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January 22, 1980
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<br />sufficient to pay at or
<br />bonds outstanding shall
<br />to incur indebtedness.
<br />
<br />before maturity all bonds issued on account of said system, all such
<br />be included in determining the limitation upon the power of the City
<br />
<br /> 5. The City shall make no use of the proceeds of the sale of the Bonds which would caul
<br />the Bonds to be"industrial development bonds" or "arbitrage bonds" under Section 103 of the
<br />U..S, Internal Revenue Code of 19S4, as amended, and the City shall comply with the applicabl~
<br />regulations of the Internal Revenue Service adopted under said Section 103 so long as any Bom
<br />is outstanding.
<br />
<br /> 6. The Bonds shall be sold in conjunction with the sale of the $7,000,000 General
<br />Obligation Public Improvement Bonds of the City authorized by this Council at the meeting at
<br />which this resolution is adopted. The notice of sale of the Bonds referred To in Section 10
<br />hereof and the legal notice referred to in Section tl hereof shall each contain provisions
<br />suitably recognizing and providing with respect to the foregoing.
<br />
<br /> .7. The Bonds shall be executed, for and on behalf of the City, by the manual or facsim~
<br />signatures of the Mayor and Director of Finance of the City, and the corporate seal of the
<br />City shall be impressed or a facsimile thereof imprinted on the Bonds and attested by the
<br />manual or facsimile signature of the City Clerk of the City; provided that at least one of
<br />such signatures on the Bonds shall be a manual signature. The Bonds, except when registered
<br />as to bo~h principal and interest, shall have coupons attached thereto representing the interc
<br />on the Bonds, which coupons shall be executed by the facsimile signature of the said Director
<br />of Finance.
<br />
<br /> 8. CUSIP'identification numbers may be printed on the Bonds, but neither the failure
<br />to print any such number on any Bond nor any error or omission with respect thereto shall
<br />constitute cause for failure or refusal by the successful bidder for the Bonds to accept de-
<br />livery of and pay for the Bonds in accordance with the terms of its bid. No such number shall
<br />constitute or be deemed to be a part of any Bond or a part of the contract evidenced thereby
<br /> and no liability shall attmch to the City of any of its officers or agents because of or on
<br />account of any such number or any use made thereof. Ail expenses in relation To the printing
<br />of such numbers on the Bonds shall be paid by the City; provided, however, that CUSIP Service
<br />Bureau charge for the assignment of such numbers shall be the responsibility of and shall be
<br />paid for by the successful bidder for the Bonds.
<br />
<br /> A copy of the complete final legal opinion with respect to the Bonds, with the name of
<br />the attorney or attorneys rendering same, together with a certification of the City Clerk,
<br />executed by a facsimile signature of that officer, to the effect that such copy ~s a true and
<br />correct copy of the legal opinion which was dated as of the date of delivery of and payment
<br />for the Bonds, may be printed on the Bonds.
<br />
<br /> 9. The Bonds, the coupons pertaining to the Bonds and the provisions for registration
<br />to be endorsed on the Bonds shall be in substantially the following forms, respectively, to-
<br />wit:
<br />
<br />~Form of Bond~
<br />
<br />UNITED STATES OF AMERICA
<br />
<br />COMMONWEALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />
<br />GENERAL OBLIGATION PUBLIC UTILITY BOND
<br />
<br />No. $5,000
<br />
<br /> The City of Portsmouth [the "City"), a municipal corporation of the Commonwealth of
<br />~irginia, hereby acknowledges itself indebted for value received and promises to pay to the
<br />bearer hereof, or, if this Bond then be registered as herein provided, to the then registered
<br />owner hereof, the principal sum of Five Thousand Dollars ($5,000) on the first day of March,
<br /> (subject to the right of prior redemption' hereinafter mentioned) upon the presental
<br />and surrender hereof, and to pay interest on said principal sum from the date hereof at the
<br />rate of oer centum ( %) per annum, payable September 1, 1980, and
<br />semi-annual%y thereafter on March 1 and September 1 of each year.
<br />
<br /> This Bond may be registered by the holder as to principal only or as to both principal
<br />and interest in accordance with the provisions for such registration endorsed hereon. If this
<br />Bond shall not then be registered as to both principal and interest, the interest hereon payab
<br />prior to maturity shall be payable at the principal office of Virginia National Bank, in Notre
<br />Virginia, or, at the option of the holder of this Bond, at the principal office of The Chase
<br />Manhattan Bank (National Association), in the City of New York, New York, the paying agents
<br />for this Bond, but only upon the presentation and surrender of the respective coupons annexed
<br />hereto representing such interest as the s~me become due and payable. The interest on this
<br />Bond while registered as to both principal and interest shall be payable by the City by check
<br />or draft mailed to the registered owner at such owner's address as shown on the books of regis
<br />
<br /> The principal of and premium, if any, and interest on this Bond are payable in such
<br />coin or currency of the United States of Amerina as at the respective dates of payment is legs
<br />tender for public and private debts. Such principal and premium are payable at the principal
<br />office of either of the aforesaid paying agents for this Bond.
<br />
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