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122
<br />
<br />October 1, 1985
<br />
<br /> WHEREAS, on November 8, 1983, the Council passed a
<br />~solu~i~n, :e~itIed "A RESOLUtiON'AUTHORIZING THE
<br />ISSUANCE OF $1,824,876 OF GENERAL OBLIGATION BONDS OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT
<br />PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH
<br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL
<br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS
<br />OF SALE OF SUCH BONDS", and no bonds have heretofore
<br />been issued pursuant to such resolution; and
<br /> WHEREAS, on August 28, 19~4, the Council passed a
<br />resolution, entitled "A RESOLUTION AUTHORIZING THE
<br />ISSUANCE OF $2,995,000 OF GENERAL OBLIGATION BONDS OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT
<br />PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH
<br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL
<br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS
<br />OF SALE OF SUCH BONDS", and no bonds have heretofOre
<br />been issued pursuant to such resolution; and
<br /> WHEREAS, on October 9, 1984, the Council passed a
<br /> resolution, entitled "A RESOLUTION AUTHORIZING THE
<br /> ISSUANCE OF $5,305,000 OF GENERAL OBLIGATION BONDS OF
<br /> THE CITY OF :PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF
<br /> PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT
<br /> PROJECTS OF-~UCHCI~Y AND ALI~HORIZING AND_PROVIDING WITH
<br /> RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL
<br />
<br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND ~ECEIPT OF THE PROCEEDS
<br />OF SALE OF SUCH BONDS" and no bonds have heretofore been
<br />issued pursuant to such resolution; and
<br />
<br /> WHEREAS, in the judgment of the Council it is
<br />desirable to consolidate the bond authorizations
<br />provided in the above-referenced resolutions and to
<br />authorize the issuance of additional General Obligation
<br />Public Improvement Bonds;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of
<br />the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of Title 15.1 of the
<br />Code of Virginia, 1950, as amended, the same being the
<br />Public Finance Act, and the charter of the City, for the
<br />purpose of providing funds to pay the cost of various
<br />public improvement projects of.and for the City as set
<br />out in paragraph 4, there are hereby authorized to be
<br />issued Twenty Million One Hundred Fifty Thousand Dollars
<br />($20,150,000) principal amount of general obligation
<br />bonds of the City to be designated "General Obligation
<br />Public Improvement Bonds" (the "Bonds"). The Bonds
<br />shall be dated as of November 1, 1985; shall be numbered
<br />from R-1 consecutively upward in order of issuance;
<br />shall be of the denomination of $5,000 each or any
<br />integral multiple thereof; shall bear interest payable
<br />on May 1, 1986 and semiannually thereafter on November 1
<br />and May 1 of each year, at such rate or rates per annum
<br />as shall be determined by resolution of this Council
<br />upon the sale of the Bonds; shall mature serially,
<br />$1,005,000 principal amount of Bonds maturing on
<br />November 1 in each of the years 1986 to 2004, both
<br />inclusive, and $1,055,000 prinqipal amount of Bonds
<br />maturing on November 1 in the year 2005; and shall be
<br />issued in fully registered form.
<br />
<br /> The Bonds maturing on and after November 1, 1996
<br />(or portions thereof in installments of $5,000) shall be
<br />subject to redemption at the option of the City prior to
<br />their stated maturities on or after November 1, 1995, in
<br />whole at any time, or in part from time to time on any
<br />interest payment date in.any order determined by the
<br />City (except that if less than all of the Bonds of a
<br />given maturity are called for redemption, the particular
<br />Bonds of such maturity or portions thereof in
<br />installments of $5,000 to be redeemed shall be selected
<br />by lot), upon payment of the principal amount of the
<br />Bonds (or portions thereof in installments of $5,000) to
<br />be redeemed, together with the interest accrued thereon
<br />to the date fixed for redemption plus a premium of
<br />one-quarter of one percent (1/4 of 1%) of the principal
<br /> ~ ~ h~ ~ be redeemed ~or each twelve (12)
<br />
<br />
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