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46 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,634,369. OF <br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS <br />GENERAL OBLIGATTON PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE <br />OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT <br />PROJECTS OF THE CITY. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth to <br />provide funds for the projectS as hereinafter set forth; and <br /> WHEREAS, there are no funds in the Treasury of the City <br />of Portsmouth applicable to the payment of said expenses and <br />the cost of said projects and it is, accordingly, necessary <br />to issue General Obligation Public Improvement Bonds of the <br />City of Portsmouth in the sum of One Million, Six Hundred <br />Thirty-four Thousand, Three Hundred Sixty-nine Dollars <br />($1,634,369) for those purposes. <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br /> City of Portsmouth, Virginia: <br /> 1. For the purposes of urban renewal, parks and <br /> recreation, public safety, purchase of property, drainage <br /> and street improvements, public education, community services, <br /> waterfront development and other various improvement projects <br /> of the City, it shall be issued One Million, Six Hundred <br /> Thirtyfour Thousand, Three Hundred Sixty-nine Dollars ($1,634,369.) <br /> of Bonds of the City of Portsmouth to be known as General <br /> Obligation Public Improvement Bonds pursuant to the provisions <br /> of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as <br /> amended, and provisions of law applicable thereto. The said <br /> Bonds shall be Serial Bonds and shall be issued at ~one time <br /> and shall be in such form ~nd of such denomination as the <br /> Council shall direct. Each issue shall be payable not exceeding <br /> forty (40) years from its date, and said Bonds shall bear <br /> interest at a rate or rates to be hereinafter determined by <br /> the Council upon the sale of said Bonds, providing that the <br /> maximum rate of interest shall not exceed the maximum rate <br /> of interest authorized by law at the time of the sale of <br /> said Bonds. <br /> <br /> 2. This resolution shall <br />its adoption. <br /> <br /> Adopted by the Council of the City of <br />Virginia, at a meeting held May 27, 1980. <br /> <br />take effect from the date of <br /> Portsmouth, <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />