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- 2 - Court of the City of Portsmouth, by an Order entered on June 21, 1979, directed that there be submitted to the qualified voters of the City at an election to be held on November 6, 1979, the question whether the Eight Million Dollars of bonds authorized by such ordinance should be issued; and WHEREAS, by another Order entered into by such Circuit Court on November 5, 1982, it was entered of record as a r~sult of such election that a majority of the votes were cast for the bond issue, and that this Council be fully authorized and empowered to prepare and issue and to ~ell 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 s~ authorized may be issued at one time, or in part thereof from time to time, as this Council shall direct~ and this Council deems it advisable to issue at this time the total authorized amount of Eight Million Dollars ($8,000,000) of such bonds to make desired improvements, extensions and additions to the aforesaid revenue producing undertaking of the C~ty; 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, 1950f 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 affirmative vote of a majority of the qualified voters of the City on November 6, 1979, 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 Eight Million Dollars ($8,000,000) principal amount of bonds of the City to be designated "General Obligation Public Utility Bonds" (the "Bonds"). ~he Bonds shall be dated as of December 1, 1982; shall be numbered from one (t) consecutively upward in order of maturity (earlier maturities first); shall be of the denomination of $5,000 each; shall bear interest payable June 1, 1983, and semiannually thereafter on December 1 and June 1 of each year, at such rate or rates per annum as shall be determined by resolution of this Council upon the sale of the Bonds; shall mature serially in numerical order, $~00,000 principal amount of Bonds maturing on December 1 in each of the years 1983 to 20~2, both inclusive, and shall be issued as coupon bonds registrable as to principal only or as to both principal and interest.