City in the sum of Eight Million [$8,000~000.00) Dollars for the aforesaid purposes. NOW, THEREFORE, BE IT ?~SOLVED BY TIlE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: Section 1. That for the purpose of providing fus!ds to comply ~ith the order entered in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certain territory to the City ~ Portsmouth effective January 1, 1968; to pay the expenses incurred as a result Of the recent annexation proceedings; and to purchase fire equipment, school buses and voting machines ~or ~e in the said annexed territory, there shall be issued Eight Million Dollars of bonds of said City to be ~nown as General Obligation BOnds, consisting of one thousand six.hundred bonds of the denomination of Five ~.~ousand Dollars each, numbered 1 to 1,600, both inclusive, dated ~¢ne 1~1969, and bearing interest from date: payabge semimnnually on June 1, and December 1, of each year at such rate or at such different or varying rates, not to exceed six per centum per annum on any bond, as may be fixed by the City Council prior to their execution. Both principal and interest of said bonds shall be payable in lawful currency of the United States of America, at The Chase Manhattan Bank [National Association), New York, New York. and the said bonds shall mature serially, ~ num~rfcal order as follows: $520 000 of said bonds to be payable on June 1,~ 1970 $528 000 of said bonds to be payable on June 1, 1971 $320 000 of said bonds to be payable on June 1, 1972 $520 000 of said bonds to be payable on June 1, 1973 $528 O00 of said bonds to be payable on June i, 1974 $528 000 of said bonds to be payables.on June 1, 1975 $520 000 of said bonds to be payable on June 1, 1976 $320 000 of said bonds to be payable on June 1, 1977 $320,000 of said bonds to be payable on June 1, 1978 $320 000 of said bonds to be payabl8 on June'l, 1979 $320 1~ 1980 $820 1, 1981 $520 1, 1982 $320 1, 1983 $520 1, 1984 $520 1, 1985 1~ 1986 1~ 1987 1, 1988 1, 1989 1, 1990 1, 1991 1, 1992 1, 1993 1, 1994 The said bonds shall be manually signed by the Mayor of the City of Portsmouth and shall be signed by the facsimile si~ature of the City Treasurer, with a fac$imil~ of the seal of the City imp~n~ thereon, attest~ by the facsimile signature of the City Clerk, and the coupons shall be signed by the facsimile signature of the City Treasurer, and shall be in substantially the following form, to-wit: UNITED STATES OF ~24ERICA C05~40NWEALTM OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION BOND No. $5,000.00 ~e City of Portsmouth~ a municipal corporation of the Commonwealth of Virginia, Bereby>acknowledges it- self indebted for value received and promises to pay to the bearer, or if this bond be registered, to ~he re- gistered holder hereof, on the first day of June, 19, ~ the sum of Five Thousand Dollars, and to pay interest thereon at the rate of Der centum nor annum payable semiannually, on the first day of June and Dece~Der in each year, at~dat~, until maturity, upon surrender of the annexed coupons as they severally 000 of said bonds to be pay~ole on June 000 of said bonds to be payable on June 000 of said bonds to be payable on June 000 of said bonds to becipayable on June 000 of said bonds to be payable on June 000 of said bonds to be payable on June $320 000 of said bonds to be payable on June $320,000 of said bonds to be payable on June $320,000 of said bonds to be payable on June $520,000 of said bonds to be payable on June $320,000 of said bonds to be payable on June $320,000 of said bonds to be payable on June $520~000 of said bonds to be;:payable on June $320,000 of said bonds to be payable on June $320,000 of said bonds to be payable on June