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991 65 <br /> <br />AN ORDINANCE TO AMEND CHAPTER 12 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 12-13, <br />12-15(a), 12-173, 12-215(a)(2) AND (7), AND 12-220 THEREOF, <br />PERTAINING TO FINANCE. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 12-13 of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended to read as follows: <br /> <br />Section 12-13. <br /> <br />Notes to meet appropriations for current <br />year-Authorized. <br /> <br /> The city manager and the director of finance are <br />authorized to make notes, through the proper officers, to <br />borrow money for the purpose of meeting appropriations made <br />for the then current year in anticipation of the collection of <br />the taxes and revenues of such fiscal year, and within the <br />amount of such appropriations, and to renew any such notes <br />becoming due, When such renewals are necessary. Such loans <br />shall mature and be paid within one (1) year from the date of <br />their issue. Provisions shall be made in the annual budget of <br />each year for the payment of all unpaid loans predicated upon <br />the taxes and revenues of the previous fiscal year. No <br />extension of such notes shall be valid and no additional notes <br />shall be issued under this section until all notes issued <br />under this section during preceding fiscal years shall have <br />been paid. <br /> <br /> 2. That Secti%n 12-15(a) of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended to read as follows: <br /> <br />Section 12-15. <br /> <br />Notes in anticipation of bond issue- <br />Authorized. <br /> <br /> (a) In anticipation of the issuance of bonds and of the <br />receipt of the proceeds of the sale of such bonds, the city <br />manager and the director of finance are authorized to make <br />notes, through the proper officers, to borrow money for the <br />purposes for which such bonds have been authorized and within <br />the maximum authorized amount of the bond issue, and to renew <br />any such notes becoming due, when such renewals are necessary. <br />Each such loan shall mature and be paid within five (5) years <br />from the date of its original issue; provided that on or after <br />such maturity any loan now outstanding or hereafter made may <br />be extended from time to time; provided, further, that no such <br />extension shall mature and be paid later than five (5) years <br />from the date of the original issue of said loan. <br /> <br /> <br />