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AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF NINE MELL!0N, SEVEN HUNDRED FIFTY THOUSAND DOLLARS. OF BONDS TO BE KNOWN AS PUBLIC UTILITY BONDS FOR THE PURPOSE OF I~AKI'NG CAPITAL IMPHOVE~4ENTS, EXTENSIONS AND ADDITIONS TO THE CITY OF PORTS~IOUTH'S REVENUE PRODUCING WATER AND SE~R SYSTE~, PURSUANT TO ARTICLE Vi~, SECTION i0 Sa) (2) OF THE 1970 CONSTITUTION OF VIRGINIA, AND CF~PTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINI'Ar AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AM~OUNT OF PUBLIC UTILITY BOND A~NTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, the City is authorized to operate system, including wa%er production, preparation, bution and transmission system; and a water distri- ~HEREAS, the City is authorized %o operate a sewage System, including sewage transmission, treatment and dis- posal System; and WHEREAS, the City is authorized to, and does, operate its water and sewage syste~ as a single system; and ~IEREAS, such water and sewage sysffem is an undertaking from which the 'City derives revenue; and WHEREAS, the City of Portsmouth is authorized under and by virtue of Article VE~, Section 10 (a) (2), of the Constitution of Virginia, and Chapter 5 of Title 15.1 of the Code of Virginia, to issue so ~any bonds as may be necessary to make capital improvements, extensions and additions to such water and sewage system; and WHEREAS, it is necessary and expedient to borrow the sura of Nine Million, Seven Hundred Fifty Thousand Dollars ($9,750,000) for suck capital improvements, extensions and additions and to issue bonds therefor; and WHEREAS, A~ticle ¥I!, Section t0 (a) (2), of the 1970 Constitution of Virginia, requires the ordinance authorizing the 'issuance of such bonds to be approved by the affirmative vote 'of the majority of the qualified voters of the City voting upon the question of.their issuance at the general eIection next succeeding the enactment of the ordinance, or at a special elect±on h~ld ~or that purpose. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, ¥irg~nfa: