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133
<br />
<br />Octo~eT- 1, i98S
<br />
<br /> WHEREAS, such combined water and sewerage .system is an
<br />undertaking from which the City derives revenues;.and
<br />
<br /> WHEREAS, the City of Portsmouth is authorized under and
<br />by virtue of Article VII, Section 10(a)(2), of the
<br />Constitution of Virginia, Chapter 5 of Title 15.1 of the Code
<br />of Virginia~ 1950, and the Charter of the City, to issue bonds
<br />as may be necessary to make capital improvements, extensions
<br />and additions to such water and sewerage system; and
<br />
<br /> WHEREAS, Article VII, Section 10(a)(2), of the
<br />Constitution of Virginia, requires the ordinance authorizing
<br />the issuance of such bonds to be approved by the affirmative
<br />vote of the majority of the qualified voters of the City
<br />voting upon the question of their issuance; and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Council
<br />of the City (the "Council"), on August 24, 1982 entitled, "AN
<br />ORDINANCE TO AUTHORIZE THE ISSUANCE OF NINE MILLION EIGHT
<br />HUNDRED FIFTY THOUSAND DOLLARS~OF BONDS TO BE KNOWN AS PUBLIC
<br />UTILITY BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS,
<br />EXTENSIONS AND ADDITIONS TO THE CITY OF PORTSMOUTH'S REVENUE
<br />PRODUCING WATER AND SEWER SYSTEM, PURSUANT TO ARTICLE VII,
<br />SECTION 10(a)(2) OF THE 1970 CONSTITUTION OF VIRGINIA, AND
<br />CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA", the Circuit
<br />
<br /> 30, 1982, directed that there be submitted to the qualified
<br /> voters of the City at an election to be held on November 2,
<br /> 1982, on the question whether the Nine Million Eight Hundred
<br /> Fifty Thousand Dollars of bonds authorized by such ordinance
<br /> should be issued; and
<br />
<br /> WHEREAS, by another Order entered into by such Circuit
<br />Court on March 25, 1985, it was entered of record as a result
<br />of such election that a majority of the votes were cast for
<br />the bond issue, and that the Council be fully authorized and
<br />empowered to prepare and issue and to sell or to negotiate
<br />such bonds upon the faith, credit and property of such
<br />municipality in the amount so authorized; and
<br />
<br /> WHEREAS, it is provided in such ordinance that the bonds
<br />so authorized may b~ issued at one time, or in part from time
<br />to time, as~this Council shallldirect, and the Council deems
<br />it advisable to issue at this time the total authorized amount
<br />of Nine Million Eight Hundred Fifty Thousand Dollars
<br />($9,850,000) of such bonds to make desired improvements,
<br />extensions and additions to the aforesaid revenue-producing
<br />undertaking~of the City;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council Of the City
<br />of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Article VII, Section 10(a)(2), of the
<br />Constitution of Virginia, Chapter 5 of Title 15.1 of the Code
<br />of virginia~ 1950, as amended, the same being the:Public
<br />Finance Act, and the Charter of the City, and the ordinance
<br />referred to in the recitals hereinabove and under and by
<br />virtue of an affirmative vote of a majority of the qualified
<br />voters of the City on November 2, 1982, voting on the question
<br />of the issuance of such Bonds for the purpose of providing
<br />funds to pay the cost Of capital improvements, extensions and
<br />additions to the City's r~venue-producing water and sewerage
<br />system, there are hereby ~thorized to be issued Nine Million
<br />Eight Hundred Fifty Thousand Dollars ($9,850,000) principal
<br />amount of bonds of the City to be designated "General
<br />Obligation Public Utility Bonds" (the "Bonds"). The Bonds
<br />shall be dated as of November 1, 1985; shall be numbered from
<br />No. R-1 consecutively upward in order of issuance; shall be of
<br />the denomination of $5,000 each or any integral multiple
<br />thereof; shall bear interest payable on May 1, 1986 and
<br />semiannually thereafter on November 1 and May 1 of each year,
<br />at such rate or rates per annum as shall be determined by
<br />resolution of the Council upon the sale of the Bonds; shall
<br />mature serially, $495,000 principal amount of Bonds maturing
<br />on November 1 in each of the years 1986 to 2004, both
<br />inclusive, and $445,000 principal amount of Bonds maturing on
<br />November 1 in the year 2005; and shall be issued in fully
<br />registered form.
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