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<br />
<br />November 9, 1982
<br />
<br />OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />THE PROCEEDS OF SALE OF SUCH BONDS" and no bonds have heretofore been issued pursuant to such
<br />resolution; and
<br /> WHEREAS, on March 9, 1982 the Council passed a resolution entitled, "A RESOLUTION AUTHORI
<br />ING THE ISSUANCE OF $3,217,964 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF CERTAIN CAPITAL IMPROVEMENTS, EXTENSIONS'
<br />AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF THE CITY AND AUTHORIZING AND PROVIDING WITH
<br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPA
<br />NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS" and no
<br />bonds have heretofore been issued pursuant to such resolution; and
<br />
<br /> WHEREAS, on July 13, 1982 the Council passed a resolution entitled "A RESOLUTION AUTHORIZ-
<br />ING THE ISSUANCE OF $2,320,OO0 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH VIRGINIA
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS O~ SUCH CITY
<br />AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />THE PROCEEDS OF SALE OF SUCH BONDS" and no bonds have heretofore been issued pursuant to such
<br />resolution; and
<br />
<br /> WHEREAS, in the judgment of the Council it is desirable to consolidate the bond authoriza-
<br /> tions provided in the above-referenced resolutions and to authorize the issuance of additional
<br /> General Obligation Public Improvement Bonds;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by
<br />
<br />the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of fitle 15.1 of the Code of Virginia, 1950, as amended, the
<br />same being the Public Finance Act, and the Charter of the City, for the purpose of providing
<br />funds to pay the cost of various public improvement projects of and for the City as set out in
<br />
<br />Section 4, there are hereby authorized to be issued Twenty-two Million Dollars ($22,OO0,000)
<br />principal amount of general obligation bonds of the City to be designated "General Obligation
<br />Public Improvement Bonds" (the "Bonds"). The Bonds shall be dated as of December 1, 1982; shall
<br />be numbered from one (1) consecutively upward in order of maturity (earlier maturities first);
<br />shall be of the denomination of $5,000 each; shall bear interest payable June 1, 1983 and
<br />semiannually thereafter on December 1 and June 1, of each year, at such rate or rates per annum
<br />as shall be determined by resolution of this Council upon the sale of Bonds; shall mature
<br />serially in numerical order, $1,1OO,000 principal amount of Bonds maturing on December 1 in
<br />each of the years 1983 to 2002, both inclusive; and shall be issued as coupon bonds registrable
<br />as to principal only or as to both principal and interest.
<br />
<br /> The Bonds maturing on and after December l, 1993 shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after December 1, 1992, in whole at
<br />any time, or in part from time to time on any interest payment date in any order determined by
<br />the City (except that if less than all of the Bonds of a maturity are called for redemption,
<br />the particular Bonds of such maturity to be redeemed shall be selected by lot), upon payment of
<br />the principal amount of the Bonds to be redeemed together with the interest accrued thereon to
<br />the 8ate fixed for redemption plus a premium of one-quarter of one percent (1/4 of 1%) of the
<br />principal amount of each Bond to be redeemed for each twelve (12) month period or fraction
<br />thereon between the date fixed for redemption and the stated maturity date of such Bond. Any
<br />such declaration of the maturity of Bonds to be redeemed (and of the selection of bonds within
<br />a maturity to be redeemed, which shall be lot) shall be made by the Director of Finance of the
<br />City.
<br />
<br /> Notice of any such redemption, sFecifying the date, number and maturities of the Bonds to
<br />be redeemed, the date and place fixed for their redemption and the premium, if any, payable
<br />upon such redemption, shall be given by the City by publication of such notice once in a newspa
<br />printed in the English language and customarily published on each business day of general
<br />circulation in the ~ty, And once in at least one newspaper or financial publication printed in
<br />the English language and customarily published on each business day in the City of New York,
<br />New Y~rk, the date of publication of such notice in each case to be at least thirty days prior
<br />to the date fixed for redemption. If any Bond called for redemption is registered as to ~rln-
<br />cipal only or as to both principal and interest, notice of the redemption thereof shall be
<br />mailed not less than thirty days prior to the date fixed for redemption by registered mail to
<br />the registered owner of such Bond at such owner's address as shown on the books of registry;
<br />provided, however, that notice of redemption by publication need not be given to the registered
<br />owner of any registered Bond if notice of redemption shall have been mailed as aforesaid, and
<br />if notice of redemption is given by publication as aforesaid then neither the failure to mail
<br />such notice ~o the registered owner of any registered, bond nor any defect in any notice so
<br />mailed shall affect the sufficiency of the proceedings for the redemption of such Bonds. When
<br />notice of redemption of Bonds shall have been given as hereinabove set forth, and payment of
<br />the principal amount of the Bonds so called for redemption and of the accrued interest premium,
<br />if any, payable upon such redemption shall have been duly made or provided for, interest on ~
<br />such Bonds shall cease from and after the date so specified for their redemption and any coupon~
<br />representing, such. interest shall be void.
<br /> The Bonds may ~e registered by the holder as to principal only or as to both principal
<br /> and interest in accordance with the provisions for such registration to be endorsed thereon as
<br /> set forth in Section 9.
<br />
<br /> 2. The principal of and premium, if any, and interest on the Bonds shell be payable in
<br /> such coin or.currency of the United States of g~aerica as at the respective dates of payment is
<br /> legal tender 'f0~ public and private debts. If any Bend shall not then be registered as to both
<br /> principal and interest, the interest thereon payable prior to maturity shall be payable at the
<br /> ~rincipal office of Virginia National Bank, in Norfolk, Virginia, or, at the option of the
<br /> holder of such Bond, at the principal office of The Chase Manhattan Bank (National Association)
<br />
<br />~ION
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