Minutes 01/14/1969 - Laserfiche WebLink

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I~HEREAS, by.~rdinance No. 1967-95, adopted Octohe~ 10, 1967, the Czty of I~ortsmoutk ~as authorized to issue $7,400,000.00 of General Obligation Bonds for t~e purp~sw~ of providi%%g fu~d~ to comply with the order entered in the Circuit Court of the City of Chesapeake, Virginia, oi~ 0cteber 2, 1~67, ann:axing certain territory of the City of Portsmouth Effective January 1, 1968; and lfr!~REAS, by Ordinance No. 1968-20, adopted March 26, 1968, tSe City of Portsmouth ~ authorized to issue $600,000.00 of General Obligation Conds for the purpose of providing funds to pay the expenses incurred as a result of the recent annexation proceedings and to purcBase fire e~ipment, school hu~es and voting machines for use in the said annexed territory; and ~t~EREAS, by Ordinance No. 1968-87, adopted December 17, 1968, t~e City of Portsmouth was authorized to issue $5,500,000.00 of General Obligation Bonds for the pmrpose of providing funds for the construction of schools, certain other public buildings, and stl~eets, for urban renewal purposes, and to pay ¢Mrtain annex- ation costs pursuant to the order entered in the Circuit Court of t~e City of Chesapeake, Virginia, on October 2, 1~67, annexing certain territory to the City of Portsmouth, ~ffective January 1, 1968; and NHEREAS, the bonds authOrized by the aforesaid ordinances have not been issued or sold; and WHEREAS, it is necessary to issue bonds of the City in th~ sum of Thirteen Million Five Hundred Thousand [~t$,500,000.00) Dollars for the aforesaid purpose~. NOW, TBEREFORE, BE IT RESOLVED BY Tt~ CO~qCIL OF TIll CITY OF PORTSMOUTH, VIRIGNIA: Section 1. That for the purpose of providing funds to comply with the order entered in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certain territory to the City of Portsmouth effective January 1, 1968; to pay the expenses i~curred as a result of the recent annexation pro- ceedings; and to purchase fire equipment, school buses and voting machines for use in the said annexed ter- ritory, for the construction of schools, certain other public buildings, and streets; and for urban renewal purposes; ~here shall be issued Thirteen Million Five Hundred Thousand Dollars of bonds of said City to be known as General Obligation Bonds, consisting of two thousand seven hundred bonds of the denomination of ~ive Thousand D~llars each, numbered 1 to 2,700, both inclusive, dated March 1, 1969, and bearing interest from date payable semiannually on March 1, and September 1, of each year at such rate or at such different or vary- ing rates, not to exceed six Der 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 ~he Chase Manhattan BanR {National.Assor-i~tior~, New York,'New York, and the said bonds shall mature serially, in numerical order as follows: $540 000 of said bonds to be payable on March 1, 1970 $540 $540 $54O $540 $540 $540 $540 $540 $540 $540 000 of said bonds to b~-payable on March 1, 1971 000 of said bonds to be payable on March 1, 1972 000 of said bonds to be payable on March 1, 1973 000 of said bonds to be payable on March 1, 1974 000 of said bonds to be payable on March 1, 1975 000 of said bonds to be payable on March I, 1976 000 o.f said bonds to be payable on March 1, 1977 000 of said bonds to be payable on March 1, 1978 000 of said bonds to be p~yable on March 1, 1979 000 of said bonds to be payable on March 1, 1980 $540,000 of said bonds to be payable on March 1, 1981 $540,000 of said bonds to be payable on March 1, 1982 $540,000 of said bonds to be payable on March 1~ 1985 $540,000 of said bonds to be payable on March 1, 1984 $540,000 of said bonds to be payable on March 1, 1985 $540,000 of said bonds to be payable on March 1, 1986 $540,000 of said bonds to be payable on March 1, 1987 $540,000 of said bonds to be payable on March 1, 1988 $540,000 of said bonds to be payable on March 1, 1989 $540,000 of said bonds to be payable on March 1, 1990 $540,000 of said bonds to be payable on March 1, 1991 $540,000 of said bonds to be payable on March 1, 1992 $540,000 of said bonds to be payable on March 1, 1993 $540,000 of said bonds to be payable on March i, 1994