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<br />January 22, 1980
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<br /> NOW, THEREFORE]$E IT RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> 1. Pursuant to Article VII, Section lO(a)(2), of the Constitution of Virginia, Chapter
<br />of Title 15.1 of the Code of Virginia, 19S0, as amended, the same being the Public Finance Act
<br />and the Charter of the City, and the ordinance referred to in the recitals hereinabove and
<br />under and by virtue of an affirmative vote of a majority of the qualified voters of the City
<br />on November 4, 1975, on the question of the issuance of said bonds for the purpose of provid-
<br />ing funds to pay the cost of capital improvements, extensions and additions to the City's
<br />revenue producing water and sewerage system, there are hereby authorized to be issued Five
<br />Million Dollars ($5,000,000) principal amount of bonds of the City to be designated "General
<br />Obligation Public Utility Bonds" (the "Bonds"). The Bonds shall be dated as of March 1, 1980;
<br />shall be numbered from one (1) consecutively upward in order of maturity (earlier maturities
<br />fir~t~; shall be of the denomination of $5,000 each; shall bear interest payable September 1,
<br />1980, and semi-annually thereafter on March 1 and September 1 of each year, at such rate or
<br />rates per annum as shall be determined by resolution of this Council upon the sale of the
<br />Bonds; shall mature serially in numerical order $250,000 principal amount of bonds on March 1
<br />in each of the years 1981 to 2000, both inclusive; and shall be issued as coupon bonds registr
<br />able as to principal only or as to both principal and interest.
<br />
<br /> the Bonds maturing on and after March 1, 1991, shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after March 1, 1990, in whole at any
<br />time, or in part from time to time on any interest payment date in any order determined by the
<br />City (except that if less than all of the Bonds of a maturity are called for redemption, the
<br />particular Bonds of such maturity to be redeemed shall be selected by lot), upon payment of th
<br />principal amount of the Bonds to be redeemed together with the interest accrued thereon to the
<br />date fixed for redemption plus a premium of one-quarter of one percent (1/4 of 1%) of the
<br />principal amount of each Bond to be redeemed for each twelve (12) month period or fraction
<br />thereof between the date fixed for redemption and the stated maturity date of such Bond. Any
<br />such declaration of the maturity of BonJs tabe redeemed and of the selection of Bonds within
<br />maturity to be redeemed shall be made by the Director of Finance of the City.
<br />
<br /> Notice of such redemption, specifying the date, numbers and maturities of the Bonds to be
<br />redeemed, the date and place fixed for their redemption and the premium, if any, payable upon
<br />such redemption, shall be given by the City by publication of such notice once in a newspaper
<br />printed is the English language and customarily published on each business day and of general
<br />circulation in the City and once in at least one newspaper or financial publication printed in
<br />the English language and customarily published on each business day in the City of New York,
<br />New York, the date of publication of such notice in each case to be at least thirty days prior
<br />to the date fixed for redemption. If any Bond called for redemption is registered as to
<br />principal ~nly or as to both principal and interest, notice of the redemption thereof shall be
<br />mailed not less than thirty days prior to the date fixed for redemption by registered mail to
<br />the registered owner of such Bond at such owner's address as shown on the books of registry;
<br />provided, however, that notice of redemption by publication need not be given to the registere
<br />owner of any registered Bond if notice of redemption shall have been mailed as aforesaid, and
<br />if notice of redemption is given by publication as aforesaid then neither the failure to mail
<br />such notice to the registered owner of any registered Bond nor any defect in any notice so
<br />mailed shall affect the sufficiency of the proceedings for the redemption of such Bonds. When
<br />notice of redemption of Bonds shall have been given as hereinabove set forth, and payment of
<br />the principal amount of the Bonds so called for redemption and of the accrued interest and
<br />premium, if any, payable upon such redemption shall have been duly made or provided for, inter
<br />est on such Bonds shall cease from and after the date so specified for their redemption and
<br />any coupons representing such interest shall be void.
<br />
<br /> The Bonds may be registered by ~he holder as to principal only or as to both principal
<br />and interest in accordance with the provisions for Such registration to be endorsed thereon as
<br />set forth in Section 9 hereof.
<br />
<br /> 2. The principal of and premium, if any, and interest on the Bonds shall be payable in
<br />such coin or currency of the United States of America as at the respective dates of payment
<br />is legal tender for public and'private debts. If any Bond shall not then be registered as to
<br />both principal and interest, the interest thereon payable prior to maturity shall be payable
<br />'at, the principa~ office of Virginia National Bank, in Norfolk, Virginia, or, at the option of
<br /> the holder.of such Bond, at the principal office of The Chase Manhattan Bank (National Associ-
<br /> ation), in the City of New York, New York~ as the paying agents for the Bonds. The interest o~
<br /> any Bond while registered as to both principal and interest shall be payable by the City by
<br /> check or draft mailed to the registered owner at such owner's address as shown on the books of
<br /> registry. The principal of and premium, if any, on the Bonds are payable at the principal
<br /> off~ce o~ 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 to
<br />the payment o~ the principal of and in~erest on the Bonds as the same become due~ .In each yea
<br />while the Bonds, or iany of them, are outstanding and unpaid, there shall be assessed, levied
<br />and collected, at the same time and in the same manner as other taxes in the City are assessed
<br />levied and collected, upon all proper~y within the city subject to taxation by the City, a tax
<br />sufficient to provide for the payment of the principal of and interest on the Bonds as the sam
<br />become due, if ~he revenues of the aforesaid undertaking consisting of the water and sewerage
<br />system is insufficient to meet the obligations herein set forth.
<br />
<br /> ~. The Bonds shall not be included in determining the limitation upon the power of the
<br />City to incur indebtedness under the provisions of Article VII, Section 10, of the Constitutio~
<br />of Virginia~ but from and after November ~, 1980, whenever and for so long as the City's water
<br />and sewerage system fails to produce Sufficient revenue to pay the cost of operation and admin
<br />istration (including interest on bonds issued therefor, and the cost of insurance against loss
<br />or injuries to p~rsons and property), and an annual amount to be placed into a sinking fund
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