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November 9, 1982
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<br /> 12. All other resolutions, ordinances or others or parts thereof in conflict with the
<br />provisions of this resolution are to the extent of such conflict hereby repealed.
<br /> 13. This resolution shall supersede all previous resolut%h~s adopted by the Council
<br />authorizing the issuance of general obligation bonds of the City with, and only with, respect
<br />to provisions of such resolutions relating to bonds authorized but not heretofore issued. In
<br />particular, the bonds authorized hereby are in lieu of and in substitution for bonds heretofor~
<br />authorized by resolutions of the Council adopted on January 13, 1981, July 14, 1981, March 9,
<br />1982, and July 13, 1982 authorizing the issuance of general obligation bonds to finance variou~
<br />public improvement projects of the City ~n the principal amounts of $10,754,837; ~5,821,814;
<br />~3,217,964 and $2,320,000, respectively. The bonds authorized in such resolutions shall not b,
<br />or deemed te be in addition to the bonds authorized hereby.
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<br />14. This resolution shall take effect from the date of its adoption."
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<br /> Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br /> Nays: None
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<br />(b) 'On 'm~f~n bf Gray and seconded by Mr. Beamer, the following resolution was adopted, and
<br />by the following vote:
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<br />"A RE~OLU~ION AUTHORIZING THE ISSUANCE OF EIRHT MILLION DOLLARS ($8,000,000) PRINCIPAL
<br />AMOUNT OF GENEPutL CLBiGAT!ON PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS,EEXTENSIONS AND IDDITIONS TO THE WATER
<br />AND SEWER SYSTEM OF SUCH CITY, PURSUANT TO ARTICLE VII, SECTION 10(a)(2), OF THE
<br />CONSTITUTION OF VIRGINIA, FIXING ~HE FORM OF SUCH BONDS AND PROVIDING FOR THE SALE OF
<br />SUCH BONDS.
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<br /> WHEREAS, ~e City of Portsmouth (the "City") is authorized to operate a water utility sys
<br />rem, including water production, Freparation, distribulion and transmission system; and
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<br /> WHEREAS, the City is authorized to operate a sewerage utility system, including sewerage
<br />transmission, treatment and disposal systems; and
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<br /> WHEREAS, the City is authorized to, and does, operate its water and sewerage systems as a
<br />a single utility system; and
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<br /> WHEREAS, such combined water and sewerage system is an undertaking from which the City
<br />derives revenues; and
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<br /> WHEREAS, the City of Portsmouth is authorized under and by virtue
<br />10(a)(2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of
<br />1950, and the Charter of the City, to issue bonds as may be necessary
<br />merits, extensions and additions to such water and sewerage system; and
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<br />of Article VII, Section
<br />the Code of Virginia,
<br />to make capital improve-
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<br /> WHEREAS, ~ticle VII, Section 10(a)(2), of the Constitution of Virginia, requires the
<br />ordinance authorizing the issuance of such bonds to be approved by the affirmative vote of the
<br />majority of the qualified voters of the City voting upon the question of their issuance; and
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<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City of Portsmouth,
<br />Virginia, on June 5, 1979 entitled, "AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF $8,000,000
<br />OF BONDS TO BE KNOWN AS PUBLIC UTILITY BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS,
<br />EXTENSIONS AND ADDITIONS TO THE CITY OF PORTSMOUTH'S REVENUE PRODUCING WATER AND SEWER SYSTEM,
<br />PURSUANT TO ARTICLE VII, SECTION 10(a)(2) OF THE 1970 CONSTITUTUION OF VIRGINIA, AND CHAPTER 5
<br />OF TITLE 1S.1 OF THE CODE OF VIRGINIA", the Circuit Court of the City of Portsmouth, by an
<br />Order entered on June 21, 1979, directed that there be submitted to the qualified voters of the
<br />City at an election to be held on November 6, 1979, the question whether the Eight Million
<br />Dollars of bonds authorized by such ordinance should be issued; and
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<br /> WHEREAS, by another Order entered into by such Circuit Court on November 5, 1982, it was
<br />entered of ~ecord as a result of such election that a majority of the votes were cast for the
<br />bond issue, and that this Council be fully authorized and empowered to prepare and issue and
<br />to sell or to negotiate such bonds upon the faith, credit and property of such municipality in
<br />the amount so authorized; and
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<br /> WHEREAS, it is provided in such ordinance that the bonds so authorized may be issued at on
<br />time, or in part thereof from time to time, as this Council shall direct, and this'Council deem
<br />it advisable to mssue at this time the total authorized amoun~ of Eight Million Dollars
<br />($8,000,000) of such bonds to make desired improvements, extensions and additions to the ~fore-
<br />said revenue producing undertaking of the City;
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<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> 1. Pursuant to Article VII, Section 10(a)(2), of the Constitution of Virginia, Chapter 5
<br />of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act,
<br />and the Charter of the City, and the ordinance referred to in the recitals hereinabove and unde
<br />and by virtue of an affirmative vote of a majority of the qualified voters of the City on
<br />November 6,~.1979, on the question of the issuance of such Bonds for the purpose of providing
<br />funds to pay the cost of capital improvements, extensions and additions to the City's revenue-
<br />producin~ water and sewerage system, there are hereby authorized to be issued Eight Million
<br />Dollars.(~g,OOO,OOO) principal amount of bonds of the City to be designated "General Obligation
<br />Public Utility Bonds" (the "Bonds"). The Bonds shall be dated as of December 1, 1982; shall be
<br />numbered from one (1) consecutively upward in order of maturity (earlier maturities first); sba
<br />be of the denomination of $5,000 each; shall bear interest payable June 1, 1983, and semiannual
<br />thereafter on December 1 and June 1 of each year, at such rate o? rates per annum as shall be
<br />determined by resolution of this Council upon the sale of the Bo~ds; shall mature serially in
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