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113
<br />
<br />June 22, 1982
<br />
<br /> Upon the occurrence of an Event of Default the holders of not less than twenty-five
<br />per centum (25%) in aggregate principal amount of the Notes may by an instrument or instruments
<br />in writing filed with the City appoint a trustee to protect and enforce the rights of the
<br />holders of the Notes; provided, however, that the holders of a majority in principal
<br />amount of the Notes outstanding shall, by instrument or instruments ~n writing delivered
<br />to such trustee, have the right to direct and control any and all actions taken or to be
<br />taken by such trustee.
<br />
<br /> No waiver of any Event of Default by the holders of the Notes shall extend to or
<br />shall affect any subsequent Event of Default or shall impair any rights or remedies consequent
<br />thereto. The remedies permitted to the holders of the Notes in this Section 10(g) are in
<br />addition to, and not in derogation of, the rights and remedies of any holder of the notes
<br />permitted by the Constitution and laws of the Commonwealth of Virginia.
<br />
<br /> (h) The obligations of the City under this Resolution and th~.otes and the liens,
<br />pledges, charges, covenants and agreements of the City therein o? hernia, made or provided
<br />for, shal~ be fully discharged and satisfied as to any Note, such Note s~t~ no longer be
<br />deemed to be outstanding hereunder, if such Note shall have been cancelled or surrendered
<br />for cancellation, or when payment of the principal of such Note, plus interest thereon to
<br />the due date thereof, shall have been made or caused to be made in accordance with the
<br />terms thereof, or if there shall have been provided for by irrevocably depositing with a
<br />paying agent therefor, in trust and irrevocably appropriated and set aside exclusively for
<br />such payment, moneys in an amount which will be sufficient, or Governmental Obligations
<br />maturing as to principal and interest in such amounts and at such times as will, together
<br />with the moneys, if any, so deposited at the same time, provide sufficient moneys to pay
<br />when due the principal of such Note, plus interest due and to become due on such Note or
<br />prior to the maturity date thereof. Any moneys so deposited with a paying agent for the
<br />Notes as provided in this Section lO(h) may at the direction of the City also be i~vested
<br />and reinvested in Governmental Obligations maturing in the amounts and times as herein-
<br />before set forth. Ail income from all investments made pursuant to this Section 10~h~
<br />which is not required for the payment of the Notes and interest thereon with respect to
<br />which moneys or securities shall have been so deposited shall be paid to the City as and
<br />when realized and collected.
<br />
<br /> Any moneys held by a paying agent for the Notes for the payment of the principal and
<br />interest on any Notes for three years after the date of maturity of such Notes shall, upon
<br />the written.request of the City, be paid to the City.
<br />
<br /> If any Note shall not be presented for payment when the principal thereof shall
<br />become due, and if moneys or Governmental Obligations shall at such due date be held by a
<br />paying agent for the Notes in trust for that purpos, e sufficient and available to pay the
<br />principal of such Note, together with all interest due thereon to the due date thereof,
<br />all liability of the City for such payment shall forthwith cease, determine and be completely
<br />discharged, and thereupon it sh~ll be the duty of such paying agent to hold such moneys or
<br />Governmental Obligations in trust for the benefit of the holder of such Note provided that
<br />if moneys or Governmental Obligations have been deposited or set aside with a paying agent
<br />for the Notes pursuant to this Section 10(h) for the payment of the Notes but such Notes
<br />shall not have in fact been actually paid in full, no amendment to the provisions of this
<br />Section tO(h) shall be made without the consent of the holder of each Note affected thereby.
<br />
<br /> Section ll. The City Attorney of the City is directe~ to file a copy of this Resolution,
<br />certified by the City Clerk of the City to be a true copy hereof, with the Circuit Court
<br />of the City and such City Clerk is directed to publish once within ten (10) days of the
<br />date of such filing a notice in The Virginian Pilot, a newspaper of general circulation in
<br />the City, in accordance with Section 15.1-199 o--~---~e Code of Virginia, 1950, as amended.
<br />Such notice shall be in substantially the following form:
<br />
<br />"LEGAL NOTICE
<br />
<br /> Notice is hereby given pursuant to Section 15.1-199 and 15.1-222 of the Code of
<br />Virginia, 1950, as amended, that the Council of the City of Portsmouth, Virginia, adopted
<br />on June 22, 1982, a resolution authorizing the issuance of $3,200,000 principal amount of
<br />general obligation Grant Anticipation Notes, Series of 1982, of such City and caused a
<br />certified copy of such resolution to be filed in the Circuit Court of the City of Portsmouth
<br />on , 1982. The proceeds of sale of the Grant Anticipation Notes, Series
<br />of 1982, shall be applied to the payment of a portion of the costs of wastewater treatment
<br />works of and for the City in anticipation of the receipt by the City of the proceeds of a
<br />grant from the United States of America, acting by and through the Environmental Protection
<br />Agency.
<br />
<br />Ayes: Barnes, Beamer, Gra~.~gg, ~h,
<br />~ays: _None
<br />
<br />City Clerk
<br />
<br /> 82-220 - "Consideration of an ordinance on first reading to appropriate $3,526,.900
<br />the Public Utility Fund for the payment of principal of and interest on $3,200 000 Grant
<br />Anticipation Notes. '
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<br />in
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