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109
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<br />June 22, 1982
<br />
<br /> Section 4. The proceeds of the sale of the Notes shall be applied
<br />portion of the costs of wastewater treatment works of and for the City,
<br />defined, in the recitals to this Resolution as the Project.
<br />
<br />to the payment of a
<br />the same being
<br />
<br /> Section 5. The City shall make no use of the proceeds of the sale of the Notes which
<br />would cause the Notes to be "industrial development bonds" or "arbitrage bonds" under
<br />Section 103 of the U. S. Internal Revenue Code of 1954, as amended, and the City shall
<br />comply with the applicable Treasury Regulations adopted under such Section 103 so long as
<br />any No~e is outstanding.
<br />
<br /> Section 6. The Notes shall be executed, for and on behalf of the City, by the manual
<br />of facsimile signatures of the Mayor and Director of Finance of the City, and the corporate
<br />seal of the City shall be impressed or a facsimile thereof imprinted on the Notes and
<br />attested by the manual or a facsimile signature of the City Clerk of the City; provided,
<br />however, that at least one of such signatures on the Notes shall be a manual signature.
<br />
<br /> Section 7. The Notes shall be in substantially the following form, to-wit:
<br />
<br /> "UNITED STATES OF AMERICA
<br /> COMMONWEALTH OF VIRGINIA
<br /> CITY OF PORTSMOUTH
<br /> GRANT ANTICIPATION NOTE, SERIES OF 1982
<br />
<br />No.
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the
<br />"City"), hereby acknowledges itself indebted for value received and promises to pay to the
<br />bearer hereof, without privilege of registration, the principal amount of
<br /> ($ ) upon presentation and surrender hereof on June 30, 1983,
<br />and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on
<br />such principal amount from the date hereof at the rate of per centum (
<br />per annum, payable at maturity.
<br />
<br /> The principal of and interest on this Note are payable in such coin or currency of
<br />the United States of America as at the respective dates of payment is legal tender for
<br />public and privat~ debts at the principal corporate trust office of Virginia National
<br />Bank, in Norfolk, Virginia, or, at the option of the holder of this Note, at the principal
<br />corporate trust office of The Chase Manhattan Bank, N.A., in New York, New York, the
<br />paying' agen~s for this Note, only upon the presentation and surrender hereof.
<br />
<br /> This Note is one of an issue of Notes aggregating Three Million Two Hundred Thousand
<br />Dollars ($3,200,000) in principal amount issued by the City under and pursuant to and in
<br />full compliance with the Constitution and statutes of the Commonwealth of Virginia,
<br />including Chapter 5 of ~itle 15.1 of the Code of Virginia, 1950, as amended (the same
<br />being the Public Finance Act), and the Charter of the City, as amended, and proceedings of
<br />the Council of the City duly adopted and taken under Chapter 5 and such Charter, including
<br />a resolution adopted by such Council on June 22, 1982 (the "Note Resolution"). The Notes
<br />of the issue of which this Note is one are issued for the purpose of paying a portion of
<br />the costs ~f wastewater treatment works of and for the City in anticipation of the receipt
<br />by the City of revenues consisting of the proceeds of a grant from the United States of
<br />America, acting by and through the Environmental Protection Agency. This Note is not
<br />subject to redemption or prepayment prior to its stated maturity.
<br />
<br /> This Note and the issue of which this Note is one are payable (i) as to interest from
<br />the proceeds of sale of the Notes deposited in the Note Repayment Account created and
<br />established pursuant to, and to be held in trust and administered by the City under, the
<br />Note Resolution; and (ii) as to principal from the proceeds of the aforementioned grant to
<br />~the extent the same shall exceed $1,204,O20 which proceeds shall be deposited in the Note
<br /> Repayment Account. There is hereby pledged to the payment of the principal of and interest
<br /> on this Note as the same become due the proceeds of the aforementioned grant and the
<br /> proceeds of the Notes on deposit in the Construction Account created and established
<br /> pursuant to, and to be held in trust and administered by the City under, the Note Resolution,
<br /> until such proceeds shall be expended in accordance with the provisions of the Note Reso. lutio:
<br /> The full faith and credit of the City are hereby irrevocably pledged to the payment of
<br /> the principal of and interest on this Note as the same become due. The principal hereof
<br /> and interest hereon shall be payable from ad valorem taxes without limitation of rate or
<br /> amount upon all property within the City subject to taxation by the City, if the amounts
<br /> deposited in the Note Repayment Account pursuant to the Note Resolution shall be insufficient
<br /> to meet the obligations herein set forth.
<br />
<br /> it is hereby certified, recited and declared that all acts, conditions and things
<br />required to exist, happen or be performed precedent to and in the issuance of this Note
<br />exist, have happened and have been performed in due time, form and manner as required by
<br />la~, and that the amount of this Note, together with all other indebtedness of the City,
<br />does not exceed any limitation of indebtedness prescribed by the Constitution or statutes
<br />of the Commonwealth of Virginia or the Charter of the City.
<br />
<br /> IN WITNESS WHERECF, the City has caused this Note to be executed by the manual or
<br />faasimile signatures of its Mayor and Director of Finance and the corporate seal of ~he
<br />City to be impressed or a facsimile thereof imprinted hereon and attested by the manual or
<br />facsimile signature of the City Clerk of the City (provided that one of such signatures
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