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May 27, 1980
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<br />fraction thereof between the date fixed for redemption and
<br />Bond. Any such declaration of tbe maturity of Bonds to be
<br />of Bonds within a maturity to be~redeemed shall be made by
<br />City.
<br />
<br />the stated maturity date of such
<br />redeemed and of the selection
<br />the Director of Finance of the
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<br /> Notice of any such redemption, spec~ifying the date, number and maturities of the Bonds
<br />to be redeemed, the date and place fi×ed 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 ~n a
<br />newspaper printed in the English language and customarily published on each business day
<br />and of general circulation in the City~ and once in at least one newspaper or financial
<br />publication printed in the English language and customarily published on each business day
<br />in the~City· o~ New~York, New York, the date of publication of such notice in each case to
<br />be at least thirty days prior to the date fixed for redemption. If any Bond called for
<br />redemption~is'registered as to principal only or as to both principal and interest, notice
<br />of the redemption thereof shall be mailed not less than thirty days priqr to the date
<br />fi×ed for redemption by registered mail to the registered owner of such Bond at such
<br />owner's address as shown on the books of registry; provided, however, that notice of
<br />redemption by publication need not be given to the registered owner of any registered Bond
<br />if notice of redemptio~ shall have been mailed as aforesaid, and if notice of redemption
<br />is given by publication as aforesaid then neither t~ failure to mail such notice to the
<br />registered owner of any registered Bond nor any defect in any notice so mailed shall affect
<br />the sufficiency of the proceedings for the redemption of such Bonds. When notice of redemptio
<br />of Bonds shall have been g~ven as hereinabove set forth, and payment of the principal
<br />amo~nt~f the Bonds so called for redemption and of ~he accrued interest and premmum, if
<br />any, payable upon such redemption Shall have been duly made or provided ~or, interest on
<br />such Bonds shall cease from and after the date so specified for ~heir redemption and any
<br />coupons representing such interest shall be void.
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<br /> The Bonds may be registered by the holder
<br />and interest in accordance with the provisions
<br />as set forth in Section 9 hereof.
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<br />as to principal only or as to both principal
<br />for such registration to be endorsed thereon
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<br /> 2. The principal of and premium, if any, and interest on the Bonds shall be payable
<br />in such coin or currency of the United States of America as at the respective dates of
<br />payment is legal tender for public and private debts. If any Bond shall not then be
<br />registered as to both principal and interest, the interest thereon payable prior to maturity
<br />shall be payable at the principal office of Virginia National Bank, ~n Norfolk, Virginia,
<br />or, at the option of the holder of such Bond, at the principal office of The Chase Manhattan
<br />Bank (National Association), in the City of New York, New York, as the paying agents for
<br />the Bonds. The interest on any Bond while registered as to both principal and interest shall
<br />be payable by the City by check or draft mailed to the registered owner at such owner's
<br />address as shown on the books of registry. The principal of and premium, if any, on the
<br />Bonds are payable at the principal office of either of said paying agents for the Bonds.
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<br /> 3. The full faith and credit of the City shall be and hereby is irrevocably pledged
<br />to the payment of the principal of and interest on the Bonds as the same become due. In
<br />each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed
<br />levied and collected, at the same time and in the same manner as other taxes in the City
<br />are assessed, levied and collected, upon all property within the City subject to taxation
<br />by the City, a tax sufficient to provide for the payment of the principal of and interest
<br />on the Bonds as the same become due.
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<br /> 4. The proceeds of the sale of the Bonds shall be applied to the payment of the costs
<br />of the following public improvement projects in substantially the following respective
<br />amounts:
<br />
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Public Safety
<br />Urban Transportation
<br />Drainage, Curbs, Gutters and Street
<br /> Improvements
<br />Urban Renewal
<br />Crawford Harbor Improvements:
<br /> Farking Garage Construction
<br /> City'Hall Building Improvements
<br />
<br /> Total
<br />provided that if any such
<br />
<br />270,000.
<br />1,409,137.
<br />28,000.
<br />70,275.
<br />923,680.
<br />
<br />562,481.
<br />414,427.
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<br />2,470,000.
<br /> 852,000.
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<br /> $ 7,000,000.
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<br /> project shall require less than the entire amount set forth above
<br />opposite such project, the difference may be applied to an) other such project.
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<br /> S. The City shall make no use of the proceeds of the sale of th~ Bonds which would
<br />cause the Bonds to be "industrial development bonds" or "arbitrage bonds" under Section
<br />103 of the U. S. Internal Revenue Code of 19S4, as amended, and the City shall comply with
<br />the applicable regulations of the Internal Revenue Service adopted under said Section 103
<br />so long as any Bond ms outstanding.
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<br /> 6. The Bonds shall be sold in conjunction with the sale of the $S,OOO,O00 Public
<br />Utility Bonds of the City authorized by this Council at the meeting at which this resolution
<br />is adopted. The notice of sale of the Bonds referred to in Section 10 hereof and the legal
<br />notice referred to in Section 11 hereof shall each contain provisions suitably recognizing
<br />and providing with respect to the foregoing.
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