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January 7, 1991
<br />
<br /> W~EREAS, on October 10, 1989 the Council adopted a
<br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />$12,950,000 GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF
<br />VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND
<br />PROVIDING WITB RESPECT TO THE ISSUANCE AND SALE OF A LIKE
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND ~ECEIPT OF THE PROCEEDS OF SALE
<br />OF BUCB BONDS", and no bonds have heretofore been issued pursuan~
<br />to such resolution; and
<br />
<br /> WHEREAS, in the judgment of the council it is desirable
<br />to consolidate and restate a portion of the bond authorizations
<br />provided in the above-referenced resolutions adopted by the
<br />Council on August 11, 1987, December 8, 1987, January 10, 1989
<br />and October 10, 1989, to continue the remainder of such bond
<br />authorizations and to authorize the issuance of additional
<br />General Obligation Public Improvement Bonds~
<br />
<br /> NOW, THEREFORE, BE IT HESOL1rED by the Council of the
<br />City of Portsmouth, Virginia:
<br />
<br /> 1.(a) Pursuan= to Chapter 5 of Title 15.1 of the Code
<br />of Virginia, 1950, the same being the Public Finance Act, and the
<br />Charter of the City, ~or the purpose of providing funds =o pay
<br />the cos=s of the public improvement projects of and for the City
<br />as set forth in paragraph 7, there are hereby authorized to be
<br />issued Thirty-Five Million Dollars ($35,000,000) principal amount
<br />of general obligation bonds of the City to be designated and
<br />known as "City of Portsmouth, Virginia, General Obligation Public
<br />Improvement Bonds" (hereinafter referred to as the "Bonds"). The
<br />Bonds shall be issued and sold in their entirety at one time, or
<br />from time to time in part in series, as shall be determined by
<br />the city Manager of the City. The Bonds may be sold at the same
<br />time as other general obligation bonds are sold by the City. All
<br />such Bonds shall be issued in fully registered form and shall be
<br />in such denomination or denominations as shall be determined by
<br />the City Manager. The Bonds of a given series shall be numbered
<br />from R-1 upwards in order of issuance: shall mature annually on
<br />such day in each year and commencing in such year as shall be
<br />determined by the City Manager; and shall hear 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 s~ch series and
<br />semiannually thereafter. The city Manager is auth6rized 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 />
<br />payment dates thereof; the maturity dates thereof; the amount of
<br />principal maturing on each maturity date; the place or places of
<br />payment thereof and the paying agent or paying agents therefor;
<br />the place or places or registration, exchange and 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 subject to such redemption, the premiums, if
<br />any, payable upon such redemption and the respective periods in
<br />which such premiums are payable.
<br />
<br /> (b) In the event the Bonds of any series shall be
<br />dated as of a date other than the first day of a calendar month
<br />or the dates on which interest is payable on such series are
<br />other than the first days of calendar months, the provisions of
<br />paragraph 2 with regard to the form of such Bonds shall be
<br />modified as the City Manager shall determine to be necessary or
<br />appropriate.
<br />
<br /> (c) If the Bonds are subject to redemption and if any
<br />Bonds (or any portions thereof in installments of $5,000 or any
<br />integral multiple thereof) are uo be redeemed, notice of such
<br />redemption, specifying the date, numbers and maturity or
<br />maturities of the Bond or Bonds to be redeemed, the date and
<br />place or places fixed for their redemption, and the premium, if
<br />any, payable upon such redemption, and if less than the entire
<br />principal amount of a Bond called for redemption is tc be
<br />redeemed, that such Bond must be surrendered in exchange for the
<br />principal amount thereof to be redeemed and the issuance of a new
<br />Bond or Bonds equalling in principal amount that portion of the
<br />principal amount of the Bond to be surrendered no= uo be
<br />redeemed, shall be mailed not less than thirty (30) days prior ~o
<br />the date fixed for redemption by first class mail, pos=age
<br />prepaid, to the registered owner of such Bond at his address as
<br />it appears on the books of registry kept by the registrar as of
<br />the close of business on the forty-fifth (45th) day preceding the
<br />date fixed for redemption. If any Bonds shall have been called
<br />for redemption and notice thereof shall have been given as
<br />hereinabove set forth, and payment of the principal amount of
<br />such Bonds (or of the principal amount thereof ~o be redeemed)
<br />and of the accrued interest and premium, if any, payable upon
<br />such redemption shall have been duly made or ~rovided for,
<br />interest on such Bonds (or on the portion of the principal amount
<br />thereof to be redeemed) shall cease to accrue from and after the
<br />date so specified for their redemption.
<br />
<br /> 2.(a) The Bonds shall be executed, for and on behal~
<br /> of the City, by the manual or facsimile signatures of the Mayor
<br /> and the Director of Finance of the City, and shall have an
<br /> impression of the corporate seal of the City or a facsimile
<br /> thereof affixed thereto or imprihted thereo~,-attested by the
<br /> manual or facsimile signa=ure of the City Clerk of the City.
<br />
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