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362
<br />
<br />January 22, 1980
<br />
<br />cashier's check in the amount of $240,000 payable to the order of the City of Portsmouth,
<br />Virginia, as a guarantee of good faith on the part of the bidder. No interest will be paid
<br />by the City on said good faith deposit. Good faith checks of unsuccessful biJders will be
<br />p_rompLly~retnrned to the representatives thereof. The good faith check of the successful
<br />b~dder will be deposited by the City and the proceeds thereof credited against the purchase
<br />price due for the Bonds upon their delivery or retained as and for liquidated damages in
<br />the event the successful bidder fa.ils to take up and pay for the Bonds in accordance with
<br />its bid.
<br />
<br /> The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly
<br />executed, and the usual closing papers, including a certificate that no litigation is pending
<br />affecting the validity of the Bonds, will be made to the successful bidder in New York,
<br />New York, on March 13, 1980, or as soon thereafter as the Bonds may be prepared. Payment
<br />of the bglanze of the purchase price, including of any premium offered, must be made in Feders
<br />Funds.
<br />
<br /> It is anticipated that CUSIP identification numbers will be printed on the Bonds, but
<br />neither the failure to print any such number on any Bond nor any error or omission with res-
<br />pect thereto shall constitute cause for failure or refusal by the successful bidder for the
<br />Bonds to accept delivery of and pay for the Bonds in accordance with the terms of its proposal
<br />No CUSIP identification number shall constitute or be deemed to be a part of any Bond or a
<br />part of the contract evidenced thereby and no liability shall attach to the City or any of
<br />its officers or agents because of or on account of any such number or any use made thereof.
<br />Ail expenses in relation to the printing of CUSIP identification numbers on the Bonds shall
<br />be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the
<br />assignment of said numbers shall be the responsibility of and shall be paid by the successful
<br />bidder for the Bonds.
<br />
<br /> Ehe respective opinion of Messrs. Wood & Dawson approving the validity of each issue
<br />of Bonds will be furnished the successful bidder for the Bonds. Each such opinion will state
<br />that the respective Bonds constitute valid and legally binding obligations of the City and
<br />that the City has power and is obligated to levy ad valorem taxes for tbs payment of such
<br />Bonds and the interest thereon upon all property within the City, subject to taxation by
<br />the City, without limitation of rate or amount, it being understood that the rights of the
<br />holders of such Bonds and the enforceability thereof may be subject to judicial discretion,
<br />to the valid exercise of the sovereign police powers of the Commonwealth of Virginia and
<br />the Constitutional powers of the United States of America, and to valid bankruptcy, insol-
<br />vency, reorganization, moratorium and other laws for the relief of debtors, and will also
<br />state that the interest on such Bonds is exempt from taxation by the United States of America
<br />under existing law and regulations and under the existing law of the Commonwealth of Virginia
<br />such interest is not includable in computing the Virginia income tax. A copy of the respectiv
<br />opinion will be printed on the respective Bonds.
<br />
<br /> Requests for proposal forms, for the official statement pertaining to the Bonds and
<br />for further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City of
<br />Portsmouth, P. O. Box 820, Portsmouth, Virginia 23705. Proposal forms and the official
<br />statement may also be obtained at the office of Messrs. Wood ~ Dawson, 48 Wall Street, New
<br />York, New York 10005.
<br />
<br />Robert T. Williams
<br />City Manager
<br />Portsmouth, Virginia"
<br />
<br /> 11. The City Attorney of the City shall and is hereby directed to file a copy of
<br />this resolution, certified by. the City Clerk of the City to be a true copy hereof, with
<br />the Circuit Court of the City of Portsmouth, Virginia, and said City Clerk shall and is
<br />hereby directed to publish once within ten (10) days of the date of such filing a notice
<br />in The Virginian Pilot, a newspaper of general circulation in the City, in accordance with
<br />Section 15.1-199 of the Code of Virginia, 1950, as amenJed. Such notice shall be in substanti
<br />ally the following form:
<br />
<br />'LEGAL NOTICE
<br />
<br /> Notice is hereby given pursuant zo Section 15.1-199 or.the Code of Virginia, 1950, as
<br />amended, that the Council of the City of Portsmouth, Virginia, adopted on January 22, 1980,
<br />resolutions authorizing the ~ssuan.ce of $7,000,000 principal amount of General Obligation
<br />Public Improvement Bonds and $5,OOO,O00 principal amount of General Obligation Public Utility
<br />Bonds of said City and caused certified copies of said resolutions to be filed in the Circuit
<br />Court of the City of Portsmouth on
<br />
<br /> The proceeds of sale of said General Obligation Bonds sh~ll be applied
<br />of the costs of the following public improvement projects in substantially
<br />respective amounts:
<br />
<br />to the payment
<br />the following
<br />
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Public Safety
<br />Urban Transportation
<br />Drainage, Curbs, Gutters and
<br /> Street Improvements
<br />Urban Renewal
<br />Crawford Harbor Improv.ements:
<br /> Parking Garage Construction
<br /> Municipal Building Improvements
<br /> Street Improvements
<br /> TOtal
<br />
<br />417,000.
<br />1,609,137.
<br />28,000.
<br />116,475.
<br />925,680.
<br />
<br />562,481.
<br />431,227.
<br />
<br />1,220,0OO.
<br />
<br /> 872,000.
<br /> 820,000.
<br />
<br />
<br />
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