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1968
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<br /> }%~HEREAS, by another order entered by the said Court On the twenty-seventh day of November, 1961, it was
<br />entered of record as a result of said election that a majority of the votes were cast for the bond issue, and
<br />that the Counc$1 of the. City of Portsmeutt~ B'e fully authorized and empowered to prepare and issue and to sell
<br />or to negotiate said bonds upon tlxe faitI¢ credi~c and property of said:municipality in the amount so authorized;
<br />and
<br />
<br /> Wt~REAS, it ia provided in said ordinance that the bonds may be issued at one time, or a part thereof from
<br />time to time, as the City Coune&l of t~e C~ty shall direct, and the City Council deems it advisable to issue
<br />at this time One Million Six Hundred Thousand Dollars of bonds, a part of the Five Million Six Hundred Thousand
<br />Dollars of bonds so authorized, to make the desired improvements, extensions and additions to the system of
<br />works of the City.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY TEH COUNCIL OF THE_CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> Section 1. Pursuant to Section One Hundred and Twenty-seven, clause ~b), of the Constitution of Virginia
<br /> and Chapter 5 of Title 15.1 of the Code of Virghaia, 1950, and under and by virtue of a majority of the votes
<br /> cast "For Bond Issue", at an elect~on of the qualif~ed voters of the City of Portsmouth held on the seventh
<br /> day of November, 1961, in order to maker certain i~provements, extensions and additions to the system of water
<br /> works of the City, the City of Portsmouth shall borrow the sum of One Million Six Hundred Thousand Dollars
<br /> ($1,600,000), and there shall be issued One Million Six Hundred Thousand Dollars of bonds of said city to be
<br />i kno~cn as Water Bonds, consisting of three hundred and twenty bonds of the denomination of Five Thousand Dollars
<br /> each, numbered 1 to 520, both inclusivo, dated March t, 1969; ~ proceeds arising from the sale ofsaid bonds
<br /> to be applied to the payment of the cost of making certain improvements, extensions and additions to the water
<br /> works s~stem of the City and to no other purpose. The said bonds shall bear interest from their date payable
<br /> semi-annually March 1 and Septemberl, of each year, at such rate or at such different or varying rates, not to
<br /> exceed six per centum per annum on any bond, as may be fi~ed by the City Council prior to their execution.
<br /> Both principal and interest of said bonds shall be payable in lawful currency of the United Stat~s of America,
<br /> at The Chase Manhattan Bank (Nation Aasociation), New York, New York. The said bonds shall hot be redeemable
<br /> by the City of Portsmouth and shall mature serially, in numerical order, as follows:
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1970
<br />$64,000 of said bonds shall be payNble on March 1, 1971
<br />
<br />$64,000 of said bonds shallbe payable on March 1, 1972
<br />$64,000 of said bonds shall be payable on March 1, 1973
<br />$64,000 of said bonds shall be payable on March 1, 1974
<br />$64,000 of said bonds shall be payable on March 1, 197S
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1976
<br />$64,000 of said bonds shall be payable on March 1, 1977
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1978
<br />$64,000 of said bonds shall be payable on March 1, 1979
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1980
<br />
<br />$64,000 of said bonds sAall be payable on March 1, 1981
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1982
<br />
<br />$64,000 of said bonds shall be payabbe on March 1, 1983
<br />
<br />$64,000-of said bonds shall be payable on March 1, 1984
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1985
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1986
<br />
<br />$64,000 of said bonds shall be payable on March 1, 1987
<br />$64,000 of said bends shall be payable on March 1, 1988
<br />$64,000 of said bonds shall be payable on March 1, 1989
<br />$64,000 of said bonds shall be payable on March 1, 1990
<br />$64,000 of said bonds shall bepayable om.M~rch 1, 1991
<br />$64,000 of said bonds shall be payable on March 1, 1992
<br />$64,000 of said bends shall be payable on March 1, 1995
<br />$64,000 of said bonds shall be payable on March 1, 1994
<br />
<br /> The said bonds shall be manually signed by the M~or of the City of Portsmouth and shall be signed by the
<br />facsimile signature of the City Treasurer, with a facsimile of the seal of the City imprinted thereon, attested
<br />by the facsimile signature of the City Clerk, and the coupons shall be signed by the facsimile Signature of the
<br />C~ty Treasurer. The bonds and coupons shall be substantially in the following form, to-wit:
<br />
<br />
<br />
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