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105 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF NINE MILLION EIGHT <br />HUNDRED FIFTY THOUSAND DOLLARS ($9,850,000] PRINCIPAL AMOUNT <br />OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL <br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SB~ER <br />SYSTEM OF SUCH CITY, PURSUANT TO ARTICLE VII, SECTION <br />10(a)(2), OF THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF <br />SUCH BONDS AND PROVIDING FOR THE SALE OF SUCH BONDS <br /> <br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), <br />is authorized to operate a water utility system, including <br />water production, preparation, distribution and transmission <br />systems; and <br /> <br /> WHEREAS, the City is authorized to operate <br />utility system, including sewerage transmission, <br />disposal systems; and <br /> <br />a sewerage <br />treatment and <br /> <br /> WHEREAS, the City is authorized to, and does, operate its <br />water and sewerage systems as a single utility system; and <br /> <br /> WHEREAS, such combined water and sewerage system is an <br />undertaking from which the City derives revenues; and <br /> <br /> WHEREAS, the City of Portsmouth is authorized under and <br />by virtue of Article VII, Section 10(a)(2), of the <br />Constitution of Virginia, Chapter 5 of Title 15.1 of the Code <br />of Virginia, 1950, and the Charter of the City, to issue bonds <br />as may be necessary to make capital improvements, extensions <br />and additions to such water and sewerage system; and <br /> <br /> WHEREAS, Article VII, Section 10(a)(2), of the <br />Constitution of Virginia, requires the ordinance authorizing <br />the issuance of such bonds to be approved by the affirmative <br />vote of the majority of the qualified voters of the City <br />voting upon the question of their issuance; and <br /> <br /> WHEREAS, by virtue of an ordinance adopted by the Council <br />of the City (the "Council"), on August 24, 1982 entitled, "AN <br />ORDINANCE TO AUTHORIZE THE ISSUANCE OF NINE MILLION EIGHT <br />HUNDRED FIFTY THOUSAND DOLLARS OF BONDS TO BE KNOWN AS PUBLIC <br />UTILITY BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, <br />EXTENSIONS AND ADDITIONS TO THE CITY OF PORTSMOUTH'S REVENUE <br />PRODUCING WATER AND SEWER SYSTEM, PURSUANT TO ARTICLE VII, <br />SECTION 10Ia) (2) OF THE 1970 CONSTITUTION OF VIRGINIA, AND <br />CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIa', the Circuit <br /> <br /> <br />