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May 27, 1980
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<br /> The Public Utility Bonds are to be issued for the purpose of providing funds to pay the
<br />cost of capital improvements, extensions and additions to the City's revenue-producing water
<br />and sewerage system, the full faith and credit of the City shall be pledged to the principal o~
<br />and inter~st on such Bonds as the same become due. For the payment of such principal and
<br />interest, the City has power and will be obligated to levy ad valorem taxes without limitation
<br />of rate or amount upon all property within the City subject to taxation by the City, if the
<br />revenues of the undertaking consisting of the water and sewerage system'of the City are insuf~.
<br />ficient for that purpose.
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<br /> Bidd~r~ shall specify the rate or rates of interest per annum to be borne by the Bonds,
<br />to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall
<br />not be restricted as to the number of rates which may be named but the difference between the
<br />highest and the lowest interest rates specified shall not exceed two percent in coupon rate.
<br />All_BOn~s ofc~oth_is~ues maturing on the same da~e must bear ~nterest at the same single
<br />rate from their date to such maturity dale, which sin~te rate of interest shall be represented
<br />by a single coupon. Unless all proposals are rejected the Bonds will be awarded on June 17,
<br />1980, to the responsible bidder offering to purchase the Bonds at the lowest cost to the City,
<br />to be computed by determining the interest to maturity at the rate or rates specified by the
<br />bidder and deducting therefrom any premium offered. No bid will be considered for'less than
<br />all of the Bonds of both issues or for a price less than par and accrued interest from the dat
<br />of ~he B6nds -to the date of their delivery. The ~ightd~is reserved to.reject:any and all bids
<br />or to waive any irregularities or ~nformalities in any bid.
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<br /> Proposals must be unconditional, must be on the City's proposal form prepared for the
<br />purpose, must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virgin:
<br />Bonds" addressed to the undersigned and mus~ be accompanied by a certified or bank cashier's
<br />check in the amount of $240,000 payable to the order of the City of Portsmouth, Virginia, as a
<br />guarantee of good faith on the part of the bidder. No ~nterest will be paid by the City on
<br />said good faith deposit. Good faith checks of unsuccessful bidders will be promptly returned
<br />to the representatives thereof. The good faith check of the successful bidder will be de-
<br />posited by the City and the proceeds thereof credited against the purchase price due for the
<br />Bonds upon their delivery or retained as and for liquidated damages in the event the successfu:
<br />bidder fails to take up and pay for the Bonds in accordance with its bid.
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<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.
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<br /> It is anticipated that CUSIP identification numbers will be printed on the Bonds, hut
<br />neither the failure to print any such number on any Bond nor an~ error or omission with respec
<br />thereto shall constitute cause for failure or refusal by the successful bidder for the Bonds
<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
<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
<br />relation to the printing of CUSIP identification numbers on the Bonds 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.
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<br /> The respective opinion of Messrs. Wood 8 Dawson approving the validity of each issue of
<br />Bonds will be f~rnished the successful bidder for the Bonds. Each such opinion will state that
<br />the respective Bonds constitute valid and legally binding obligations of the City and that the
<br />City has power and is obligated ~o levy ad valorem taxes for the payment of such Bonds and the
<br />interest thereon upon ail 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 sovereign police powers of the Commonwealth of Virginia and of the constitutional powers oi
<br />the United States of America, 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 />i~:exemp~ ~rom taxation by the United States of America under existing law and regulations
<br />and under the existing law of the Commonwealth of Virginia such interest is not includable in
<br />computing the Virginia incom~ tax. A copy of the respective opinion will be printed on the
<br />respective Bonds.
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<br /> Requests for proposal forms, for the official statement pertaining ~o the Bonds and for
<br />further information should be addressed to Mr. Roy W. Cherry, Director of Financz, City of
<br />Portsmouth, P. O. Box 820, Portsmouth, Virgxnia 23705. Proposal forms and the official state-
<br />ment may also be obtained a~ the office of Messrs. Wood 8 Dawson 48 Wall Street New York Ne~
<br />York 10005. ' ' '
<br />
<br /> Robert T. Williams
<br /> City Manager
<br /> Portsmouth, Virginia"
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<br /> ll. The City Attorney of the City shall and is hereby directed 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 />Court of the City of Portsmouth, Virginia, and said City Clerk shall and is hereby directed to
<br />publish once within ten (10) days of th~ date of such filing a notice in The Virginian Pilot,
<br />a~m~ws~ap~wrof general circulation in the City, in accordance with Section 15.1-199 of the
<br />Code Of Virginia, 1950, as amended. Such notice shall be in substantially the following form:
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