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- Ja~_iua~ 7~ 1991
<br />
<br /> 7. The proceeds: of sale of the Bonds shall be applied
<br />to the payment of the costs of the following public improvement
<br />projects in substantially the respective amounts:
<br />
<br /> Progects
<br />
<br />Drainage, Curbs, Gutters and
<br /> Street Improvements
<br />Education
<br />Priority Action Program
<br />Industrial and Economic Development
<br />Parks and Recreation
<br />Public Safety
<br />Municipal Facilities and Community
<br /> Services
<br /> Total
<br />
<br />$ 2,236,985
<br />12,817,000
<br />2,609.045
<br />876,077
<br />3,165,800
<br />305,435
<br />
<br />12,989,658
<br />$35,000,000
<br />
<br />If any project set forth above shall require less than the entire
<br />respective amount so set forth above, the difference may be
<br />applied to any of the other projects so set forth.
<br />
<br /> 8. The Bonds shall be sold in one or more series in
<br />accordance with the provisions of paragraph 1 at public or
<br />private sale, as determined by the City Manager, at such price
<br />and on such other terms and conditions ss are determined by the
<br />City Manager. The sale and the definitive details of the Bonds
<br />shall be approved, ratified and confirmed by resolution of this
<br />Council. If the Bonds of any series are to be sold at public-
<br />sale, the City Manager of the city is authorized to cause to be
<br />published and distributed a notice of sale of such series of the
<br />Bonds, or, in lieu of publishing the full text of such notice of
<br />sale, to publish a summary thereof, such publication to be made
<br />in The Bond Buyer, a financial newspaper published in the City of
<br />New York, New York, with the date of the first publication to be
<br />at least seven (7) days prior to the date of sale of such series
<br />of the Bonds, and the City Manager is further authorized ~o cause
<br />to be prepared and distributed a preliminary and a final Official
<br />Statement relating to each series of the Bonds.
<br />
<br /> 9. The Bonds. the certificate of authentication of
<br />the registrar, and the assignmen~ endorsed on the Bonds. shall be
<br />in substantially the following forms set forth below with such
<br />changes in format as may be appropriate to conform with customs
<br />and practices applicable to comparable securlities:
<br />
<br /> UNITED STATES OF AMERICA
<br /> COMHONWEALTM OF ~IMGINT~
<br /> CITY OF PORTSMOUTM
<br /> GENEP~L OBLIGATION PUBLIC IMPROVEMENT BOND
<br /> SERIES
<br />
<br />REGISTERED
<br />NO.
<br />
<br />INTEREST
<br /> RATE :
<br />
<br />REGISTERED
<br />
<br /> $
<br />
<br />MATURITY DATE OF ORIGINAL
<br /> DATE : ISSUE : CUSIP:
<br />
<br />PRINCIPAL
<br />
<br /> The city of Portsmouth, a municipal corporation of the
<br />Commonwealth of Virginia (the "City"), for value received,
<br />acknowledges itself indebted and hereby promises to pay to the
<br />Registered Owner (named above), or registered assigns, on the
<br />Maturity Date (specified above) unless this Bond shall have been
<br />duly called for previous redemption and payment of the redemption
<br />price duly made or provided for, the Principal Sum (specified
<br />above) and to pay interest on such Principal Sum until payment of
<br />such Principal Sum in full, at the Interest Rate (specified
<br />above) per annum, on __., 19 and semiannually on each
<br /> and thereafter (each such date
<br />is hereinafter referred to as an "interest payment date"), from
<br />the date hereof or from the interest payment date next preceding
<br />the date of authentication hereof to which interest shall have
<br />been paid, unless such date of authentication is an interest
<br />payment date, in which case from such interest payment date if
<br />interest shall have paid to such date, or unless such date of
<br />authentication is within the period from the sixteenth (16th) day
<br />to the last day of the calendar month next preceding the
<br />following interest payment date, in which case from such
<br />following interest payment date. Such interest is payable by
<br />check or draft mailed by the Registrar hereinafter mentioned to
<br />the Registered Owner in whose name this Bond is registered upon
<br />the books of registry kept by the Registrar, as of the close of
<br />business on the fifteenth (15th) day (whether or not a business
<br />day) of the calendar month next preceding each interest payment
<br />date.
<br />
<br /> The principal of and premium, if any, on this Bond are
<br />payable on presentation and surrender hereof at the principal
<br />office of , as Registrar, in
<br />of , ~ ~' The principal of and
<br />premium, if any, and interest on this Bond are payable in such
<br />coin or currency of the United States of America as at the
<br />
<br />
<br />
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