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Court of the City of Portsmouth, by an Order entered on August 30, 1982, directed that there be submitted to the qualified voters of the City at an election to be held on November 2, 1982, on the question whether the Nine Million Eight Hundred Fifty Thousand Dollars of bonds authorized by such ordinance should be issued; and WHEREAS, by another Order entered into by such Circuit Cou~t on March 25, 1985, it was entered of record as a result of such election that a majority of the votes were cast for the bond issue, and that the Council be fully authorized and empowered to prepare and issue and to sell or to negotiate such bonds upon the faith, credit and property of such municipality in the amount so authorized; and WHEREAS, it is provided in such ordinance that the bonds so authorized may be issued at one time, or in part f~om time to time, as this Council shall direct, and the Council deems it advisable to issue at this time the total authorized amount of Nine Million Eight Hundred Fifty Thousand Dollars ($9,850,000) of such bonds to make desired improvements, extensions and additions to the aforesaid revenue-producing undertaking of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Article VII, Section 10(a)(2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act, and the Charter of the City, and the ordinance referred to in the recitals hereinabove and under and by virtue of an affi~Taative vote of a majority of the qualified voters of the City on Novemb%r 2, 1982, voting on the question of the issuance of such Bonds for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system, there are hereby authorized to be issued Nine Million Eight Hundred Fifty Thousand Dollars ($9,850,000) principal amount of bonds of the City to be designated "General Obligation Public Utility Bonds" (the "Bonds"). The Bonds shall be dated as of November 1, 1985; shall be numbe=ed from No. R-1 consecutively upward in o~der of issuance; shall be of the denomination of $5,000 each or any integral multiple thereof; shall bear interest payable on May 1, 1986 and semiannually thereafter on November 1 and May 1 o~ each year, at such rate or rates per annum as shall be determined by ~esolution of the Council upon the sale of the Bonds; shall mature serially, $495,000 principal amount of Bonds maturing on November 1 in each of the years 1986 to 2004, both inclusive, and $445,000 principal amount of Bonds maturing on November 1 in the year 2005; and shall be issued in fully registered form.