1954 ORDINANCES - Laserfiche WebLink

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Z14 (1) THAT THE CITY ISSUE AND NEGOTIATE ITS BONDS AGGREGATING ONE MIL►.ION TWO HUNDRED THOUSAND DOLLARS ($1,2009000.00) FOR THE UNDERTAKING AFORESAID, DESIGNATED. "SEWERAGE IMPROVEMENT BONDS, SERIES OF 1954"; (2) THAT SAID BONDS SHALL BE TWELVE HUNDRED (1200) IN NUMBER, NUMBERED 1 THROUGH 12009 INCLUSIVE, IN THE SUM OF ONE THOUSAND DOLLARS (1,000.00) EACH, DATED ON SUCH DAY AND PAYABLE IN SUCH MATURITIES NOT EXCEEDING TWENTY (20) YEARS FROM THE DATE THEREOF AS THE COUNCIL SHALL, BY RESOLUTION OR RESOLUTIONS, FROM TIME TO TIME DETERMINE; (3) THAT SAID BONDS SHALL BEAR INTEREST AT A RATE OR RATES (NOT, HOWEVER, EXCEEDING TWO (2) RATES) NOT EXCEEDING FIVE PER CENT (5%) PER ANNUM, PAYABLE SEMI- ANNUALLY AND EVIDENCED BY INTEREST COUPONS ATTACHED TO SAID BONDS; (4) THAT THE MAYOR SHALL SIGN SAID BONDS AND AFFIX THERETO THE SEAL OF THE CITY, ATTESTED BY THE CLERK OF THE COUNCIL, AND SAID BONDS SHALL BE COUNTERSIGNED BY THE TREASURER AND, THAT THE COUPONS THEREON SHALL BE CERTIFIED BY THE FAC71MILE SIGNATURE OF THE TREASURER; (5) THAT SAID BONDS AND THE INTEREST THEREON SHALL BE PAYABLE AT THE OFFICE OF THE TREASURER OF THE CITY OF CHARLOTTESVILLE; (6) THAT IT IS DETERMINED THAT THE CITY OF CHARLOTTESVILLE WILL DERIVE A REVENUE FROM THE PROPOSED UNDERTAKING AND THAT SAID BONDS WILL BE ISSUED PURSUANT TO THE PROVISIONS OF SECTION 127 (B) OF THE CONSTITUTION OF VIRGINIA AND WILL NOT BE INCLUDED WITHIN THE OTHERWISE AUTHORIZED INDEBTEDNESS OF THE CITY OF CHARLOTTESVILLE, PROVIDED, HOWEVER, THAT FROM AND AFTER A PERIOD NOT EXCEEDING FIVE (5) YEARS FROM THE DATE OF THE ELECTION AUTHORIZING THE ISSUANCE OF SAID BONDS, WHENEVER AND FOR SO LONG AS SUCH UNDERTAKING FAILS TO PRODUCE SUFFICIENT REVENUE TO PAY FOR COST OF OPERATION AND ADMINISTRATION (INCLUDING INTEREST ON BONDS ISSUED THEREFOR) AND THE COST OF INSURANCE AGAINST LOSS BY INJURY TO PERSONS OR PROPERTY, AND AN ANNUAL AMOUNT TO BE COVERED INTO A SINKING FUND SUFFICIENT TO PAY, AT OR BEFORE MATURITY, ALL THE BONDS ISSUED ON ACCOUNT OF SUCH UNDERTAKING, ALL SUCH BONDS OUTSTANDING SHALL BE INCLUDED IN DETERMINING THE LIMITATION OF THE POWER OF THE CITY OF CHARLOTTESVILLE TO INCUR INDEBTEDNESS. THE FULL FAITH AND CREDIT OF THE CITY SHALL BE PLEDGED TO SECURE THE PAYMENT OF THE PRINCIPAL AND INTEREST ON SAID BONDS AND AN AD VALOREM TAX SHALL BE LEVIED ON ALL THE TAXABLE PROPERTY OF SAID CITY,'WITHOUT LIMITATION OF RATE OR AMOUNT, FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST THEREOF, IN THE EVENT THE REVENUE FROM SUCH UNDERTAKING 15 INSUFFICIENT THEREFOR; (7) THAT AFTER THIS BOND ISSUE HAS BEEN AUTHORIZED BY VOTE OF THE PEOPLE, THE FINANCE COMMITTEE OF THE COUNCIL SHALT_ PREPARE AND DISPOSE OF THE ISSUF IN ITS ENTIRETY AT ONE SALE OR IN SUCH INSTALLMENTS AS MAY BE DEEMED ADVISABLE BY SAID COMMITTEE; HOWEVER, ANY SALE OF SAID BONDS SHALL BE RATIFIED AND APPROVED BY THE COUNCIL; (8) THAT IT IS HEREBY ORDERED THAT AN ELECTION BE HELD ON THE 2ND DAY OF NOVEMBER, 19549 AT WHICH QUALIFIED VOTERS MAY VOTE FOR OR AGAINST SANCTIONING THE SAID ISSUE OF ONE MILLION TWO HUNDRED THOUSAND DOLLARS (1,200,000.00) OF BONDS, THAT 15 TO SAY: "( ) FOR BOND ISSUE" "( ) AGAINST BOND ISSUE" THE MARKING AND COUNTING OF THE BALLOTS FOR SAID ELECTION SHALL BE IN ACCORDANCE WITH SECTION 24-141, CODE OF VIRGINIA, AND SAID ELECTION SHALL BE HELD IN ACCORDANCE WITH SECTION 27 OF THE CHARTER OF THE CITY OF CHARLOTTESVILLE AND THE LAWS OF THE STATE OF VIRGINIA REGARDING ELECTIONS BY THE PEOPLE; (9) THE TREASURER SHALL PREPARE SUFFICIENT CERTIFIED COPIES OF A LIST OF THE QUALIFIED TAXPAYERS IN THE CITY OF CHARLOTTESVILLE WHO PAY A TAX ON REAL OR PERSONAL PROPERTY ASSESSED AT FIVE HUNDRED DOLLARS ($500.00) OR MORE, AND THE SAID COPIES SHALL BE