Minutes 10/01/1985 - Laserfiche WebLink

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October 1, 1985 identification numbers on the Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of such numbers shall be the responsibility of and shall be paid by the successful bidder for the Bonds. The respective opinions of Wood Dawson Smith & Hellman approving the validity of each issue of the Bonds will be furnished the successful bidder for the Bonds. Each such opinion will state that the respective Bonds constitute valid and legally binding obligations of the City and that the City has power and is obligated to levy ad valorem taxes for the payment of such Bonds and the interest thereon upon all property within the City, subject to taxation by the City, without limitation of rate or amount, it being understood that the rights of the holders of such Bonds and the enforceability thereof may be subject to judicial discretion, to the valid exercise of the sovereign police powers of the Commonwealth of Virginia and of the constitutional powers of the United States of America, and to valid bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors' rights, and will also state that the interest on such Bonds is exempt from federal income taxation under existing law and regulations, and under the existing law of the Commonwealth of Virginia such interest is not includable in computing the Virginia income tax on individuals. A copy of the respective opinion will be printed on the respective Bonds. Requests for proposal forms, for the official statement pertaining to the Bonds and for further information should be addressed to Mr. Roy W. Cherry, Assistant City Manager for Administration and Finance, City of Portsmouth, P. O. Box 820, Portsmouth, Virginia 23705 (telephone 804-393-8251). Proposal forms and the official statement may also be obtained at the office of Wood Dawson Smith & Hellman, 17 Battery Place, New York, New York 10004 (telephone 212-422-0450). CITY OF PORTSMOUTH, VIRGINIA By: George L. Hanbury CITY MANAGER" 11. The City Attorney of the City is hereby directed to file a copy of this resolution, certified the City Clerk of the City to be a true copy hereof, with the Circuit Court of the City of Portsmouth, Virginia, and the City Clerk is hereby directed to publish once within ten (10) days' of the date of such filing a notice in The Virginian Pilot, a newspaper of ge~e~Y-~r~Y~Y6~'~e~-~'~ordanc~ with- Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the following form: by ~'LEGAL NOTICE Notice is hereby given pursuant to Section 15.1-199, Code of Virginia, 1950, as amended, that the Council of the City of Portsmouth, Virginia, adopted on October 1, 1985, resolutions authorizing the issuance of $20,150,000 principal amount of General Obligation Public Improvement Bonds and $9,850,000 principal amount of General Obligation Public Utility Bonds of the City of Portsmouth and caused certified copies of such resolutions to be filed in the Circuit Court of the City of Portsmouth on October , 1985. The proceeds of the sale of the General Obligation Public Improvement Bonds shall be applied to the payment of the costs of the following,publi~ improvement projects in ~substantially the following respective amounts: