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3. That for the purpose of funding such contract <br />obligation, bonds of the City of Portsmouth are authorized <br />to be issued to be known as General Obligation Bonds pur- <br />suant to the provisions of Chapter 5 of Title 15.1, Code <br />of Virgin!a, 1950, as amended, and provisions of law applic- <br />able thereto. The said bonds shall be Serial Bonds and <br />shall be issued at one time and shall be in such form and <br />of such denomination as the Council shall direct. Each <br />issue shall be payable not exceeding forty (40) years <br />from its date, and said bonds shall bear interest at a <br />rate or rates to be hereinafter determined by the Council <br />upon the sale of said bonds; providing that the maximu~ <br />rate of interest shall not exceed the maximum rate of <br />interest authorized by law at the time of the sale of said <br />bon~s. <br /> <br /> 4. That~ simultaneously with retirement of said notes <br />of the Authority, the payment of a portion which is hereby <br />guaranteed, or provision having be~n made for the retirement <br />of said notes, this resolution shall terminate and be of <br />no effect. <br /> <br /> 5. The provisions of this resolution shall become <br />effective when the cities of Franklin, Norfolk, Suffolk and <br />Virginia Beach have incurred contract obligations to provide <br />payments to the Authority in the amounts of $36,000., <br />$1,305,0OO., $218,O00. and $943,000., respectively. <br /> <br /> 6. That this resolution shall take effect from the <br />date of its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouthq Virginia, <br />at a meeting held February 24, 1981. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />