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December 17, 196.8
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<br />(FO~ OF PJ!GISTRATION)
<br />
<br /> I hereby certify that at the request of the holder of the within bond for its conversion into a bond
<br />registered as to both principal and interest, I Rave this~ date cut off and destroyed coupons attached
<br />hereto numbered from to , inclusive, of the amount of
<br />each, amounting in aggregate to Dollars ($ ), and that the
<br />within bond is hereby converted into a registered bond with the principal and semi-annual interest thereof
<br />payable to assigned or legal representative. Dated at Portsmouth,
<br />Virginia, this day of , 19 '
<br />
<br />DATE OF REGISTRATION
<br />
<br />N.~4E OF REGISTERED BOLDER
<br />
<br />REGISTERED BY
<br />
<br /> Section 2. Full power and authority ishereby given to the City Manager of the City of Portsmouth to
<br />prepare and issue the said bonds in such form and for such sun as authorized by the preceding section. The
<br />said City Manager is authorized to cause to be imprinted on the back of each of said bonds a copy of the
<br />complete final legal opinion with respect to said bonds, with the name of the attorney or attorneys rendering
<br />sane, together with a certification of the City Clerk, evidenced by a facsimile signature of that officer,
<br />to the effect that the copy is a true and correct copF of the legal opinion which was dated as of the date of
<br />delivery and payment of the bonds. Full power and authority is hereby given the City ManagerC~o make sale
<br />of the said bonds, and in such manner, at'such time and place as the said City Manager may determine; pro-
<br />v£ded, however, that the same shall not be sold upon a basis which will cost the City of Portsmouth interest
<br />at the rate of more than six per centum per annum, and that no sale shall be made without the approval of the
<br />City Council. The said bonds shall be subject to no taxation by the City of Portsmouth, and the said couoons
<br />shall be received in payment of all dues, taxes and assessments due to the said City.
<br />
<br /> Section 5. The bonds authorized by this resolution shall not be included in determining the limitation
<br />upon the power of the City to incur indebtedness under the porvisions of Section One Bundred and Twenty-seven,
<br />Clause (b), of the Constitution of Virginia, but from and after November S, 1973, whenever and for so long
<br />as the revenue producing undertaking constructed and improved out of proceeds of said bonds fails to produce
<br />sufficient revenue to pay the cost of operation and administration, (.including interest on bonds issued
<br />therefor, and the cost of.insurance against loss or injuries to persons and property), and an annual amount
<br />to be covered into a sinking fund sufficient to pay at or before maturity all bonds issued on account of said
<br />revenue producing undertaking, all such bonds outstanding shall be included in determining the limitation upon
<br />the power of the City of Portsmouth to incur indebtedness.
<br />
<br />Section 4. This resolution shall take effect from its passage."
<br />
<br /> 68-450 - "I submit the attached resolution and recommend its adoption. T~is authorizes the issuance
<br />of $1,600,000 of Water Revenue Bonds. These bondm are to Be used to match a grant from the Federal gove~ut-
<br />ment i~~ the amount of $1,250,000 for impr6vements to the Water system. The balance of the funds will repay
<br />the ope~atin~ funds for moneys expended for capital projects prior to issuance of these bonds.
<br />
<br />These revenue bonds were authorized by a vote of th~ people at an election held on November 7, 1961."
<br />
<br />On motion of Mr. Johnson, the following resolution was adopted, without dissenting vote:
<br />
<br />"~ RESOLUTION TO AUTHORIZE ~ ISSUANCE OF ONE ~ILLION SIX HUNDRED /I{OUSJgID DOLLARS OF BONDS TO BE KNO~.;
<br />AS WATER BONDS, POR THE PURPOSE OF MAKING 1MPROVM~ENTS, EXTENSIONS AND ADDITIONS TO TH~ SYSThl'! OF WATER
<br />WORKS OF ~ CITY, PURSUANT TO SECTION 127, CLAUSE (B), OF Tt~ CONSTITUTION OF VIRGINIA AND CHAPTER 5
<br />OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERE
<br />OF ~ CITY OF PORTSMOUTEt AND AN ELECTION BELD ON ~ SBV~'rH DAY OF NOVEMBER, 1961, AND ~kKING PRO-
<br />VISION FOR THE FORM OF SAID BONDS AMD FOR TEE PAY~hFF TBBP~OF.
<br />
<br /> WHEREAS, the City of Portsmouth is authorized to ~stabl ish or enlarge water works, and under and hy
<br />virtue of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, the Council of any city in this State which
<br />is authorized to acquire, construct, reconstruct, improve, extend or enlarge any revenue producing undertaking
<br />may, in accordance with Section One Hundred and Twenty-seven, Clause (b), of the Constitution of Virginia,
<br />issue so many bonds as may be necessary to acquire, construct, reconstruct, improve, extend or enlarge any
<br />revenue producing undertaking; and
<br />
<br /> i*~H~RBAS, it is necessary and expedient to make certain ~Lmprovements, extensions and additions to the
<br />system of water works of the City of Portsmouth and to issue bonds of the City in the sun of One Million Six
<br />~undred Thousand Dollars for that purpose; and
<br />
<br /> WH~REA~, Section One Hundred and Twenty-seven, Clause [b), of. the Constitution of Virginia, requires the
<br />ordinance authorizing the issuance of such bonds to be approved by the affirmative vote of the majority of
<br />the qualified voters of the City voting upon the question of their issuance, at the g~m~ral election next
<br />succeeding the enactment of the ordinance, or at a special election held for that purpose; and
<br />
<br /> I~EREAS, by virtue of an ordinance adopted by t~e Council of the City of Portsmouth on the seventeenth
<br />day of October, 1961, entitled, "An ordinance to Authorize the Issuance of Five Million Six Hundred Thousand
<br />Dollars of Bonds to be Known as Water Bonds, for the Purpose of Making Improvements, Extensions and A4ditions
<br />to the System of Water Works of the City, Pursuant to Section One Huddred and Twenty-seven, Clause B, of the
<br />Constitution of Virginia, and Chapter 19.1 of Title 15 of tI~e Code of Virginia, 1950", the Court of Hustings
<br />for the City of Portsmouth, by an order entered on the eighteenth day of October, 1961, directeet teat there
<br />be submitted to the qualified voters of the City of Portsmouth at an election to be held on the seventh day
<br />of November, 1961, the question whether the bonds authorized by the said ordinance should be issued; and
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