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January 22, 1980
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<br /> Motion of Mr. Gray and seconded by Mr. Barnes, the contract to be awarded to Mallory
<br />EJectr'io-~o~p~y, b~eing the lowest respcnsible bidder, and was adopted by unanimous vote.
<br />
<br /> 80-34 "Consideration of a resolution authorizing the issuance of $7 million in General
<br />Obligation Bonds of the City of Portsmouth.
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<br /> The proceeds from the $7 million bond issue will be utilized for community services;
<br />education; parks and ~ecreation; public safety; urban transportation; drainage, curbs, and
<br />gutters; urban renewal; and, Crawford Harbor improvements. The bond issue is a compilation
<br />of capital pro:jects funded in the 1977-78 and 1978-79 Capital Improvements Programs. The
<br />City of Portsmouth has not issued bonds since November 1977. City Council has previously
<br />received a letter from the Municipal Finance Commission recommending that $7 million in Genera
<br />Ohl. igation Bonds be. issued prior to March 1, 1980. The City Manager recommends adoption."
<br />
<br /> On motion of Mr. Early and seconded by Mr. Barnes,
<br />and by the following ~ote:
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<br />the following resolution was adopted,
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<br />"'A'RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS
<br />OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF SAID CITY, FIXING TH£ FORM OF SAID
<br />BONDS AND PROVIDING FOR THE SALE OF SAID BONDS.
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<br />.... ~H~REAS~ in the judgment of the Council of the City of Portsmouth, Virginia, it is neces-
<br />sary and expedient to issue and sell General Obligation Public Improvement Bonds of the City
<br />of Portsmouth (the "City") in the principal amount of Seven Million Dollars [$7,OO0,000) for
<br />the purpose of providing funds to pay the costs of various public improvement projects of the
<br />City;
<br />
<br />NOW, THEREFORE, BE I~ RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> 1. Pursuant to Chapter 5 of Title IS.1 of the Code of Virginia, 1950, as amended, the
<br />same being the Public Finance Act, and the Charter of the City, for the purpose of providing
<br />funds to pay the cost of various public improvement projects of the City as set out in Section[
<br />4 hereof, there are hereby authcrized to be issued S~ven Million Dollars ($7,000,000) principa~
<br />amount of general obligation bonds of the City to be designated "General Obligation Public
<br />Improvement Bonds" (the "Bonds"). The Bonds shall be dated as of March 1, 1980; shall be
<br />numbered from one (1) consecutively upward in order of maturity (earlier maturities first);
<br />shall be of the denomination of $5,000 each; shall bear interest payable September 1, 1980,
<br />and semi-annually thereafter on March 1 and September 1 of each year, at such rate or rates
<br />per annum as shall be determined by resolution of this Council upon the sale of the Bonds;
<br />shall mature serially ~n numerical order $350,000 principal amount of Bonds on March 1 in eac~
<br />of the years 1981 to 2000, both inclusive; and shall be ~ssued as coupon bonds registrable as
<br />to principal only or as to both principal and interest.
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<br /> The Bonds maturing on and after March 1, 1991, shall be subject ~o redemption at the
<br />4ption of the City prior to their stated maturi'ties on or after March 1, 1990, in whole at anyl
<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 t~
<br />prinoiDal amount of the Bonds to be redeemed together with the interest accrued thereon to the
<br />date fixed f4~ 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 declaratio~ of the maturity of Bonds ~o be redeemed and of the selection of Bonds within
<br />'g maturity to ~e ~edeemed shall be made by the Director of Finance of the City.
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<br /> Notice of any such redemption, specifying the date, number and maturities of the Bonds tc
<br /> be redeemed, the date and place fixed for their redemption and the premium, if any, payable
<br /> upon.such redemption, shall be given by the City by publication of such notice once mn a
<br /> newspaper printed in the English language and customarily published on each business day and
<br /> of general circulation in the City, and once in at least one newspaper or financial publicatic
<br /> printed in the English language and customarily published on each business day in the City
<br /> of New York, New York, the date of publication of such notice in each case to be at least
<br /> thirty days prior to the date fixed for redemption. If any Bond celled for redemption is
<br /> registered as to principal only or as to both principal and interest, notice of the redemption
<br /> thereof shall be mailed not less than thirty days prior to the date fixed for redemption by
<br /> registered mail to the registered owner of such Bond at such owner's address as shown on the
<br /> books of registry; provided, however, that notice of redemption by publication need not be
<br /> given to the registered owner of any registered Bond if notice of redemption shall have been
<br /> mailed as aforesaid, and if notice of redemption ~s given by publication as afcresaid then
<br /> neither the failure to mail such notice to the registered owner of any registered Bond nor any
<br /> defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemp-
<br /> tion of such Bonds. When notice of redemption of Bonds shall have been given as hereinabove
<br /> set forth, and payment of the principal amount of the Bonds so called for redemption and of
<br /> the accrued interest and premium, if any, payable upon such redemption shall have been duly
<br /> made or provided for, interest on such Bonds shall cease from and after the date so specified
<br />.~far.~t.heir redemption and any coupons representing such interest shall be void.
<br />
<br /> The Bonds may be registered by the holder as to principal only or as
<br />and interest in accordance with the provisions for such registration to be
<br />as set forth in Section 9 hereof.
<br />
<br />to both principal
<br />endorsed thereon
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