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January 7, 1991
<br />(d) Resolution adopted on October 10, 1989:
<br />
<br /> Amount ~ff ~
<br /> Projects Original Authorization Consolidated Autkori~ation
<br />
<br />Drainage, Curb, Gutters
<br />and Street Improvements $1,304,300 $ 0 $1,304,300
<br />Education 6,461,500 4,5t8,750 t,942,750
<br />
<br />adoption.
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<br />16. This resolution shall take effect upon its
<br />
<br /> Adopted by the City Council of the City Of Portsmouth,
<br />Virginia, at a meeting held on January 7, 1991.
<br />
<br />Teste:
<br />
<br />90-490 (b)
<br />
<br />City Clerk
<br />
<br />A RESOLUTION RUTHORISING THE ISSUANCE OF TEN
<br />MILLION DOL~S ($10t000tO00} PRINCIPAL AMOUNT OF
<br />GENEI~L OBLIGRTION PUBLIC UTILITY BONDS, OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF
<br />PROVIDIN~ FUNDS TO P~Y THE COSTS OF C/qPIT~L
<br />IMPROVEMENT, EXTENSIONS ~ND ~DDITIONS TO THE W~TBE
<br />AND SEWER SYSTEM OF SUCE CITYw PURSU]%NT TO ~.RTICLB
<br />VII, SECTION 10(a)(2), OF THE CONSTITUTION OF
<br />VIRGINIA; FIXING THE FORM OF SUCH BONDS; ~ND
<br />AUTHORIZING THE SALE OF SUCH BONDS
<br />
<br /> ~HERF2%S, pursuant to an ordinance adopted by the
<br />Council (the "Council") of the City of Portsmouth, Virginia (the
<br />"City") on August 28, 1990 and an election held in the City on
<br />Nove~zber 6, 1990, there were authorized for issuance $17,615,000
<br />principal amount of general obligation Public Utility Bonds of
<br />the City; and
<br />
<br /> W"HEREAS, in the judgment of the Council, it ls
<br />necessary and expedient to authorize the issuance and sale to
<br />issue and sell general obligation Public Utility Bonds of the
<br />City in the aggregate principal amount of $10,000,000 for the
<br />purpose set forth in paragraph l(a) hereof;
<br />
<br /> NOW, THEREFORE, BE IT P~ESOLVED by the Council of the
<br />city of Portsmouth, Virginia:
<br />
<br /> 1. (a) Pursuant to the Constitution of Virginia
<br />(including Article VII, Section 10(a)(2) thereof), Chapter 5 of
<br />Title 15.1 of the Code of Virginia, 1950. the same being the
<br />Public Finance Act, and the aforementioned ordinance adopted by
<br />the Council on August 28, 1990 and the aforementioned election
<br />held in the City on November 6, 1990, for the purpose of
<br />providing funds to pay the cost of capital improvements,
<br />extensions and additions to the City's revenue-producing water
<br />and sewerage system, there are hereby authorized to be issued and
<br />sold Ten Million Dollars ($10,O00,00C) principal amount of
<br />general obligation bond~ of the City to be designated as k~own as
<br />"city of Portsmouth, General Obligation Public Utility Bonds"
<br />(hereinafter referred to as the "Bonds"). The Bonds shall be
<br />issued and sold in their entirety at one time, or from time
<br />time in paz~c in series, as shall be detelq~ined by the City
<br />Manager of the City. The Bonds may be sold at the same time as
<br />other general obligation bonds are sold by the City. All such
<br />Bonds shall be issued in fully registere~ form and shall be in
<br />such denomination or denominations as shall be determined by the
<br />city Manager. The Bonds of a given series shall be nu~ered from
<br />R-1 upwards in order of issuance; shall mature annually on such
<br />
<br />day in each year and com~encing in such year az ~hall be
<br />determined by the-City Mamager; and shall bear interest payable
<br />on such dates as shall be determined by the City Manager, such
<br />interest to be payable on a date which is not more than twelve
<br />(12) months from the date of the Bonds of such series and
<br />semiannually thereafter. The City Manager is authorized to
<br />determine in accordance with and subjec~ to the provisions of
<br />this resolution: the date or dates of the .Bonds; the interest
<br />palrment dates thereof; the maturity dates thereof; the amount
<br />principal maturing on each maturity date; the~tace or places of
<br />payment thereof and the paying agent or paying agents therefor;
<br />the place or places or registration, exc~nge~nd transfer
<br />thereof and the registrar therefor: and whether or not the Bonds
<br />shall be subject to redemption prior to their stated maturity or
<br />maturities and if subjec= to such redemption, the premit~ms, if
<br />any, payab~e-~uponsuch redemption and the respective periods in
<br />which such premi~ are payable.
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