Minutes 10/01/1985 - Laserfiche WebLink

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Octbber 1, 1985 2, $9,850,000 General Obligation Public Utility Bonds maturing in the principal amount of $495,000 on November 1 in each of the years 1986 through 2004 and in the principal amount of $445,000 on November 1 in.the year 2005. The Bonds will be dated November 1, 1985; will be in fully registered form; will be of the denomination of $5,000 each or any integral multiple thereof; and will bear interest payable on May 1, 1986, and semiannually thereafter on November 1 and May 1 of each year. Both principal of and interest on the Bonds will be payable in such coin or currency of the United States of ~erica as at the respective dates of payment is legal tender for public and private debt. Principal of and premium, if any, on the Bonds will be payable at the principal office of Bank of Virginia Trust Company, in the City of Richmond, Virginia, as Registrar for the Bonds (the "Registrar"). Interest on the Bonds will be payable by check mailed by the Registrar to the holders of record of the Bonds as of the fifteenth (15th) day of the calendar month next preceding each interest payment date at their addresses as such addresses appear on the books of reglstry of the City kept by the Registrar. The Bonds of each issue maturing on and after November 1,1996 (or portions thereof in installments of $5,000) shall be subject to redemption at the option of the City prior to their stated maturities on or after November 1, 1995, in whole at any time, or in part from time to time on any interest payment date in any 6rder determined by the City (except that if less than all of the Bonds of a given maturity of either issue are~called for redemption, the particular Bonds or portions thereof in installments of $5,000 of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the~Bonds (or portions- thereof in installments of $5,000) to be redeemed~ together with the interest accrued thereon the date fixed for r~demption, plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be redeemed for each twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date Of such Bond. If any Bond (or any portion of the principai amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire Principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail to the registered holder of such Bond at his address as it appears on the books of registry kept by th~ Registrar for the Bonds as of the close of business on the forty-fifth (45th) day preceding the date.fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the princi~ai amount thereof to be redeemed) and 6f the accrued interest and premium, if any, payable upon such ~Td~'n~h~'~ge~be~nd~ made or provided for, interest on such Bond shall cease from aind after the date so specified for the redemption thereof; The Public Improvement Bonds are to be issued for the purpose ~of providin~ funds to pay the cost of various public improvement projects of and for the City. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of~such principal and interest, the City has Power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all property within the City subject tO taxation'bY the City.