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299
<br />
<br />April 1, 1992
<br />
<br /> The books of registry shall at all times be open for inspection by the City or
<br />any duty authorized efficer ~heree~
<br />
<br />principa
<br />
<br />of regist
<br />agent, u'
<br />written
<br />authorim
<br />
<br />Registr~
<br />or excha
<br />such tm
<br />
<br />Bond rnt
<br />in the na
<br />York ('~
<br />in the ct
<br />purchase
<br />integral
<br />represen
<br />
<br />by the DJ
<br />or its not
<br />paymean
<br />Bonds.
<br />will be t
<br />Bonds b
<br />of such
<br />accompll:
<br />on behall
<br />
<br />or for m~
<br />persons
<br />with, noti
<br />Bonds at
<br />
<br />book-entr
<br />
<br />wffi be g~
<br />any banet
<br />
<br /> Any Bond may be exchanged at the office af the Registrar for a tike aggregate
<br />amount of such Bonds in ether authorized principal amounts of the same interest
<br />maturity.
<br />
<br /> Any Bond may, in accordance with its terms, be transferred upon the books
<br />by the person in whose name it is registered, in person or by his duly authorized
<br />~un surrender of such Bond to the Registrar for cancellation, accompanied by a
<br />mtrument of transfer duly executed by the registered owner in person or his duly
<br /> agent, in form satisfactory to the Registrar.
<br />
<br /> All transfers or exchanges of Bonds shall be made without expense to the
<br />1 owners of such Bonds, except as otherwise herein provided, and except that the
<br />shall require the payment by the registered owner of Bond requesting such transfer
<br />(ge of any tax or other governmental charges required to be paid with respect to
<br />refer or exchange. All Bonds surrendered for transfer or exchange shall be
<br />
<br /> The Bonds shall be issued only in fully registered form without coupons. One
<br />resenting each maturity of each issue of the Bonds will be issued to and registered
<br />ae of Cede & Co., as nominee of The Depnsitory Trust Company, New York, New
<br />)TC~, as registered owner of the Bonds and each such Bond shall be mamobllized
<br />~tody of DTC. DTC will act as securities depository for the Bonds. Individual
<br />; will be made in book-entry form only, in the principal amount of $5,000 or any
<br />unlfiple thereof. Purchasers will not receive physical delivery of certificates
<br />lng their interest in the Bonds purchased.
<br />
<br /> Principal, premium, if any, and interest payments on the Bonds will be made
<br />'actor of Finance of the City, as Regmtrar and Paying Agent for the Bonds, to DTC
<br />fince, Cede & Co., as registered owner of the Bonds, which will in turn remit such
<br />to the DTC participants for subsequent dishursal to the beneficial owners of the
<br />'ransfer of principal, premmm, if any, and interest payments to DTC participants
<br />e responsibility of DTC. Transfers of such payments to beneficial owners of the
<br />DTC participants will be the responsibility of such participants and other nominees
<br />beneficial owners. Transfers of ownership interests in the Bonds win be
<br />had by book entries made by DTC and, in turn, by the DTC participants who act
<br />of the indirect participants of DTC and the beneficial owners of the Bonds.
<br />
<br />The City will not be responsible or liable for sending transaction statements
<br />Umalng, supervising or reviewing records maintained by DTC, its participants or
<br />cting through such participants or for transmitting payments to, communicating
<br />ying, or otbemisa dealing with any beneficial owner of the Bonds. So Iong as the
<br />'- in book-nutty only form, the Director of Finance of the City vail serve as
<br />
<br />and Paying Agent for the Bonds. The City reserves the fight to designate a
<br />Registrar end Paying Agent for the Bonds ff the Bonds at arty time cease to be in
<br />r only form.
<br />
<br /> So long as the Bonds are in book-onrff only form, any notice of redemption
<br />en only to DTC or its nominee. The City shall not be responsible for providing
<br />cial owner of the Bonds any notice of redemption.
<br />
<br />pledged t,
<br />dna. In e
<br />be assess(
<br />in the Cit
<br />taxation 1
<br />interest o
<br />of the p,
<br />for that
<br />
<br />of the (
<br />Constitu~
<br />as the al(
<br />Port Imp'.
<br />and admil
<br />loss or inj
<br />fund surf
<br />
<br />in deterrr
<br />
<br />103 and
<br />promulga
<br />
<br />Obligatio
<br />Public Ut
<br />at the me
<br />
<br />facsimile
<br />of the cc
<br />fucsiunle
<br />
<br /> 3. The full faith and credit of the City shall be and hereby is irrevocably
<br />~ the payment of the principal of end interest on the Bonds as the same become
<br />tch year wlffle the Bonds, or any of them, are outstanding and unpaid, there shall
<br /> levied and collected, at the same time and in the same manner as other t~es
<br />r are assessed, levied and collected, upon all property within the City subject re
<br />y the City, a tax sufficient m provide for the payment of the principal of and
<br />t the Bonds as the same become due, iftbe revenues oftbe undertaking consisting
<br />t improvements financed from the 1975 Port Improvement Bonds are insufficient
<br />~rpose.
<br />
<br />The Bonds shall not be included in determining the llmitafionupon the power
<br />to incur indebtedness under the provisions af Article VII, Section 10, of the
<br />n of Virginia, but from and after November 3, 1975, whenever and for so long
<br />resaid undertaking consisting of the port improvements financed from the 1975
<br />ovement Bonds falls to produce sufficient revenues to pay the cost of operation
<br />~stration (including interest on bonds issued therefor), the cost of insurance against
<br />aries to persons and property, and an annual amount to be placed into a sinking
<br />:lent to pay at or before maturity all bonds (including the Bonds) issued on
<br />? such system, all such bonds (including the Bonds) outstanding shall be included
<br />ting the limitation upon the power of the City to incur indebtedness.
<br />
<br /> 4. The City covenants and agrees to comply with the provisions of Sections
<br />¢1-150 of the Internal Revenue Code of. 1986 and the Treasury Regulations
<br />ed thereunder throughout the term of the Bonds.
<br />
<br /> 5. The Bonds shall be sold in conjunction with the sale of the General
<br />Public Improvement Refunding Bonds. Series 1992. and the General Obligation
<br />lity Refunding Bonds, Series 1992, of the City, authorized for sale by the Council
<br />eting at which this resolution is being adopted.
<br />
<br /> 6. The Bonds shall be executed, for and on behalf of the City, by the
<br />dgeatures of the Mayor and the Director of Finance of the City, and a facsimile
<br />-porate seal of the City shall be imprinted on the Bonds and attested by the
<br />~ignature of the City Cicrk of the City.
<br />
<br /> The Director of Finance of the City, as Registrar for the Bonds shall
<br />amheutic rte such Bonds and no such Bond shall be valid or obligatory for any purpose
<br />
<br />
<br />
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