Minutes 06/25/1946 - Laserfiche WebLink

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J~ne 25th, 1946. eluded within the otherwise authorized indebtedness of said City. Section ~. Full power and authority is hereby given to the City ~anager of the City of Portsmouth to prepare and issue the said bonds In such foEn and in such sums as authorized by the preceding~ section; bach of said bonds shall' be signed by the M~ or and Pres- ident of the City Council and th~ City Collector, with the seal of the City t~ereto affixed, attested by the City Clerk, and each coupon shall have the name of the City Collector affixed thereto. Full power and authority is hereby given to the City Manager of the City of Ports - mouth to make sale of the said bonds, and as many as the City Council may deem necessary, and in such manner-and numbers and at such time or times as the said Council may dete~nine; pro - vialed, however, the same sb~ll not b e sold upon a Basis which will cost the City ~ore than six pe? cent interest'per am_utun, and no sale shall be made without the approval of the City Council, and provided, further that no bonds shall be issued tuuder this ordinance unless and until this ordinance shall have been approved by the affirmative vote of a majority of the qualified voters of the City of Portsmouth, voting npon the question of their issuance unde~ the provisiSns of Chapter 1BB of Code of Virginia, and Acts amendatory thereof and supplemen- tal Shereto. Sho~d the said bonds be issued they shall b e subject to'no taxation by the City of Portsmouth and th& coupons shall b e received in payment of all dues, taxes and assessments due to the said City. A sufficient amount of revenue derived from the said electric plant and lighting system,-after deducting the costs of operation and administration, includ- ing interest on said bonds, and the cost of insurance against loss by injury to persons and property (if any) shall be set aside snnuall~and covered into a sinking fund to pay as they mature all bonds issued under this ordinance." Motion of Mr. Weise~an that the Czt~ ~ager be authorized to pre ps~e a plan of curbs s~ud gutters, was adopted. On motion adjourned. City Clerk. Approved - ~ ~re~ident~