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362
<br />
<br />January 22, 1980
<br />
<br />provided that if any project set forth above shall require 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
<br />"~h~ cests 6f capital'improvemen~s,
<br /> water and sewerage system."
<br />
<br />Public Utility Bonds shall
<br />extensions and additions
<br />
<br />be applied to the payment of
<br />to said City's revenue-producing
<br />
<br /> 12. Ail other resolutions, ordinances or orders or parts thereof in conflict with
<br />the provisions of this resolution are to the extent of such conflict hereby repealed.
<br />
<br />i3. This resolution shall take effect from the date of its adoption."
<br />
<br />Ayes: Barnes, Beamer, Early, Gray, Holley, Oast, Davis
<br />Nays: None
<br />
<br /> 80-35 - "Consideration of a resolution authorizing the issuance of $5 million in Public
<br />Utility Bonds of the City of Portsmou%h.
<br />
<br /> This $5 million Public Utility Bond issue is the balance of the $8 million authorizatior
<br />approved by the voters of the City of Portsmouth o~ November 4, 1975. State law requires
<br />that all bond issues approved by voter referendum must be utilized within 5 years from the
<br />date of the bond authorization. This resolution authorizes ~issuance of the remaining $5
<br />million balance approved by the referendum in 1975. City Council has previously received
<br />a letter from the Municipal Finance Commission recommending that $5 million in Public Utility
<br />Bonds be issued prior to March 1, 1980. The City Manager recommends adoption."
<br />
<br /> On motion of Mr Beamer and seconded by Mr. Barnes, the Eollowing resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,O00)
<br />PRINCIPAL'AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS
<br />AND ADDITIONS TO THE WATER AND SEWERAGE SYSTEM OF SAID CITY, PURSUANT TO ARTICLE
<br />VII, SECTION lO(a)(2), OF THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF SAID
<br />BONDS AND PROVIDING FOR THE SALE OF SAID BONDS.
<br />
<br /> WHEREAS, the City of Portsmouth (the "City")
<br />system, including water production, preparation,
<br />and
<br />
<br />is authorized to opezate a water utility
<br />distribution and transmission systems;
<br />
<br /> WHEREAS, the City is authorized to operate a sewerage utility system, including sewerage
<br />transmission, treatment and disposal systems; and
<br />
<br /> WHEREAS, the City is authorized to, and does, operate its water and sewerage systems
<br />as a single utility system; and
<br />
<br /> WHEREAS, such combined water and sewerage system is an undertaking from which the City
<br />derives revenue; and
<br />
<br /> WHEREAS, the City of Portsmouth is authorized under and by virtue of Article VII, Sectio~
<br />10[a)(2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of the Code of Virginia,
<br />1950, and the Charter of the City, To issue bonds as may be necessary to make capital improve-
<br />ments, extensions and additions to such water and sewerage system; and
<br />
<br /> WHEREAS, Article VII, Section lO(a)~2), of the Constitution of Virginia, requires the
<br />ordinance authorizing the issuance of such bonds to be approved by the affirmative vote of
<br />the majority of the qualified voters of the City voting upon the question of their issuance;
<br />and '
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City of Portsmouth,
<br />Virginia, on May 13, 1975 entitled, "An Ordinance To Authorize The Issuance of $8,000,000.
<br />Of Bonds To Be Known As Public Utility Bonds For The Purpose Of Making Capital Improvements,
<br />~X~6ff$~ons And Additions To The City Of Portsmouth's Revenue Producing Water And Sewerage
<br />~t~m~ Pursuant To Article VII, Section lO(a)(2) Of The 1970 Constitution Of Virginia, And
<br />Chapter 5 Of Title 15.1 Of The Code Of Virginia, 1950", the Circuit Court of the City of
<br />Portsmouth, by an Orde~ entered on August 1, 1975, directed that there be submitted to the
<br />qualified voters of the City at an election to be held on November ~, 1975, the question
<br />whether the Eight Million Dollars of bonds authorized by the said ordinance should be issued;
<br />~nd
<br />
<br /> WHEREAS, by another Order entered by the said Circuit Court on September 27, 1977, it
<br />was entered of record as a result of said election that a majority of the votes were cast
<br />for the bond issue, and that ~his Council be fully authorized and empowered ~o prepare and
<br />issue and to sell or ~o negotiate said bonds upon the faith, credit and property of said
<br />municipality in the amount so authorized; and
<br />
<br /> WHEREAS, it is provided in said ordinance that the bonds so authorized may be issued
<br />at one time, or a part thereof from time to time, as this Council shall direct, Three Million
<br />Dollars ($3,000,000) of said bonds have heretofore been issued and this Council deems it
<br />advisable to issue at this time the remaining Five Million Dollars ($5,OOO,OOO) of said bonds
<br />to make desired improvements, extensions and additions to the aforesaid revenue producing
<br />undertaking of ~he City.
<br />
<br />
<br />
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