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November 9, 1982
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<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. Th~ full faith and credit of the City shall be pledged to the principal of
<br />and interest on such Bonds as the above become due. For the payment of such principal and
<br />interest, the City has power and will be obligated to levy ad valorem ta×es without ~imitation of
<br />rate or amount upon all prcperty within the City subject to taxation by the City, if the revenues
<br />of the undertaking consisting of the water and sewerage system of the City are insufficient for
<br />that purpose.
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<br /> Bidders shall specify the rate or rates of interest per'annum to be borne by the bonds.
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<br />coupon rate. Ail Bonds of both issues naturing on the same date must bear interest at 'he same
<br />single rate from this date to such maturity date, which single rate of interest shall b~ represen'
<br />ed by a single coupon. Unless all proposals are rejected the Bonds will be awarded on ~ovember
<br />23, 1982, to the responsible bidder offering to purchase the Bonds at the lowest cost t( the
<br />City, to be computed by determining the interest to maturity at the rate or rates specified by
<br />the bidder and deducting therefrom any premium offered. No bid will be considered for less than
<br />all of the Bonds of both issues, er for a price less than par and accrued interest from the date
<br />of the Bonds to the date o£ their delivery. The right is reserved to reject any and all bids
<br />and to waive irregularities or informalities in any bid.
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<br /> Proposals must be unconditional, must be on the City's proposal form prepared for th~ purpose.
<br />must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virginia, Bond" '
<br />addressed to the undersigned and must be accompanied by a certified or bank cashier's ch~ck in
<br />the amount of $600,000 payable to the ordsr of the City of Portsmouth, Virginia, as a guarantee
<br />of good faith on the part of the bidder. No interest will be paid by the City on such g~od
<br />faith deposit. Good faith checks of unsuccessful bidders will be promptly returned to cxe
<br />representatives therof. The good faith check of the successful bidder will be deposited by the
<br />City and the proceeds thereof credited against the purchase price due for the Bonds upon their
<br />delivery or retained as and for liquidated damages in the event the successful bidder fails to
<br />take up and pay for the Bonds in accordance with its bid.
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<br /> The Bonds will be printed at the expense of the City. Delivery of the Bonds, pr,)verly
<br />executed, and the usual closing papers, including a certificate that no litigation ~s pe~ing
<br />affecting the validity of the Bonds, will be mad~ to the successful bidder in New York, ]Iew York
<br />on December 14, 1982, or as soon thereafter as the Bonds may be prepared. Payment of th~ balance
<br />of the purchase price, including any premium offered, must be made in Federal Funds. '
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<br /> It is anticipated that CUSIP identification numbers will be printed on the Bonds, but
<br /> neither the failure to print any such number on any Bond nor any error or omission with respect
<br /> thereto shall constitute cause for failure or refusal by the successful bidder for the Bgnds to
<br /> accept delivery of and pay for ~he Bonds in accordance with the terms of its proposal. No CUSIP
<br /> identification number shall constitute or be deemed to be a part of any Bond o9 a part of
<br /> the contract evidenced thereby and no liability shall attach to the City or any of its officers
<br /> or agents because of or on account of any number or any use mads thereof. All expenses in relati(
<br /> to the printing of CUSIP identification numbers on the Bonds shall be paid for by the City;
<br /> provided, however, that the CUSIP Service
<br /> Bureau charge for the assignment of said numbeFs shall
<br /> be the responsiblity of and shall be paid by the successful bidder for the Bonds.
<br />
<br /> The respective opinion of Wood ~ Dawson approving the v~lidity of each issue of Bonds
<br />will be furneished the successful bidder for the Bonds. Bach s~ch opinion will state that the
<br />respective Bonds constitute valid and legally binding obligations of the City and that t~e City
<br />has power and is obligated to levy ad valorem taxes for the payment of such Bonds and the interes~
<br />thereon upon all property within the City, subject to taxation by the City, without limitation
<br />of rate or amount, it being understood that the rights of the holders of such Bonds and ~he
<br />enforceability thereof may be subject to judicial discretion, to the valid exercise of t~e
<br />soveremgn police powers of the Commonwealth of Virginia and the constitutional powers of the
<br />United States of America, and to valid bankruptcy, insolvency, reorganization, moratorium and
<br />other laws affecting creditors' rights, and will also state that the interest on such Bons is
<br />exempt from federal income taxation under existing law and regulations, and under the existing
<br />of the Commonwealth o£ Virginia such interest is not includable in computing the Virginia income
<br />tax on individuals. A copy of the respective opinion will be printed on the respective B~nds.
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<br /> Requests for proposal forms, for the official statement pertaining to the Bonds aad for
<br />further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City of
<br />Portsmouth, P. O. Box 820, Portsmouth, Virginia 23705. Proposal forms and the official s~atement
<br />may also be obtained at the office of Wood & Dawson, 48 Wall Street, New York, New York )005.
<br />
<br /> George L. Hanbury
<br /> City Manager
<br /> Portsmouth, Virginia"
<br /> 11. The City Attorney of the City is hereby directed to file a copy of this re~
<br />certified by the City Clerk of the City to be a true copy hereof, with the Circuit Court
<br />City of Portsmouth, Virginia, and the City Clerk shall and is hereby directed to publish,
<br />within ten (10) days of the da~e of such filing a notice in The Virginia Pilot, a newspap,
<br />general circulation in the City, in accordance with Section 15.1-199 of the Code of V~gi~
<br />1950, as amended. Such notice shall be in substantially the following form:
<br />
<br />)lution,
<br />the
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