Minutes 06/25/1946 - Laserfiche WebLink

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June ~Sth, ~9~6,, The following letter was receivad and referred t o the City Attorney: "Living ~n the immediate vicinity o£ Fort Lane and North Street and being citizens, taxpayers, .and property ~wners of the City of Ports~_outh, Vs. , we do hereby petition the City Council of the City of Portsmouth to permmit B.G. Appleby, Inc. to r ~model or rebuild the property for store and office located at ll6 Fort Lane, Portsmouth, Va. Signed - E.~. Creecy, 909 North St. owner and several others.~ Lawrence was excused from z~urther attenda~ce. The President presented the following ordinance: ~tAN 0RDIi~ANCE TO AUTHORIZE THE ISSUANCE OF FOUR MILLION, H-~DttED THOUSAI~D DOLI~RS OF BONDS, TO BE KN0~N'AS ELECTRIC P0~R B0~, PURSUANT TO SECTION 12V, CLAUSE B, OF THE CONSTI- TUTION OF V~RGINY~., SECTION 3081 of THE CODE OF VIRGINIA, 1919, AND SECTION 3081-A OF T~ CODE OF VIRGI~IIA AS ENACTED BY AN ACT OF THE GENERAL ASSEMBLY OF VIRGINIA, APPROVED ~ARCH 2~nd, 1930, ENTITLED 'tAN ACT TO A~ID A~D RE-F~WACT SECTIONS 30V9 and 3081-A OF THE CODE OF VIRG[NYA, .w~LATING TO TI~E ISSUANCE OF BONDS BY CITIES Ai~D ~0VfNS. ~ On motion of ~. Weisemsm, seconded by Mr. Wilson, said ordinance was placed on its first readin~ and by the followir~v ore: Ayes: Fox, ~ Howard Stu~tevant, Warren, Weiseman, Wilson Nays: None "AN ORDINANCE TO A~THORiZE THE iSSUaNCE OF .~0UR MILLION, TWO HUNDRED THOUSAI~D ~00LLARS OF B0~DS, TO BE E~0¥Ef AS ELECTRIC POF~R BO~DS, PURSUAI~T TO SECTION 1~7, C~%USE B OF THE CONSTI- TUTION 0F VIRGINIA, SE~TION 3081 0F THE CODE 0F VIRGINIA 1919 AND SECTION 3081-A OF T~ CODE OF VIRGINiA AS ENACTED BY AN ACT OF THE G~ERAL ASSemBLY OF ViRGiNIA, AFPR0\~ED ~ARCH 1930, EI~TITLED ttAN ACT TO AMElfD AND RE-ENACT SECTIONS 3079 and 3081-A of the CODE 0F VIRGINIA, ~_~ELATING TO THE ISSU.~iCE 0F BONDS BY CITIES A~ ~P~AS, u~der smd by virtue of Section 3081 of the Code of Virginia, I919 and Section 3081-A ~of the Code of-Vimginia,-as enacted by an Act of the General Assembly of Vi~ginia~ approved Ms, ch 22nd, 1930, entitled, "An Act to amend and re-en~ct Sections 5079 and 3081-A of the Code of Virginia relating to the issuance of bonds by cities and towns"~ the Councilor-any city_in this C0rmno~wealth ~nich is authorized to acquire, maint~ n o r estab- lish a syste~ o f water wo~ks, electric lights or other lighting system, or other specific un - dertaking from 9hich the city may derive a revenue, shall have power .a~.d authority in ~ccord- ance with[Section.0ne hu~d~ed and twent~-ssven-b (127-B) of one Constztutzon of V~rgmuza, to isbue-so ~y bo~ds as may be necessary to acquire, maintain or establish such'systemo f water works, electric lights or other lighting system, or other speczf~c made~ta~zng, and · ~IEBEAS, Section One Hundred and Twenty seven b (12VLB) of the Con ~ stitution of Virginia, requires the ordinance authorizing the issuance of such bonds to b e ap- proved By the affiz~uative vote'of the majority of the qualified voters of the City voting upon the question of their issuance, at the general election next succeeding the enactment of the ordinance, or at a special election held for that purpose; and ~[~EREAS, the.City of Portsmouth is authorized a~d empowered to acquire or establish, maintain and operate an electric plant or lighting system, ~ud the Council of ssi~ Ciby deems it advisable and necessary to acquire or establish, maintain and operate wit.bin and partly without the limits c~ said City an electric plant mud lighting system and the rights of way, poles, conduits, wires, and other fixtures and appurter~uces connected therewith, for the pUrPose of supplying e lec~ricity for municipal purposes and to t he inhabitants of the City and its environs; and to issue Four ~illion, Two Hundred Thousand Dollars .......... of bonds fo~ that purpose, NOW, THEREFORE, BE iT 0HDAi~D by the Council of the City of Ports - mouth, Virginia, that Section Io 'Pursuant to section one hundred and.twenty-seven-b (l~7-B) of the constitution of Virginia, Section 3081 of the Code of Virginia, 1919, and Sectzon 3081-A of the Code of Vir znza as enacted by au Act of the General Assembly of Virginia, entatled: ~AnAct g , ~ - . ~ . · to amend a~d re-enact Sections 3079 and 3081-A of the ~ode o£ V~rg~n~a, relating to t he ~ssuanc~ of bonds by cities s~d townst', in order to acquire, purchase, build, ~ud constr~ct an electric plant and lighting system, the City of PortsmouSh, shall borrow the sum of Four Million, Two ~Hundred-~nousand ................ Dolls~s~ andthere shall be issued in the name of and in the behalf of the City of Portsmouth, Virginia, Fou~ Million, Two H~ud~ed Thousand Dollars of reg- istered or coupon bonds to be knomm as Electric Power Bonds~in the denominations of One Hun - d~ed Dollars, Hive Hundred Dollars, and One Thousand Dollars, either or ~l as ~he CSty Court - 5ii may d6term~ne~ and ~he proceeds arisin~ from the sale of said bonds s~! be applied to the cost of .acquiring, establi~tiing, building and constructing an electric plant s~d'lighting sys- tem, and to no other pu~ose. The~said.bonds shall be made ~n serial bonds and shs~l be is - sued at one time, or a part thereof f~om time to t~ae as the City Council s~.hall direct,~ and each'issue shall be payable in series one-twenty-fifth of each issue five ~e~ afte~ t~ei~ date, and one-twenty-fifth each year thereafter for the period of twenty-fo~ ~ars, and S~id- bonds shall bear interest at a.rate to be hereafte~ deter~uined by the City Council, but noz to exceed fo-~ per centum per ar~uum, payable semi-annually; both p rincipal and interest shall be payable in lawful cu~ren~u o~ the United States of America. The said bonds shsll not be in