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A RESOLUTION AUTHORIZING THE RETENTION OF CERT~ PAID ~D <br />CANCELLEp BONDS THAT HAVE HISTORICAL SIGNTFICA-~CE FOR DISPLAY <br />PRESENTAT!ONAND DISTRIBUTION PURPOSES. <br /> <br /> WHERHAS, on October 1~ 1912, the City sold a Paving3 and <br />Street Improvement Bond Issue totaling two hundred seventy <br />five thousand dollars ($275,000.00] the proceeds of which <br />were to fund various street improvement pro~ects~ and <br /> <br />WHEREAS, on December 1, 1918, the City sold three ~ater. <br />Bond Issues totaling two million seven hundred thousand dollars <br />($2,700,000.00) the proceeds of which were to f~nd the. purchase <br />of the City's water system from the Portsmouth Berkle~ and <br />Suffolk Water Company; and <br /> <br /> WHEREAS, on January 1, 1922, the City sold a Scb3ool Bond <br />Issue totaling two hundred fifty thousand dollars <br />the proceeds of which were to fund the building and e~aipping <br />of P~blic School Buildings in the City; and <br /> <br /> WHEREAS, these bond issuesprovi~ f~~-~-~~ <br />which were significant steps in the development of t~e City; and <br /> <br /> WHEREAS, in the purchase of the City's wa~er syste~, the <br />City agreed to pay outstanding bonds of the Po~tsmo~t~ Berkley <br />and Suffolk Water Company when such bonds beca~m~due~ and <br /> <br /> W~REAS, Section 11-19 of the Code of the City o~ Portsmouth, <br />Virginia permits the retention of certain paid and ~/~cetled <br />bonds which have ~storical significance for ~splay, presentation <br />and distribution purposes. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Cou/~ci~ o~ the City <br />of Portsmouth, Virginia that the following paid an~ c~nc~lled <br />bonds may be retained for display, preservatio~a~istribution <br />as items of historical significance in the develop~e~ of the <br />City: <br /> <br /> City of Portsmouth Paving and Street Improve_~ent ~ond <br /> Issue of October 1, !9~2, consisting of L~75 bonds v~ith <br /> a face value of $1,000, aggregating $275~0~0.00. Bond <br /> Nos.: 89-91. <br /> <br />City of Portsmouth Water Bond Issue of Dec~mber <br />1918, consisting of 589 bonds with a fac~ value of <br />$500.00 and 1723 bonds with a face value of <br />aggregating $2,017,500.00. Bond Nos.: D~--Dg; D12-D2~; <br /> <br /> <br />