December 17. 1968
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<br /> lqdM~S, it is provided in said ordinance that the bonds may B.e issued at one time, or a p¢~t~ereof
<br />from time to time, as the City Council of the City shall diTeet, and the City Council deems it advisable to
<br />issue at this time One Million Dollars of bonds, a part of the Two Million Five Hundred Thousand Dollars of
<br />bonds so authorized, to make the desired improvements, extensions and additions to. the revenue producing under.
<br />taking of the gity.
<br />
<br /> NON, THBREFORE, BB IT RESOLVED BY I~tE COUNCIL OF TIlE CITY OF PORTS~tOUTM, VIRGINIA:
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<br /> Section t. Pursuant to Section One Itmidred and Twenty-seven, Clause (b), of the Constitution of Virginia
<br />and Cha~ter S of Title 1S.1 of the Code of Virginia, 1950, and under and by virtue of a majority of the votes
<br />cast "F~r Bond Issue", at an election of the qualified voters of the City of Portsmouth held on the fifth day
<br />o'f November, 1968, in order to mmke certain improvements, extensions and additions to the revenue producing
<br />undertaking of the City, consisting of its water, sewer, and sewage disposal systems, the City of Portsmouth
<br />shall borrow the sum of One Million Dollars ($1,000,0003, and there shall be issued One Million Dollars of
<br />bonds of said city to be known as Utility Bonds, consisting of two hundred bonds of the denominatimn of Five
<br />Thousand Dollars~each, numbered 1 to 200, both inclusive, dated March I, 1968; the proceeds arising from the
<br />sale of said bonds to be applied to the payment of the cost of making certain improvements, extensions and
<br />additions to the revenue producing undertaking of the City and to no other purp_ose. The said bonds shall
<br />bear interest from their date payable semi-annually March 1 and September 1, of each year, at suck rate or at
<br />such different or varying rates; not to exceed six per centum nor annum on any bond, as may be fixed by the
<br />City Council prior to their execution. Both principal and interest of sa~tRhonds shall be payable in lawful
<br />currency of the United States of America, at the Chase Manhattan Bank {National Association), New York, New
<br />York. The said bonds shall not be redeemable by the City of Portsmouth and shall mature serially, in
<br />numerical order, as follows:
<br />
<br />$40,000 of said bonds shll be payable on Mmrch 1, 1970
<br />
<br />$40,000 of said bonds shall be payable on March 1, 1971
<br />
<br />$40,000 of-said bonds shall be payable on March 1, 1972
<br />
<br />$40,000 of said bonds shall he payable on March 1, 1975
<br />
<br />$40,000 of said bonds shall be payable on ~larch 1, 1974
<br />
<br />$g~900 of said bonds shall be payable on March 1, 1975
<br />
<br />$40,000 of said bonds shall be payable on March t, 1976
<br />
<br />$40,000 of said bonds shall be payable on March I, 1977
<br />
<br />$40,000 of said bonds shall be payable on March 1, 1978
<br />
<br />$40,000 of said bonds shall be payable on March 1, 1979
<br />
<br />$40,000 of said bonds shall be payable on March 1, 1980
<br />
<br />$40,000 of said bonds shall be payable on March 1,.1981
<br />
<br />$40 000 of said bonds shall be payable on March 1, 1982
<br />
<br />$40
<br />
<br />$4O
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$40
<br />
<br />$4O
<br />
<br />$40
<br />
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be p&vable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />000 of said bonds shall be payable
<br />
<br />on March 1, 1983
<br />on Mar~ 1, 1984
<br />on ~arch I, 1985
<br />on ~arch 1, 1986
<br />on March 1, 1987
<br />on March 1, 1988
<br />on March 1, 1989
<br />on ~arch ~, 1990
<br />on March 1, 1991
<br />on March 1, I992
<br />on March 1, 1993
<br />on ~arch 1, 1995
<br />on March 1, 1994
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<br /> T~e sai~ bonds shall be manually signed by the Mayor of the City of Portsmouth and ~hall be signed by
<br />t~e facsimile signature of the City Treasurer, with a facsimile of the seal of the City imprinted thereon,
<br />attested by the facsimile signature of the City Clerk, and the coupons shall be migned by the facsimile
<br />signature of theCity Treasurer. The bonds and coupons mhall be substantially in tI~e following form, to-wit:
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<br />
<br />
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