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96 A RESOLUTION SUPPORTING THE COMMONWEALTH OF VIRGINIA'S CAPITAL IMPROVEMENT REFERENDA FOR GENERAL OBLIGATION BONDS. WHEREAS, Virginia's continued economic growth and development is dependent upon the Commonwealth's ability to provide for the needs of its citizens both now and into the 21st century; and WHEREAS, Virginia voters will have the opportunity to approve three bond referenda on November 3 that will provide funds to construct and renovate the facilities necessary to serve the state's growing population; and WHEREAS, 474.4 million dcllars are earmarked for the capital needs of higher education, Droviding badly needed classroom, laboratory and other teaching space, correction of life-safety code deficiencies, repairs to libraries, additions to computer centers and other needs; and WHEREAS, 95.4 million dollars are allocated to upgrade existing park facilities and purchase new land, enhancing Virginia's tourist potential and increasing the flow of out-of-state revenue to Virginia; and WHEREAS, 45.2 million dollars are appropriated for the construction and renovation of seven high-priority mental health projects for current and projected patient needs, particularly for children and elderly Virginians, enabling Virginia to meet the legal mandates for patients in secure facilities and ensuring that state facilities will continue to rece!ve Medicaid and Medicare reimbursements, budget; and WHEREAS, taxes will not bonds; and reducing have to demands on the state be raised to pay for these WHEREAS, passage of these three referenda will create 3,600 new jobs, generate 22 million dollars in new revenue, and will not jeopardize Virginia's AAA bond rating; and WHEREAS, the Portsmouth Community Services Board has encouraged Virginians to vote for passage of these referenda. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia endorses the passage of all three referenda on the November 3, 1992, ballot, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia and encourages the voters of Portsmouth to vote "YES" on each question of whether the referendum should take effect.