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Fe!hruary 26, 1980
<br />
<br /> At a called meeting of the City Council held at 12:00 noon on Tuesday, February 26, 1980,
<br />there were present:
<br />
<br />Jack P. Barnes, Ben A. Beamer,
<br />James W. Holley, III, Robert T.
<br />City Attorney.
<br />
<br />Sr., E. Saunders Early, Jr., J. Robert Gray,
<br />Williams, City Manager, Steven Lieberman,
<br />
<br />Absent: Richard J. Davis, Edward L. Oast, Jr.
<br />
<br />Vice Mayor Holley presided in the absence of Mayor Davis.
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the City Council Chamber, at
<br />12:00 noon, on Tuesday, February 26, 1980, to consider the possible postponement of the sale
<br />of Seven Million Dollars of General Obligation Public Improvement Bonds and Five Million Dolla~
<br />of General Obligation Public Utility Bonds, as provided in resolutions adopted by City Council
<br />on January 22, 1980.
<br />
<br />By order of the Mayor."
<br />
<br />Mayor Davis arrived at 12:18 p.m.
<br />
<br />80-77 The following resolution, recommended by the City Manager, was presented:
<br />
<br />"A RESOLUTION POSTPONING THE SALE OF AN AGGREGATE $12,000,000. PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Municipal Bond market has deteriorated substantially since January 22,
<br />1980; and
<br />
<br /> WHEREAS, the Municipal Finance Commission has reviewed the Municipal Bond Market and
<br />recommended the postponing of the scheduled sale of General Obligation Bonds; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth no longer deems it advisable to sell
<br />General Obligation Bonds at this time.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that the sale of Seven Million Dollars ($7,000,000.) principal amount of General Obligation
<br />Public Improvement Bonds of the City of Portsmouth, Virginia, and Five Million Dollars
<br />($8,000,000.) principal amount of General Obligation Public Utility Bonds of the City of
<br />Portsmouth, Virginia, authorized to be issued and sold pursuant to Resolutions Nos. 1980-14
<br />and 1980-13 adopted by the Council of the City of Portsmouth, Virginia, on January 22,
<br />1980 and entitled, "A RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,0OO,OO0.
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOUS PUBLIC IMPROVEMENT
<br />PROJECTS OF SAID CITY, FIXING THE FORM OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID
<br />BONDS" and "A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000/000.)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE
<br />WATER AND SEWERAGE SYSTEM OF SAID CITY, PURSUANT TO ARTICLE VII, SECTION lO(a)(2), OF THE
<br />CONSTITUTION OF VIRGINIA, FIXING THE FORM OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID
<br />BONDS" shall be postponed until such later date as the Council shall authorize.
<br />
<br /> BE IT FURTHER RESOLVED by the Council of the City of Portsmouth, Virginia, that all
<br />other resolutions, ordinances or orders or parts thereof in conflict with the provisions
<br />of this resolution are to the extent of this conflict hereby repealed.
<br />
<br />This resolution shall take effect from the date of its adoption."
<br />
<br /> On motion of Mr. Ear%y and seconded by Mr. Barnes, the resolution was adopted, and by
<br />the following vote:
<br />
<br /> Ayes:
<br /> Nays:
<br />
<br />O~ motion meeting
<br />APPROVED ~
<br />
<br />Barnes, Beamer, Early, Gray, Holley,
<br />None
<br />
<br />adjourned.
<br />
<br />Vice Mayor
<br />
<br />Davis
<br />
<br />~City Clerk~
<br />
<br />
<br />
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