Minutes 01/14/1992 - Laserfiche WebLink

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January 14, 1992 person or by his duly authoriz~ age,t, upon surrender of such Bond to the registrar for cancinlation, accompanied by a writhe instrument of transfer duty executed by the registered owner in person or his duly authorized agent, in form satisfactory to the reg%trar. (g) All transfers or exchanges pursuant to this paragraph shal] be made without expense to the registered owner of such Bonds, except as ntherwise herein provided. and except that the registrar shall require the payment by the registered owner of the Bond requesting such transfer or exchange of any tax or other governmental charges required to ha paid with respect to such transfer or exchange. All Bonds surrendered pursuant m this paragraph shall be cancelled. 4. The full faith and credit of the City shah be and hereby, is irrevocably pledged to the payment of the prinapal of and interest on the Bonds ms the same respectively become due and payable. In each year while the Bonds. or any of them. are outstanding and unpaid, there shall be assessed, levied and collected, at the time and in the same manner as other taxes in the City are assessed, levied and collected, an ad valorem tax upon all property subject m taxation by the City, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on the Bonds as the same respectively become due and payable, if the revenues of the aforesaid undertaking consisting of the water and sewerage system are insufficient to meet the obligations herein set forth. 5. CU~I~ idedtificatinn numbers may be printed on the Bonds. but no such number shall constitute or be deemed to be a part of the contract evidenced by the particular Bond upon which it is printed and no liability shall attach to the City or any officer or agent thereof (including any paying agent for the Bonds) by reason of such numbers or any use made thereof (including any use made thereof by the City, any such officer or any such agent) or by reason of any inaccuracy, error or omission with respect thereto or in such use. All expenses in relation t'o the printing of such numbers on the Bonds shall be paid by the City including the CUSIP Sexwice Bureau charge for the assignment of such numbers. 6. The City covenants that it shall comply with the pro-asions of Section 102; and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated or proposed m be promulgated thereunder- applicable m the Bonds. throughout the term of the Bonds. 7. The Bonds shall not be included in determining the limitation upon the power of the Ci~ to incur indebtedness under the provisions of Article VII. Section 10, of the Constitution of Virginia. but from and after November 6. 1995, whenever and for so long as the City's water and sewerage system fails to produce sufficient revenues to pay the cost of operation and administration (including interest on bonds issued therefor), the cost of insurance against loss or injuries to persons and propers, and an annual amoum to oe placed into a sinking fund sufficient to pay at or before maturity all bonds (including the Bonds) issued on account of such system, all such bonds (including the Bond~) outstanding~ sh~ll be included in determining the limitation upon the power of the City to incur indebtedness. 8. The Bonds' shall be sold in one or more series in :accordance witl~ the provisions of paragraph 1 at public or private sale. as determined by the City Manager, at such price and on such other terms and conditions a.~ are determined by the City Manager. The sale and the definitive details of the Bonds shall be approved, ratified and confirmed by resolution of this Council. If the Bonds of any series are to be sold at public sale. the City Manager of the City is authorized to cause to be published and distributed a notice of sale of such series of the Bonds. or. in lieu of publishing the full text of such notice of sale. to publish a summary thereof, such publication to be made in The Bond Buyer, a financial newspaper published in the City of New York, New York. with the date of the first pubHcatinn to be at least seven (7) days prior to the date of sale of such series of the Bonds. and the City Manager is further authorized to cause to be prepared and distributed a preliminary and a final Official Statement relating m each series of the Bonds. 9. The Bonds. the certificate of authentication of the registrar, and the assignment endorsed on the Bonds. shall be in substantially the forms set forth below with such changes in format as may be appropnam m conform with customs and practices applicable to comparable securities: ~ UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA C1TY OF PORTSMOUTH GENERAL OBLIGATION PUBLIC UTILITY BOND SERIFS REGISTERED No. R- REGISTERED $ INTEREST MATURITY DATE OF RATE: DATE: B_.OND: .. CUSIP: REGISTERED OWNER: PRINCIPAL SUM: The City of Portsmouth, a mumcipal corporation ~f the Commonwealth of Virgima (the "C'ty' ), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner (named above}, or registered assigns, on the Maturity Date (specified above) unless this Bond shall have been duly cai ed tbr previom ~edempllon and