Minutes 06/19/1953 - Laserfiche WebLink

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,-' /- '" '" o 10 '" .. :;; 0:: o ... i ~ '" " > ~ w .S v ] g ~~~ t) ~~ '" ~ i ~ ;i. o 1: c ~ o ~ U o o o "^ U o ,- -g ~ This bond is one of an issue of bonds of like date and tenor, except as to number and maturity, authorized 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 qualifiod voters of the City voting upon the question of their iss~ance at a special election held for that purpose on April 14, 1953, iL accordance with the provisions of Clause (b) of Section 127 of the Constitut~on 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 ot the Code of Virginia 1950, for the purpose of improving the City's electric system. The City is obligated to the holder of this bond to (1) charge rates for electricity furnished by such electric system and (2) fix and main- tain such rates at a level which will produce revenue sufficient to pay for the cost of operation and administration of the electric 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 fund sufficient to pay, at or before maturity, all bonds issued to finance such electric system and (:3) apply the revenues which the City derives from such electric system, to the extent necessary, to the payment of such cost of operation and administra- tion and to the payment of such annual amount. It is hereby certified and recited that all conditions, acts and thtQgB 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, and 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 prescribed 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 payment of the principal of and interest on this bond in accordance with its terms. IN WITNESS WHEREOF, the City has causod its corporate seal to be affixed hereto or impressed hereon, and this bond to be signed by its Mayor, and attested by its Clerk of Council, and the coupons hereto annexed to be authenticated by the facsimile si~1atures of its Mayor and Clerk ot Council. and this bond to be dated July 1, 1953. Hayor ATTEST: Clerk of Council .--