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14 A RESOLUTION AUTHORIZING THE ISSUANCE OF SEV~ NTt,LION DOLLARS ($7,f~O,O00) Pt~NCIPAL kMoUNT OF GENERAL O~LIGATION PUBLIC ]2_~R~ BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF V~RIOUS PUBLIC IMPR~ PRO3ECTS OF SAID CITY, FIXING ~{E _WORM OF SAID BC~NDS ~ND PROVtDIR~ FOR THE SALE OF SAID RONDS. ~AS, in the judgment of the Council of the City of Portsmouth, Virginia, it is necessary and expedient to issue and sell General Obligation ~mbiic Improvement Bonds of hhe City of Portsmouth (the "City") in the principal amount of Seven Million Dollars ($7,000,000) for the purpose of providing funds to pay the costs of various mublic 3_mprovement projects of the City; NOW, 5~n~qF~DRE, BE IT RESOLVED by the Council of t~e City of Portsmouth, Virginia: 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as mme~nded, the s~e being the Public Finance Act, and the Charter of ~he City, for the muroose of providing funds to pay the cost of various public in~ro~-~m~.~nt projects of the City as set out J~ Section 4 hereof, there are hereby authorized to be issued Seven ~-~llion Dollars ($7,000,000) prLncipal awount of general obligation bends of the Ci~f to be' desi~nated "General Obligation t~lic Imp~venent Bonds" (the "Bonds"). ~ne Bonds shall be dated as of March 1, 1980; shall be numbered from one (1) consecutively upward in order of maturity (earlier maturities first); shall be of the denomination of $5,C00 each; shall bear interest payable September !, 1980, and s~mi-annually thereafter on _.W~rch 1 ar~ Sept~7~e_r 1 of each year, at such rate or rates per armum as shall be determined by resolution of this Council upon the sale of the Bonds; shall ~ature serially m~ nt~erical order $350,000 principal remount of Bonds on ~n~ch 1 in each of the years 1981 to 2000, beth inclusive; and shall be issued as coupon l~nds registrable as to principal only or as to beth principal and interest. The Bonds maturing on mhd after M~rch 1, 1991, shall be subject to redew~tion at the option of the City prior to their stated maturities on or after ~,~rch 1, 1990, in whole at any time, or in part from time to time on any Lnterest payment date in any order determined by the City (except that if less than all of the Bonds of a maturity are called for redemption, the particular Bonds of such maturi%y~ to be redeem~=d shall be selected by lot), ~pon pal~.~ent of the principal amount of the Bonds to