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357
<br />
<br />January 22, 1980
<br />
<br /> 2. the principal of and premium, if any, and interest on the Bonds shall be payable
<br />in 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
<br />to both principal and interest, the interest thereon payable prior to maturity shall be payabl
<br />at the principal office of Virginia National Bank, in Norfolk, Virginia, or, at the option
<br />of the holder of such Bond, at the principal office of The Chase Manhattan Bank (National
<br />Association), in the City of New York, New York, as the paying agents for the Bonds. The
<br />interest on any Bond while registered as to both principal and interest shall be payable by
<br />the City by check or draft mailed to the registered owner at such owner's address as shown on
<br />the books of registry. The principal of and premium, if any, on the Bonds are payable at the
<br />principal office of either of said paying agents for the Bonds.
<br />
<br /> 3. The full faith and credit of the City shall be and hereby is irrevocably pledged
<br />' to the payment of the principal of and interest on the Bonds as the same become due. In each
<br /> year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed,
<br /> levied and collected, at the same time and in the same manner as other taxes in the City are
<br /> assessed, levied and collected, upon all property within the City subject to taxation by the
<br /> City, a ta×.~ufficient to provide for the payment of the principal of and interest on the
<br /> Bonds as the same become due.
<br />
<br /> 4. The proceeds of the sale of the Bonds
<br />of the roi'lowing public improvement projects in
<br />
<br /> Community Services
<br /> Education
<br /> Parks and Recreation
<br /> Public Safety
<br /> Urban Transportation
<br /> Drainage, Curbs, Gutters and Street
<br /> Improvements
<br /> Urban Renewal
<br /> Crawford Harbor Improvements:
<br /> Parking Garage Construction
<br /> Municipal Building Improvements
<br />......... Street Improvements
<br />
<br />shall be applied to the payment of the costs
<br />substantially the following respective amounts
<br />
<br />$ 417,000.
<br />1,6)9,137.
<br />.. 28,000.
<br />116,475.
<br />923,680.
<br />
<br /> 562,481.
<br /> 431,227.
<br />
<br /> !,2gO~O00
<br /> 872,000.
<br /> 820,000.
<br />
<br /> Total $ -,0OO,OOO.
<br />
<br />provided that if any such project shall require less than the entire amount set
<br />opposmte such project, the difference may be applied to any other such project.
<br />
<br />forth above
<br />
<br /> S. The City shall make no use of the proceeds of the sale of the Bonds which would caus
<br />the Bonds to be "industrial development bonds" or "arbitrage bonds" under Section 103 of the U
<br />S. Internal Revenue Code of 19S4, as amended, and the City shall comply with the applicable
<br />regulations of the Internal Revenue Service adopted under said Section 103 so long as any Bond
<br />is outstanding.
<br />
<br /> 6. The Bonds shall be sold in conjunction with the sale of the $5,000,000 Public Utilit-
<br />Bonds of the City authorized by this Council at the meeting at whicb this resolution is adopte
<br />Thee ,~o-tice~of sale of the Bonds referred to in Section 10 hereof and the legal notice referred
<br />to in Section 11 hereof shall each contain provisions suitably recognizing and providing with
<br />respect to the foregoing.
<br />
<br /> 7. The Bonds shall be executed, for and on behalf of the City, by the manual or facsimi
<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 suc]
<br /> signatures on the Bonds shall be a manual signature. The Bonds, except when registered as
<br />'~t'o bo-th pr~inoip'al and interest, shall have coupons attached thereto representing the interest
<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 delivery
<br /> of a~d pay for the Bonds in accordance with the terms of its bid. No such number shall con-
<br /> stitute or be deemed to be a part of any Bond or a part of tbe contract evidenced thereby and
<br /> no liability shall attach to the City or any of its officers or agents because of or on accoun
<br /> of any such number or any use made thereof. All expenses in relation to the printing of such
<br /> numbers on the Bonds shall be paid by the City; provided, however, that CUSIP Service Bureau
<br /> charge for the assignment of such numbers shall be the responsibility of and shall be paid for
<br /> by the suc.c.essful bidder for the Bonds.
<br />
<br /> A copy of the complete final legal opinion with respect to the Bonds, with the name of thc
<br />atterney or attorneys rendering same, together with a certificaticn of the City Clerk, execute¢
<br />by a facsimile signature of that officer, to the effect that such ccpy is a true and correct
<br />copy oq the legal opinion which was dated as of the date of delivery of and payment for the
<br />Bonds, may be printed on the Bonds.
<br />
<br /> 9. The Bonds, the coupons pertaining to the Bonds and the provisions for registration t¢
<br />be endorsed on the Bonds shall be in substantially the following forms, respectively, to-wit:
<br />
<br />
<br />
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