Minutes 06/19/1953 - Laserfiche WebLink

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,- #"'--.. r- ID o on M ... ~ 0: o '" .g ~ "" " , d " ,S o "3 .<l 1 ~::~ ~ ~~ ~ i ;.; i o c ~ 2 " .~ ~ e- o w o 5 ~ U ~ "....-.. ~ ~ each year, upon presentation and surrender of the annexed coupons therefor, as they severally become due. Both principal of and interest on this bond will be paid at the principal office of The National City Bank of New York, in the Borough of Manhattan, City and State of New York, or, at the option of the holder, at 'file First National Bank in the City of Martinsvi11e, Virginia, or at the Piedmont Trust Bank in the City of Martinsvil1e, Virginia, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. This bond is one of an issue of bonds of like date and tenor, except as to number and maturity, au"thortzed. by an ordinance duly adopted by the Council of the City on March 13, 1953, and approved by the affirmative vote of the majority of the qualified voters of the City voting upon the question of their issuance at a special election held for that purpose on April 14, 1953, in accord.ance with the provisions of Clause (b) of Section 127 of the Constitution of Virginia, and is issued pursuant to Chapter 193 of the Acts of 1950 of Virginia and Article 2 of Chapter 19 of Title 15 of the Code of Virginia 1950, for the purpose of improving the City's water supply system in order to provide a supply of water to the City and its inhabitants. The City is obligated to the holder of this bond to (1) charge rates for water furnished by such water supply system and (2) fix and maintain such rates at a level which will produce revenue sufficient to pay for the cost of operation and administration of the water supply system (including interest on bonds issued therefor) and the cost of insurance against loss by injury to persons and property and to raise an annual amount to be covered into a sinking f~md sufficient to pay, at or before maturity, all bonds issued to finance such water supply system and (3) apply the revenues which the City derives from such water supply system, to the extent necessary, to the payment of such cost of operation and administration and to the payment of such annual amount. It is hereby certified and recited that all conditions, acts and things required by the Constitution or statutes of the State of Virginia to exist, be performed or happen precedent to or in the issuance of this bond, exist, have been performed and have happened, Dnd that the issue of bonds of which this is one, together with all other indebtedness of the City, is within every debt and other limit proscribed by the Constitution or statutes of the State of Virginia, and that the full faith and credit of the City are hereby pledGed for the payraent of the principal of and interest on this bond in accordance with its terms. IN WITNESS WHEREOF, the City ha s caused its corporate seal to be affixed hereto or impressed hereon, and tilis bond to be signed by its Mayor, and attested by its Clerlc of Council, and the coupons hereto annexed to be authenticated by the facsimile strrnatures of its Mayor and Clerk of Council, and this bond to be dated July 1, 1953. ,- Mayor ATTEST: -