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BiZ
<br />
<br />May 24, 1983
<br />
<br />the filing of an indemnity bond and a lest security affidavit. In addition, the City Council
<br />is required to adopt a resolution authorizing payment on the lost coupons and requesting the
<br />State Commission on Local Debt to.approve same.
<br /> The City Attorney and our bond counsel have reviewed the matter and obtained the requirec
<br />indemnity bond and lost security affidavit from the purchase. The Director of Finance has
<br />also notified the respective paying agents to place stop payment notices on the original cou-
<br />pons. The attached resolution prepared by the City Attorney and approved by our bond counsel
<br />Wood and Dawson, authorized the approval and payment of interest on the lcst or destroyed
<br />interest coupons subject to the approval of the State Commission on Local Debt and, I recom-
<br />merit approval of the resolution."
<br /> On motion of Mrs. Webb and seconded by Mr. Beamer, the following resolution was adopted,
<br />and kY th~ following
<br /> "A RESOLUTION AUTHORIZING THE APPROVAL AND PAYMENT OF INTEREST ON CERTAIN LOST
<br /> OR DESTROYED INTEREST COUPONS. 0F CITY OF PORTSMOUTH, VIRGINIA PORT IMPROVEMENT
<br /> BONDS, SERrES OF 1975.
<br /> WHEREAS, the Federal Reserve Bank of Richmond and Commercial Union Insurance Company haw
<br /> advised officials of the City of Portsmouth, Virginia, that the hereinafter-described interest
<br /> coupcns have either been lost or destroyed:
<br />
<br /> 1. Twenty (20) coupons ~14 due 11-1-82 at S168.73 each, detached from City of
<br /> Portsmouth, Virginia 6.?5% Port Improvement Bonds #332'371 issued 10-13-75
<br /> at $5,000. each due 11-1-89.
<br />
<br /> each, detached from City of
<br /> Bcnds #392!369 issued 10-15-75
<br />
<br />Five ES) coupons #14 due 11-1-82 at $171.25
<br />Portsmouth, Virginma 6.85% Port Improvement
<br />at $5,000. each due 11-1-90.
<br />
<br /> 3. Twenty (20) coupons #14 due 11-1-82 at $177.50 each, detached from City of
<br /> Portsmouth, Virginia 7.10% Port Improvement Bonds #651f660 and #9d~/973
<br /> issued 10-15-75 at $5,000. each due 11-1-92.
<br />
<br /> 4. Twenty (20) coupons #14 due 11-1-82 at $188.75 each, detached from City of
<br /> Portsmouth, Virginia, 7.55% Port Improvement Bonds ~872/891 issued 1C-15=Y5
<br /> at $5,000. each due 11-1-98.
<br />
<br /> 5. Sixty-five (65) coupons #14 due 11-1-82 at $186.25 each, detached from City
<br /> of Portsmouth, Virginia 7.45~ Port Improvement Bonds ~701'765 issued 10-15-75
<br /> at $5,000. each due 11-1-96.
<br />
<br /> 6. Sixty-one (61) coupons =14 due 11-1-82 at $185.00 each, detached from City of
<br /> Portsmouth, Virginia 7.40% Port Improvement Bonds ~640'700 issued 10.-15-75
<br /> at 55,000. each due 11-1-95.
<br /> Fifty-seven (57) coupons #14 due 11-1-82 at $182.50 each, detached from City
<br /> of Portsmouth, Virginia .30% Port Improvement Bonds' #583/639 issued 10-15-75
<br /> at $5,000. each due 11-1-94.
<br /> WHEREAS, ~15.1-209, Code of Virginia, 1950, provides for the replacement of lost or de=
<br />stroyed bonds and the interest coupons, if any, and the payment of such interest counons then
<br />due upon compliance with the provision of such section and subject to the approval o~ the Stat
<br />Commission on Local Debt.
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />approval and payment of the interest on the hereinabove lost coupons is hereby authorized
<br />pursuant to the provisions of ~15.1-209~ Code of Virginia, 1950, upon compliance with the
<br />prcvisions of such section and subject to the approval of the State Commission on Local Debt
<br />which is hereby requested."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> Manager submitting the Quarterly Financial Report for the
<br />
<br /> 83-211 Letter from the City
<br />period ending March 31, 1983.
<br />
<br /> "In accordance with Section 11-43 of the City Code, the Quarterly Financial Report for
<br />the period ended March 31, 1983, is herewith submitted.
<br />
<br /> For the third quarter of the fiscal year, revenues are even with last year's receipts
<br />and expenditures are slightly ahead of last year. Actual revenues to date stand at 6? percen~
<br />of the revenues ~i~m~%~d for the year, and 69 percent of the appropriations have been ex-
<br />pended as of March 31, 1983. During the same quarter last year 6? percent of the estimated
<br />revenues had been received and expenditures were 68 percent of the budgeted appropriations.
<br />It is customary for expeditures to exceed revenues at this point in the fiscal year, and it
<br />may be noted that the expeditures exceeded revenues by a difference of 2 percent during the
<br />period reported, and by 1 percent ~or the same quarter last fiscal year. At this point and
<br />time, there does not appear ~o be an)- indication of substantial problems with respect to
<br />either the revenues or the expenditures."
<br />
<br /> Motion of Mr. Gray and seconded by Mr. Bea~er, to receiveithe Quarterly Financial Report
<br />for the period ended March 31, 1983, as information, was adopted by unanmmous vote.
<br />
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