|
May 27, 1980
<br />
<br /> The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly
<br />executed, and the usual closing papers, including a certificate that no litigation is pending
<br />affecting the validity of the Bonds, will be made to the successful bidder in New York, New
<br />York, on July 2, 1980, or as soon thereafter as the Bonds may be prepared. Payment of the
<br />balance of the purchase price, including any premium offered, must be made in Federal Funds.
<br />
<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 respec
<br />thereto shall constitute cause for failure or refusal-by the successful bidder for the Bonds t
<br />accept delivery of and pay for the Bonds in accordance with the terms of its proposal. No
<br />CUSIP identification number shall constitute or be deemed to be a part of any Bond or a part o
<br />the contract evidenced thereby and no liability shall attach to the City or any of its officer
<br />or agents because of or on account of any such number or any use made thereof. Ail expenses i:
<br />relation to the printing of CUSIP identification numbers on the Bends shall be paid for by the
<br />City; provided, however, that the CUSIP Service Bureau charge for the assignment of said
<br />numbers shall be the responsibility of and shall be paid by the successful bidder for the
<br />Bonds.
<br />
<br /> The respective opinion of Messrs. Wood & Dawson approving the validity of each issue of
<br />Bonds will be furnished the successful bidder for the Bonds. Each such opinion will state tha
<br />the respective Bonds constitute valid and legally binding obligations of the City and that the
<br />City has power and is obligated to levy ad valorem taxes for the payment of such Bonds and the
<br />interest thereon upon all property within the City, subject to taxation by the City, without
<br />limitation of rate or amount, it being understood that the rights of the holders of such Bonds
<br />and the enforceability thereof may be subject to judicial discretion, to the valid exercise of
<br />the sov~reig~ police powers of the Commonwealth of Virginia and of the constitutional powers o
<br />the United States .of A~nerica, and to valid bankruptcy, insolvency, reorganization, moratorium
<br />and other laws affecting creditors' rights, and will also state that the interest on such Bond
<br />is exempt from taxation by the United States. of America under existing law and regulations and
<br />under the existing law of the Commonwealth of Virginia such interest is not includable in
<br />computing the Virginia income tax. A copy of the respective opinion will be printed on the
<br />respective Bonds.
<br />
<br /> Requests for proposal f~orms, for the official statement pertaining tO the Bonds and 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 statem
<br />may also be obtained at the office of Messrs. Wood & Dawson, 48 Wall Street, New York, New Yor
<br />10005.
<br />
<br />Robert T. Williams
<br />City:~anager
<br />Portsmouth, Virginia
<br />
<br /> 1.1. The City Attorney of the City shall and is hereby d£rected to file a copy of this
<br />resolution, certified by the City Clerk of the City to be a true copy hereof, with the Circuit
<br />Ceurt of the City of Portsmouth, Virginia, and said City Cl~rk shall and is hereby directed to
<br /> publish once within ten (10) days of the date of such £iling a notice in the Virginian Pilot,
<br />a newspaper of general circulation in the City, in accordance with Section 15.1-199 of the Cod
<br />of Virginia, 1950, as amended. Such notice shall be in substantially the following form:
<br />
<br />ULEGAL NOTICE
<br />
<br /> Notice is hereby given pursuant to Section 15.1-199 of the Code of Virginia, 1950, as
<br />amended, that the Council of the City of Portsmouth, Virginia, adcpted on May 27,-1980, resolo
<br />tions authorizing the ~ssuance of $7,OOO,O00 principal amount of General Obligation Public
<br />Improvement Bonds and $5,000,000 principal amount of General Obligation Public Utility Bonds o
<br />said City and caused certified copies of said resolutions to be filed in the Circuit Court of
<br />the City of Portsmouth on
<br />
<br /> The proceeds of sale of ~aid Public Improvement Bonds shall be applied to the payment of
<br />the costs of the following public improvement projects in substantially the following respec-
<br />tive amounts:
<br />
<br /> Community Services $ 270,000.
<br /> Education 1,409,137.
<br /> Parks and Recreation 28,000.
<br /> Public Safety -0,275.
<br /> .Urban Transportation 923,.680.
<br /> Drainage, Curbs, Gutters and
<br /> Street Improvements 562,481.
<br /> Urban Renewal 414.427.
<br /> Crawford Harbor Improvements:
<br /> Parking Garage Construction ~2;~70~000.
<br /> City HalI Building ImprovemEnts 852,000.
<br /> ~$~. 7,OOO.,OOO.
<br />provided that if any project set ~orth above shall requxre less than .the entire respective
<br />amount set forth above, the difference may be applied to any other project set forth above.
<br />
<br /> The proceeds of sale of said Public Utility Bonds shall be applied to the payment of the
<br />ccsts of capital improvements, extensions and additions to said City's revenue-producing wate~
<br />and sewerage system."
<br />
<br />nt
<br />
<br />
<br />
|