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194
<br />
<br />November 9~ 1922
<br />
<br /> ~aled proposals for the purchase of $30,0OO,000 general obligation bonds hereinafter
<br />mescribed of the City of Portsmouth, Virginia, will be received at the office of the City
<br />Manager,.City Hall, 801 Crawford Street, Portsmouth, Virginia, until twelve o'clock noon,
<br />Virginia time, on Tuesday, November 23, 1982, at which time and place all proposals will be
<br />publicly~opened.
<br />
<br />The bonds offezed for sale (the "Bonds")
<br />
<br /> consist of general obligation bonds:
<br />
<br /> 1. $22,000,0OO General Obligation Public Improvement Bonds maturing in the principal
<br />amount of $1,100,O00 on July 1 in each of the years 1983 through 2002.
<br /> 2. $8,000,000 General Obligation Public Utility Bonds maturing in the principal amount of
<br />$400,000 on July 1 in each of the years 1983 through 2002.
<br />
<br />The Bonds will be dated December 1, 1982; will be in coupon form registrable as to princi'
<br />only or as to both principal and interest; will be of the denomination of $5,000 each; and will
<br /> bear interest payable June 1, 1983, and semiannually thereafter on December 1 and June 1 of
<br />each year. Both principal of and interest on the Bonds will be payable in such coin or currenc
<br />of the United States of America as at the respective dates of payment is legal tender for
<br />public and private debts, at the principal office of Virginia National Bank, in Norfolk, Virgin
<br />or, at the option of the helder of any Bond or coupon appertaining thereto, at the principal
<br />office of The Chase Manhattan Bank (National Association), in New York, New York, except that
<br />interest on any Bond while registered as to both principal and interest shall be paid by the
<br />City.
<br />
<br /> The bonds of each issue maturing on and after December 1, 1993 shall be subject to re-
<br />demption at the option of the City prior to their stated maturities on or after December 1,
<br />1992, in whole at any time or in part from time to time on any interest payment date in any
<br />order determined by the city (except that if less than all of the Bonds of a maturity of such
<br />issue are called for redemption, the particular Bonds of such maturity of such issue to be
<br />redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be
<br />redeemed, together with the interest accrued thereon to the date fixed for redemption plus a
<br />premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be
<br />redeemed for each twelve (12) month period or fraction thereof between the date fixed for
<br />redemption and the stated maturity date of such Bond.
<br />
<br /> The Public Improvement Bonds are to be issued for the purpose of providing funds to pay
<br />the cost of various public improvement pro3ects of and for the City. The full faith and credit
<br />of the City shall be pledged to the payment of the principal of and interest on such Bonds as
<br />the same become due. For the payment of such principal and interest, the City has power and
<br />will be obligated to levy ad valorem ~axes without limitation of rate or amount upon all proper
<br />within the City subject to taxation by the City.
<br />
<br /> The Public Utility Bonds are to be issued for the purpose of providing funds to pay the
<br /> cost of capital improvements, extensions and additions to the City's revenue-producing water
<br /> and sewerage system. The full faith and credit of the City shall be pledged to pay the prin-
<br /> cipal of and interest on such Bonds as the above become due. For the payment of such principal
<br /> and interest,-the City has power and will be obligated to levy ad valorem taxes without limitat
<br /> of rate or amount upon all property within the City subject to taxation by the City, if the
<br /> revenues of the undertaking consisting of the water and sewerage system of the City are insuf-
<br /> ficient for that purpose.
<br />
<br />Bidders shall specify the rate or rates of interest per annum to be borne by the bonds,
<br />to be expressed in multiples of one-eighth (1/8) or nne-twentieth (1/20) of one percent (1%).
<br />~i~d-d.~fm~hall not be restricted as to the number of rates which may be named, but the differenc
<br />between the highest and lowest interest rates specified shall not exceed two percent in coupon
<br />rate. All Bonds of both issues maturing on the same date must bear interest at the same single
<br />rate from this date to such maturity date, which single rate of interest shall be represented
<br />by a single coupon. Unless all proposals are rejected the Bonds will be awarded on November
<br />23, 1982, to the responsible bidder offering to purchase the Bonds at the lowest cost to the
<br />City. to be computed by determining the interest to maturity at the rate or rates specified by
<br />th~ bidder and deducting therefrom any premium offered. No bid will be considered for less
<br />than par and accrued interest from the date of the Bonds to the date of their delivery. The
<br />right is reserved to reject any and all bids and to waive irregularities or informalities in
<br />any bid.
<br />
<br /> Proposals must be unconditional, must be on the City's proposal form prepared for the
<br />purpose, must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virgini
<br />Bonds" eddressed to the undersigned and must be accompanied by a certified or bank cashier's
<br />check in the amoBnt of $600,000 payable to the order of the City of Portsmouth, Virginia, as a
<br />guarantee of. g6o~ faith on the part of the bidder. No interest will be paid by the city on
<br /> said good fai%h deposit. Good faith checks of unsuccessful bidders will be promptly returned
<br /> to the representatives thereof. The good faith check of the successful bidder will be deposite~
<br /> by the C~ty and the proceeds thereof credited against the purchase price due for the Bonds upon
<br /> their delivery or retained as and for liquidated damages in the event the successful bidder
<br /> fails to take up and pay for the Bonds in accordance with its bid.
<br />
<br /> The Bonds will be printed at the expense of the City Delivery of the Bonds, properly
<br />ex:~d~Ut~d, and of the usual closing papers, including ~ certificate tha~ no iitigation is penAin
<br />affecting the validity of the Bonds, will be made to the successful bidder in New York, New
<br />York, on December 14, 1982, or as soon thereafter as ~he Bonds may be prepared. Payment of the
<br />balance of the purchase price, including any premium offered, must be made in Federal Funds.
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