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33 A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,350,000. OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE tCNO~ AS GENERAL OBLIGATION BONDS FOR THE PURPOSE OF VARIOUS PUBLIC I~4PROVE- MENTS IN THE CRAb,FORD URBAN RENEWAL PROJECT CONSISTING OF THE CRAWFORD HARBOR PARKING FACILITY AND OTHER IMPROVEMENTS FOR WATERFRONT DEVELOPMENT AND AUTHORIZING THE CITY MAlqAGER TO EXECUTE DOCUMENTS PERTAINING THERETO. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the projects as hereinafter set forth; and ~.;~E~S, there are no funds in the treasury of the City of Portsmouth ~ppticable to the payment of said expenses and the cost of said projects and it is, accordingly, necessary to issue General Obligation Bonds of the City of Portsmouth in the su~ of Five M~ltion, Three Hundred Fifty Thousand ($5,35©~000.) Dollars for those purposes. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth~ Virginia: 1. For the purpose of various public improvements in the Crawford Urban Renewal Project consisting of the Crawford Harbor Parking Facility and other improvements for waterfront development, there shall be issued Five Million, Three Hundred Fifty Thousand ($5,350,000.) Dollars of bonds of the City o~ Portsmouth to be known as General Obligation Bonds pursuant to the provisions of Chapter'5 of Title 15.1 of the Code of Virginia, 1950~ as amended, and provisions of law ~pp!icabte %hereto~ The said bonds shall be serial bonds and shall be issued at one time and shall be in such form and Of s~ch ~enommnation as the Council shall direct. Each issue shall ~ payable no~ exceeding forty (40) years from its date~ and said bonds shall bear interest at a rate or rates to be hereinafter-determined by the Council upon the sale of said bonds, providing that the maximum rate of in- terest shall not exceed the maximum rate of interest authorized by law at the time of the sale of said bonds. ~ 2~ BE IT FURTHER RESOLVED that the City Manager is authorized to execute such documents and agreements pertaining to the Crawford Urban Renewal Project including the Crawford Harbor Pazking Facility and other improvements forwaterfront 'development as may be necessary. 3. This resolution shall take effect from tile date of its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held April 22~ 1980.