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51 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,938,773. OF BONDS <br />OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF <br />PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS <br />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 /> %~EREAS, 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, Nine Hundred <br />Thirty-eight Thousand, Seven Hundred Seventy-three Dollars <br />($1,938,773.) for those purposes. <br /> NOW, THEREFORE~ BE IT RESOLVED by the Council of the City <br /> of Portsmouth, Virginia: <br /> (1) For the purposes of urban renewal, parks and <br /> recreation, public safety, public transportation, purchase <br /> of property, drainage and street improvements, community <br /> services and waterfront development, it shall be issued One <br /> Million, Nine Hundred Thirty-eight Thousand, Seven Hundred <br /> Seventy-three Dollars ($1,938,773.) of bonds of the City of <br /> Portsmouth to be known as General Obligation Public Improve- <br /> ment Bonds pursuant to the provisions of Chapter 5 of Title <br /> 15.1 of the Code of Virginia, 1950, as amended, and provisions <br /> of law applicable thereto° The said bonds shai1 be serial <br /> bonds and shall be issued at one time and shall be in such <br /> form and of such denomination as the Council shall direct. <br /> Each issue shall be payable not exceeding forty (40) years <br /> from its date, and said bonds shall bear interest at a rate <br /> or rates to be hereinafter determined by the Council upon the <br /> sale of said bonds, providing that the maximum rate of interest <br /> shall not exceed the maximum rate of interest authorized by <br /> law at the time of the sale of said bonds. <br /> (2) This resolution shall take effect from the date of <br /> its adoption. <br /> Adopted by the Council of the City Of Portsmouth, Virginia, <br /> at a meeting held June 24, 1980. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />