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January 14, 1992
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<br /> 10. The City Attorney of the CIB' is authorized and directed to file a copy
<br />of this resolution, certified b~t the City Clerk of the City. to be a true copy hereof, with the
<br />Clerk of the Circuit Court of the City of Portsmouth, ¥irginia.
<br />
<br /> 11. The Mayor, the City Clerk. the City Manager. the Director of Finance.
<br />the City Attorney and other appropriate officers, employee and agents of the City are hereby
<br />authorized and directed to take all such action and to execute such instruments as shall be
<br />deemed by them to be ancessaty or appropriate to effect the printing, execution and
<br />issuance of the Bonds and the detiver~ of the Bonds in accordance with the terms of this
<br />resolution upon receipt of the purchase price therefor, and for the proper application and
<br />use of the proceeds of such sale.
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<br /> 12. Alt actions and proceedings heretofore taken by this Council. the City
<br />Manager and the other officers, employees, agents and attorneys of the City in connecnon
<br />with the authorization, issuance and sale of the Bonds, are hereby ratified, confirmed and
<br />approved.
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<br /> 13. If any section, paragraph, clause or provision of this resolution shall be
<br /> held invalid or unenforceable for any reason, the invalidity or unanforceability of such
<br /> section, paragraph, clause or pro?stun shall not affect any of the remaining poruons of this
<br /> resolution.
<br />
<br /> 14. All ordinances, resolutions and proceedings in conflict herein, to the
<br /> extent of such conflict, hereby repealed.
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<br /> 15. The Bonds authorized for issuance hereby are, an part, in lieu of and
<br /> in substitution for bonds heretofore authorized by resdiutions of the Council. Such
<br /> resolutions of the Council are hereby repealed to the extem of the bond authorizations
<br /> contained therein, provided~however, that such repeal.shall not be effective with respect to
<br /> any bonds of the City authorized for issuance, and issued and outstanding, under such
<br /> resolutions.
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<br /> 16. This resolution shall take effect upon its adoption.
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<br /> ~yes: Cle~ons, Corprew, Epperson, King, Hawks, Williams, Web}~
<br />~ ~Nays: None
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<br /> b) ~otion of Mr. Clemons and seconded by Mr. Epperson the
<br />following resolution was adopted, and by the following vote:
<br /> A RESOLUTION ALrrHO~G THE ISSUANCE OF SEVEN
<br /> M~IJON SIX HUNDRED ~'lk-rkJEN THOUSAN~D DOLLAP~
<br /> ($7,615,000) PRINCIPALAMOUNT OF GENERAL OBLIGATION
<br /> pUBLIC UTILITY BONDS, OF THE Cl;rY' OF PORT~MOIYrH,
<br /> VIRGINIA, FOR THE pURPOSE OF PROVIDING ~ TO
<br /> PAY THE COSTS OF CAPITAL I:M2PROVEMENT, EXTENSIONS
<br /> AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF
<br /> SUCH CITY, PURSUANT TO ARTICLE VII. SECrION 10(a)(2),
<br /> OFTHE CON~'rl't GTION OF VIRGINIA: FIXING THEFORM OF
<br /> SUCH BONDS; AND AUTHOI~IT-ING THE SALE OF SUCH
<br /> BONDS
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<br /> WHEREAS, pursuant to an ordinance adopted by the Council (the "Council")
<br />of the City of Portsmouth. Virginia (the "City") on August 28. 1990 and an election held in
<br />the City on November 6. 1990. there were authorized for issuance $17,615,000 principal
<br />amount of general obligation Public Utility Bonds of the City; and
<br /> WHEREAS, the City has heretofore issued $10.000.000 principal amount of
<br />such general obligation Public Utility Bonds; and
<br />
<br /> WHEP, EA.~ n thc judgment of the Council, it is necessary and expedient to
<br />authorize the issuance add sale to issue and sell general obligation Publ c Utility Bonds of
<br />the City in the aggregate principal amount of $7,5t5,000 for the purpose se; forth in
<br />paragraph l(a) hereof;
<br /> NOW, TH]EREFORE. BE IT RESOLVED by the Council of the City of
<br /> Portsmouth, Virginan
<br /> 1. (a) Pursuant:to the Constito~ion of ~firginia (including Article VII, Section
<br /> 10(a)(2~ thereof), Chapter 5.1 of Title 15.1 of the Code of Virginia. 1.950, the same being
<br /> the Public Finance Act of 1991. and the aforementioned ordinance adopted by the Council
<br /> on AugUSt 28, 1990 and the aforementioned election held in the City on November 6. 1990,
<br /> for the purpose of providing funds to pay the cost of capital improvements, ex-tensions and
<br /> additions to the City's revenue-producing water and sewerage system, there are hereby
<br /> authorized to be issued and sold Seven Million Six Hundred Fifteen Thousand Dollars
<br /> (57,615,000) principal amount of general obligation bonds of the City to be designated as
<br /> known as "C~ty of Portsmouth, General Obligation Public Utility Bonds" (hereinafter referred
<br /> to as the "Bonds"). The Bonds shall be issued and sold in their entirety at one time. or from
<br /> nme-to time in part in sones, as shall be determined by the Cit~ Manager of the City. The
<br /> Bonds may be sold at the same time as other general obligation bonds are sold by the City.
<br /> All such Bonds shall be issued in fully registered form and shall be in such denomination or
<br /> denominations as shall be determined by the City Manager. The Bonds of a given series
<br /> shall be numbered from P,-1 upwards in order of issuance: shall mature annually on such day
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