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R, C. P.
<br />
<br />December 14, 1916.
<br />
<br />VIRGINIA, AI~D FOR THE LEVY OF A TAX FOR THE PURPOSE OF PAYING THE INTEREST THEREON ~ND THE
<br />PRINCIPAL AT .~-~TURITY.f
<br />
<br />"BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, that,
<br />
<br /> WHEREAS, there are outs~uding improvement bonds of the City of Port~mouth, in the amount
<br />of $200,000.00 issued for the purpose of procuring funds for carrying into effect the purposes
<br />and object~ of the Cha~er of the City of Portsmouth, said purposes~being specifically the im-
<br />provemen~ of certain streets in the City of Portsmouth; the lighting of certain streets in said
<br />city, and the construction of sewers in said city, and other purposes and objects authorized
<br />by the Charter of the City of Portsmouth, Vi~oinia, which bonds were duly and legally issued,
<br />and,
<br /> WHEREAS, said bonds bear interest at the rate of six (6%) percent and mature upon January
<br />1, 1917, s~nd,
<br />
<br /> WHEREAS, it is possible to refund said indebtedness by the issuance of refunding .bonds
<br />bea~ing interest at the rate of four and one half (427~) percent, and,
<br />
<br /> .WHEREAS, such refunding at a reduced zate of interest would be for the bestinterest of
<br />the City of Portsmouth,
<br />
<br />THEREFORE, BE IT ORDAINED BY.THE COUNCIL OF THE CITY OF PORTSMOUTH:-
<br />
<br /> SECTION i: That refunding bonds be issued inthe sum of $200,000.00; said bonds Shall be
<br />dated January l, 191?; shall be of the denomination of $1000.00 emch, n~umbered from one to two
<br />hundred, inclusive; both principal and interest thereof shall be paymble at The Hanover Nation-
<br />al Bank in the City of New York; smd shall bear interest at the rate of four smd one-half ($~)
<br />p~ce~t.~er .annum, payable semi-annu~..lly upo~ .the first d~ys of Janus~ry and July of each year,
<br />~a s~n~ ma~ure ms follows:- Fo~y.(~0) bonas thereof aggreg~ting.$$o,0o0.o0-upon the 'first
<br />aay ox eanu~ry, 191~, and forty ($0) bonds of the aggregate value of $$0,000~00 annually upon
<br />January let of each year thereafter upL, to and including Js~uu~ry l, ~9£3; said bo~ds shall be
<br />sig~ed by the President of the Counbil, mhd by the City Treasurer; ~he se~ of s=id city shall
<br />be mffixed, attested.by the City Clerk, and the coupons shall bear the fac-simile signature of
<br />the¢ity Treasurer; said bonds shall be in substantially the following form, to-wit:-,,
<br />
<br />"U N I T E D S T A T E S O F A M E R I C A
<br />
<br />s T A T E O:'F V I R G ! ~ t A
<br />
<br />COUNTY OF NORFOLK.
<br />
<br />' CITY OF PORT ~$~UTH
<br />
<br /> FOUR AND 0~ F~ILF (~%) PERCENT REFUNDING BOND.
<br /> No. $
<br />
<br /> ~'KNOW ALL ~EN BY THESE PRE~ENTS: That the City of Portsmouth, Norfolk
<br /> I C
<br /> ounty, Virginia, acknowledges itself to owe and for value received hereby promises to pay to
<br />· bearer, upon the first day of January, 19, the sum of
<br />
<br /> ~in 0~ THOUSAI'~D DOLLARS."
<br />
<br /> lawful money of the United States of Am. erica, with interest' thereon at the rate of four and
<br /> one hmlf (~) percent per ~nnum, payable semi'ar~umlly upon the fmrst days.of January and July
<br /> of each year, until the payment of the principal h~eof, upon presentation and surrender of the
<br /> proper coupons therefor hereto attmched. Both principal and interest hereofare payable at The
<br /> Hanover National B~nk in the City of New York.
<br />
<br /> "This box~i is one of a series of two hundred 'bonds of like denomination,
<br />tenor a~ud effect, except as to maturity, numbered coneecuti~ely from one to two hundred, both
<br />inclusive, aggregating Two Hundred Thousand ($200,000.00) Dollars in ~mount, and is issued under
<br />authority of the General Laws of the State of Virginia, and the p~ovisions of the Charter of the
<br />City of Portsmouth, Virginia,and by~v~2tue~ of an ordinance duly passed by the Council of the
<br />said City upon the iSth day of Novemb~r~ l~16,'entitled, "An O~dinance to provide for the issu-
<br />ance o~ $200,000.00 Refunding bonds o~ the City of PortsmOUth, Virginia, a~d for the levy of a
<br />tax for the purpose Of paying the interest thereof and the principal at~maturlty." The bonds
<br />of which this bond is one are issued for the purpose of refunding a like amount of outsts~uding
<br />bonds heretofore lawfully issued, forpurpose authorized by the 'Charter of said City.
<br />
<br /> "It is hereby certified and recited that all acts, conditions and
<br />things required by law to be done, precedent to and in the i.s~u~nce hereof, in order to make
<br />this bond a legal, valid and binding obligation of the City of Portsmouth, Norfolk County, Vir-
<br />ginia, have been done, have happened and been performed in regula~ and due form; that this
<br />sue of bonds, together with all other Outstanding indebtedness of said City, is not in excess
<br />of any statutory~or constitStion~l .limitation of indebtedness; that provision has been ma~e for
<br />the levy and collection of an annual tax sufficient to pay the interest hereof and to create
<br />sinking fund to redeem the principal at m~turity~ ~hat the full faith, credit and revenues, and
<br />all the real a~d personal property of said City, are hereby irrevocably pledged for the prompt
<br />payment of this bond and interest, as the same mature.
<br />
<br /> "IN ~gTNESS WF~REOF, the City of Portsmouth, Norfolk Co. unty, Virginia,
<br />has caused this bond to be signed by the President of the Council and by the City Treasurer; the
<br />seal of said City to be ~ffixed, attested by the City Clerk, ~nd the coupons to bear the fac-
<br />simile signature of the City Treasurer at Portsmouth, Virginia, this first day of January, 1~17.
<br />
<br />'~CITY OF PORTSEOUTH/~
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