|
May 27, 1980
<br />
<br />as Registrar., such registration to be noted by the Registrar in the registration blank
<br />below. After such registration, no transfer hereof shall be effective against the Registrar,
<br />the City of Portsmouth and the paying agents for this Bond unless made on said books by
<br />the regi~:¢red owner or attorney duly authorized and similarly noted hereon, but this Bond
<br />may be discharged from such registration by being transferred to bearer, after which this
<br />Bond shall be transferable by delivery, but this Bond may be again registered as before.
<br />The registration of this Bond as to principal shall not restrain the negotiability by deliver'
<br />merely of the coupons pertaining hereto, but the coupons may be surrendered and the interest
<br />made Fayable only to the registered owner, in which event the Registrar shall note in the
<br />registration blank below that this Bond is registered as to interest as well as to principal.
<br />With the consent of the holder and the Registrar, this Bond when converted into a bond regis-
<br />tered as to both principal and interest may be reconverted into a coupon bond and again
<br />converted into ~ bond registered as to both principal and interest as hereinabove provided,
<br />but always at t~' expense of the holder. Upon reconversion of this Bond, when register'ed
<br />as to princ~pal.:and: interest, inte a coupon bond, coupons representing the interest to accrue
<br />on this Bond to date of maturity shall be attached hereto by the Registrar, and the Registrar
<br />shall note in the registration blank below whether this Bond is registered as to principal
<br />only or payable to bearer.
<br />
<br />DATE OF
<br />REGISTRATION:
<br />
<br />IN WHOSE NAME
<br />REGISTERED:
<br />
<br />MANNER OF
<br />REGISTRATION:
<br />
<br />SIGNATURE OF
<br />REGISTRAR:
<br />
<br /> 10. The City Manager of the City is hereby authorized to publish and distribute a notic~
<br />of sale ~£ the;Bonds, such publication to be made in The Daily Bond Buyer, a financial newspaF
<br />published in the City of New York, New York, and in the Virginian Pilot, a newspaper of genera
<br />circulation in the City, at least once in each such paper, with the date of the first publica-
<br />tion to be at least seven (7) days prior to the date of sale of the Bonds. Such notice of
<br />sale shall be in substantially the £ollowing £orm:
<br />
<br />"NOT'ICE ~OF SALE
<br />
<br />CITY OF PORTSMOUTH, VIRGINIA
<br />
<br />$12,000,000 GENERAL OBLIGATION BONDS
<br />
<br /> Sealed proposals for the purchase of $12,O00,O00 general obligation bonds hereinafter
<br />described of the City of Portsmouth, Virginia, will be received at the office of the City
<br />Manager, City Hall, 801Crawford Street, Portsmouth, Virginia, until twelve o'clock noon,
<br />Virginia time, on Tuesday, June 17, 1980, at which time and place all proposals will be public
<br />opened.
<br />
<br /> The bonds offered for sale (the "Bonds") consist of two issues of general obligation
<br />bonds:
<br />
<br /> 1. $7,000,000 General Obligation Public Improvement Bonds maturing in the principal
<br />amount of $350,00.0 on July 1 in each of the years 1981 through 2000.
<br />
<br /> 2. $5,000,000 General Obligation Public Utility Bonds maturing in the principal amount
<br />of $250,000 on July 1 in each of the years 1981 through 2000.
<br />
<br /> The Bonds will be dated July 1, 1980; will be in coupon form registrable as to principal
<br />only or as to both principal and interest; will be of the denomination of $5,000 each; and wil
<br />bear interest payable January 1, 1981, and semi-annually thereafter on July 1 and January 1 of
<br />each year. Both principal of and interest on the Bonds will be payable in such coin or cur-
<br />rency of the United States o£ America as at the respective dates of payment is legal tender
<br />for public and private debts, at the principal office of Virginia National Bank, in Norfolk,
<br />Virginia, or, at the option of the holder of any Bond or coupon pertaining thereto, at the
<br /> principal office of The Chase Manhattan Bank (National Association), in the City of New York
<br />New York, except that interest on any Bond while registered as to both principal and interest
<br />shall, be paid by the City.
<br />
<br /> The Bonds of each issue maturing on and after July 1, 1991, shall be subject to redempti,
<br />at the option of the City prior to their stated maturities on or after July 1, 1990, in whole
<br />at any time, or in part from time to time on any interest payment date in any order determined
<br />by the City (except that if less than all ~£ the Bonds of a maturity of such issue are called
<br />for redemption, the particular Bonds of such maturity of such issue to be redeemed shall be
<br />selected by lot), upon payment of the principal amount of the Bonds to be redeemed'together
<br />with the interest accrued thereon to the date fixed for redemption plus a premium of one-
<br />quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be redeemed £or eac
<br />twelve (12) month period or fraction thereof between the date fixed for redemption and the
<br />stated maturity date of such Bond.
<br />
<br /> The Public Improvement Bonds are to be issued for the purpose of providing funds to pay
<br />the cost of various public improvement projects. The full faith and credit of the City shall
<br />pledged to the payment of the principal of and interest on such Bonds as the same become due.
<br />For the payment of such principal aud interest, the City has power and will be obligated to
<br />levy ad valorem taxes without limitation of rate or amount upon all property within the City
<br />subject to taxation by the City.
<br />
<br />er
<br />
<br />Y
<br />
<br />
<br />
|