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May 27, 1980
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<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City of Portsmouth,
<br />Virginia, on May 13, 1975 entitled, "An Ordinance To Authorize The Issuance of $8,000,000. Of
<br />Bonds To Be Known As Public Utility Bonds Eor The PUrpose Of Making Capital Improvements,
<br />Ekte~sions gnR~RdRi't~ilon$,to the City of Portsmouth's Revenue Producing Water and Sewerage
<br />Sygtem¢~Rnrsuant To Article VII, gection lO(a)(2) Of The 1970 Constitution Of Virginia, And
<br />Chapter 5 Of Title 1S.1 Of The Code Of Virginia, 1950", the Circuit Court of the City of
<br />Portsmouth, by an Order entered on August 1, 1975, directed that there be submitted to the
<br />qualified voters of the City at an election to be held on November ~, 1975, the question
<br />whether the Eight Million Dollars of bonds authorized by the said ordinance should be issued-
<br />and '
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<br /> WHEREAS, by another Order entered by the said Circuit Court on September 27, 1977, it was
<br />entered of record as a result of said 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 />sell or to negotiate said bonds upon the faith, credit and property of said municipality in
<br />the amount so authorized; and
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<br /> WHEREAS, it is provided in said ordinance that the bonds so authorized may be issued at
<br />one time, or a part thereof from time to time, as this Council shall direct, Three Million
<br />Dollars ($3,000,000) of said bonds have heretofore been issued and this Council deems it
<br />advisable to issue at this time the remaining Five Million Dollars ($5,000,000) of said bonds
<br />to make desired improvements, extensions and additions to the aforesaid revenue producing
<br />undertaking of the City.
<br />
<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 lO(a)(2), of the Constitution of Virginia, Chapter
<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
<br />under and by virtue of an affirmative vote of a majority of the qualified voters of the City
<br />November 4, 1975, on the question of the issuance of said bonds for the purpose of providing
<br />funds To pay the cost of capital improvements, extensions and additions to the City's revenue
<br />producing water and sewerage system, there are hereby authorized to be issued Five Million
<br />Dollars ($5,000,000) principal amount of bonds of the City to be designated "General Obligatic
<br />Public Utility Bonds" (the "Bonds"). The Bonds shall be dated as of July 1, 1980; shall be
<br />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 January 1, 1981, and
<br />semi-annually thereafter on July 1 and January 1 of each year, at such rate or rates per annu~
<br />as shall be determined by resolution of this Council upon the sale of the Bonds; shall mature
<br />serially in numerical order $250,000 principal amount of bonds on July 1 in each of the years
<br />1981 to 2000, both inclusive; and shall be issued as coupon bonds registrable as to principal
<br />only or as to both principal and interest.
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<br /> The Bonds maturing on and after July 1, 1991, shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after July 1, 1990, 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
<br />the principal amount of the Bonds to be redeemed together with the interest accrued thereon
<br />to the date fixed for redemption plus a premium of one-quarter of one percent (1/~ of 1%)
<br />of the principal amount of each Bond to be redeemed for each twelve (12) month period or
<br />fraction thereof between the date fixed for redemption and the stated maturity date of such
<br />Bond. Any such declaration of the maturity of Bonds to be redeemed and of the selection of
<br />Bonds within a maturity to be redeemed shall be made by the Director of Finance of the City.
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<br /> Notice of such redemption, specifying the date, numbers and maturities of the Bonds
<br />to be redeemed, the date and place fixed for their redemption and the premium, if any, payabl(
<br />upon such redemption, shall be given by the City by publication of such notice once in a news-
<br />paper printed in the English language and~.customarily published on each business day and of
<br />general circulation in the City and once in at least one newspaper or financial publication
<br />printed in the English language and customarily published on each business day in the City of
<br />New York, New York, the date of publication of such notice in each case to be at least thirty
<br />days prior to the date fixed for redemption. If any Bond called for redemption is registered
<br />as to principal only or as to both principal and interest, notice of the redemption thereof
<br />shall be mailed not less than thirty days prior to the date fixed for redemption by registere~
<br />mail to the registered owner of such Bond at such owner's address as shown on the books of
<br />registry;, provided, however, that notice of redemption by publication need not be given to th~
<br />registered owner of any registered Bond if notice of redemption shall have been mailed as
<br />aforesaid, and if notice of redemption is given by publication as aforesaid then neither the
<br />failure to mail such notice to the registered owner of any registered Bond nor any defect in
<br />any notice so mailed shall affect the sufficiency of the proceedings for the redemption of sue
<br />Bonds. When notice of redemption of Bonds shall have been given as hereinabove set forth, ant
<br />payment of the principal amount of the Bonds so called for redemption and of the accrued
<br />interest and premium, if any, payable upon such redemption shall have been duly made or pro-
<br />vided for, interest on such Bonds shall cease from and after the date so specified for their
<br />redemption and any coupons representing such interest shall be void.
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<br /> The Bonds may be registered by th~ holder as to principal only
<br />interest in accordance with the provisions for such registration to
<br />forth in Section 9 hereof.
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<br />or as to both principal a~
<br />be endorsed thereon as set
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<br /> 2. The principal of and premium, if any, and interest on the Bonds shall be payable in
<br />such coin or currency of the United States of America as at the respective dates of payment is
<br />legal tender for public and private debts. If any Bond shall not then be registered as to
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