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132
<br />
<br />October 1, 1985
<br />
<br />Rehabilitation Loan Progrgm
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Pablic Safety
<br />Urban Transportation
<br />Drainage, Curbs, Gutters and
<br /> Street Improvements
<br />Urban Renewal and Priority Action
<br /> Program
<br />Industrial and Economic Development
<br />
<br />$ 1,495,000
<br />1,511,758
<br />6,775,057
<br />597,083
<br />388,412
<br />4,298,450
<br />
<br />1,430,000
<br />
<br />3,554,240
<br /> 100,000
<br />
<br /> Total $20,150,000
<br />provided that if any project set forth shall require
<br />less than the entire respective amount set forth above,
<br />the difference may be applied to any other project set
<br />forth above.
<br />
<br /> The proceeds of the sale of the General Obligation
<br />Public utility Bonds shall be applied to the payment of
<br />the costs of capital improvements, extensions and
<br />additions to the City's revenue-producing water and
<br />sewerage system."
<br />
<br /> 12. Ail other resolutions, ordinances or orders or
<br />parts thereof in conflict with the provisions of this
<br />resolution are to the extent of such conflict hereby
<br />repealed.
<br />
<br /> 13. This resolution shall supersede all previous
<br />resolutions adopted by the Council authorizing the
<br />issuance of general obligation bonds of the City with,
<br />and only with, respect to provisions of such resolutions
<br />relating to Bonds authorized but not heretofore issued.
<br />In particular, the Bonds authorized hereby are in lieu
<br />of and in substitution for bonds heretofore authorized
<br />by resolutions of the Council adopted on November 8,
<br />1983, August 28, 1984, and October 9, 1984 authorizing
<br />the issuance of general obligation bonds to finance
<br />various public improvement projects of the City in the
<br />principal amounts of $1,824,876; $2,995,000; and
<br />$5,305,000, respectively. The bonds authorized in such
<br />resolutions shall not be or deemed to be in addition to
<br />the bonds authorized hereby.
<br />
<br /> 14. This resolution shali take effect-~rom the
<br /> date of its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Whitlow, Bolley
<br />Nays: None
<br />
<br /> (b) A resolution authorizing the issuance of $9,850,000 principal amount of General
<br />Obligation Public Utility Bonds of the City of Portsmouth, Virginia, for the purpose of making
<br />capital improvements, extensions anu additions to the water and sewer system of suah City,
<br />pursuant To Article VII, Section 10(a)(2), of the Cm~sti~ution of Virginia, fixing the form
<br />of such bonds and providing for the sale of such bonds.
<br />
<br /> On motion of Mr. Beamer and seconded
<br />~nd by. the following vote:
<br />
<br />the following resolntion ~a3 adopt;ed,
<br />
<br />"A RESOLUTION AUTHORIZING T~E ISSUanCE OF NINE MILLION EIGHT
<br />HUNDRED FIFTY T~OUSAND DOLLARS (~9,850,000) PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL
<br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER
<br />SYSTEM OF SUCH CITY, PURSUANT TO ARTICLE VII, SECTION
<br />10(a)(2), OF THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF
<br />SUCH BONDS AND PROVIDING FOR THE SALE OF SUCH BONDS
<br />
<br /> WI~EREAS, the City of Portsmouth, Virginia (the "City"),
<br />is authorized to operate a water utility system, including
<br />water production, preparation, distribution and transmission
<br />systems; and
<br />
<br /> W~EREAS, the City is authorized to operate
<br />utility system, including sewerage transmission,
<br />disposal systems; and
<br />
<br />treatment and
<br />
<br /> WHEREAS, the City is authorized %o, and does, operate its
<br />water and sewerage systems as a single utility system; and
<br />
<br />
<br />
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