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WHEREAS, by ~oth~r 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 e3mp~.~ered to prepare and issue and to sell or to negotiate said bonds upon the faith, credit and property of said municipality ~ the amount so authorized; ~nd WHEREAS, it is provided in said ordinance that the bends so authorized n~y be issued at one time, or a pe~t thereof from %im~e %o time, as this Council shall direct, R~nree ~fil/~on Dollars ($3,000,C00) of said bonds have heretofore been issued ~nd this Council deems it advisable to issue at this ti/ne the remaining Five ~lillion Dollars ($5,000,000) of said bo. nds to make desired i~prov~nts, extensions and additions to the aforesaid revenue producing undertaking of the City. NOW, ~HEREFORE, BE IT RESOLVED by the Co~acil of the City of Ports- mouth, Virginia: 1. Pursuant to Article VII, ~ection 10(a) (2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act~ and the Charter of t~he City, and the ordinance referred to in the recitals hereinabove and under and by virtue of an affirmative vote of a l~ajority of the qpaalified voters of the City on Nove~ 4, 1975, on the question of the issuance of said bends for the puz~se of providing fronds to pay the cost of capital inrprovements, extensions and additions to the City's revenue producing water and se%~mrage system, there are heretry authorized to be issued Five I~iillion Dollars ($5,000,000) principal argomnt of bonds of the City to be designated "C~eral Obligation Public.Utiliilz Bonds" ('the "Bonds"). R~e Bonds shall be dated as of July 1, 1980; shall be numbered from one (1) consecutively up~ard in order of n~-kurity (earlier maturities first); shall be of the denc~ination of $5,CO0 each; shall bear interest payable January 1, 1981, and semi-annually thereafter on July 1 and Janua/y 1 of each year, at such rate or rates per arkn~u as shall be detezT~f~ned by resolution of this Council upon the sale of the Bonds; shall mature serially in nt~uer{cal order $250,000 principal amount of bDnds on July 1 in each of the years 1981 to 2000, both inclusive; and shall be issued as coupon bonds registrable as to principal only or as to both principal and interest. The Bonds maturing on and after July t, 1991, shall be subject to redemption at t_he option of the City prior to their stated maturities on or after July 1, 1990, in whole at any time, 6r in part from tJ~re tO time on any interest 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 parhiculer BOnds of such maturity to be redeemed shall be selected by lot), upon payment of the principal ~mount of the Bonds