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~N~AqEAS, by another Order entered by the said Circuit Court. on September 27, 1977, it was entered of record as a result of said 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 sell or to negotiate said bonds upon the faith, credit and property of said municipality in the amount so authorized; and WHEREAS, it is provided in said ordinance that the bonds se authorized may be issued at one time, or a park thereof from time to time, as this Council shall direct, Three Million Dollars ($3,O00,000) of said tx)nds have heretofore been issued and this Council deems it ~dvisable to issue at ~h_is tJ/r~ the remaining Five Millien Dollars ($5,000,000) of said bonds to make desired ~prov~ents, extensions and additions to aforesaid revenue producing undertaking of the Ci~-f. A~;7, ~SqER~FORE, ~E IT RESO~;ED by the Council of the Ci~ of Ports- mouth, ~Lrginia: 1. Pursuant to Azticle VII, Section 10 Ia) (2), of the Cc~stitu~ion of Virg~ia~ Chapter 5 of Title 15.1 of the Code of Virq~_ia, 1950, as amended, the same beirg the Public Finance Act, and the-~narter of ~be City, and the ordinance referre~ %o in the recitals hereinabove and under and by vi~e of an affirmative vote of a majority of the qualified voters of the City on November 4, 1975, on the question of the issuance of said bonds for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the ~ity's revenue producLng ~ater ~nd sewerage system, there are hereby au~_horized to be issued Five ~llion Dollars ($5,000,000) principal a~ount of bends of the City 'ho be designated "C~neral Obligation Public U~lity Bonds" (the "Bo~is"). ~'~b~ Bonds shall be dated as of March 1, 1980; shall be numbered f~ one (1) consecutively upward in order of maturi%.¥ (earlier maturities first)~ shall be of the denomination of $5,000 each; shall bear interest payable September 1, 1980, and semi-annually thereafter on March 1 ~d Sept~m~er 1 of each year, at such rate or mates per annum as shall be determined by resolution of ~s Council upon the sale of the Bonds; shall mature serially in numerical order $250..G00 principal amount of bonds on March ! in each of the years 1981 to 2~00, both inclusive; and shall be issued as ooupon bonds registrable as to principal only or as to bo~h principal and interest. The Bonds ~aturing on ~nd after M~nrch 1, 1991, shall be subject to redemption at ~-he option of the City prior to their stated mab~rities on or after ~arch 1, 1990, i~ whole at any time, or in part frc~ time to ti~e on ~ny interest payment date in anv order determined ~ the City (except that if less than all of the Bonds-of a m~%uriqy are called for- redemp_ tion; the particular BOnds of such maturity to be redeemed shall be selected by lot), L~pon payment of t_he principal amount of the Bonds 2