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45 <br /> <br />A RESOLUTICkN AU~f{ORIZING ~HE ISSUANCE OF SAV~q MILLION DOLLARS ($7,000,0C0) <br />PRINCIPAL ~zOUNT OF GknN~RAL OBLIGATION PUBLIC L~?R~ BO~DS OF THE <br />CITY OF PORT~4OUTH, VIRGIN/A, FOR THE PURPOSE OF PROVIDI~ FUNDS TO PAY <br />THE COSTS OF VARIOUS PUBLIC ]~JPROV~E~V£ PROJECTS OF SAID CITY, FIXING <br />T~IE FOI~ OF SAID BOL~S AND PROVIDING FOR ~6E ~ALE OF SAID BOARDS. <br /> <br /> B~AS, in ~he judgment of %he Council of ~he City of Po~u~l, <br />Virgi~a, it is ne~ss~ ~d ~di~t to issue ~d sell ~eral ~ligati~ <br />~lic ~rox~% '~nds of ~e' City of Po~u~ (~e "City") ~ <br />pr~cip~ ~t of Sev~ F~llion ~ll~s ($7,~) for ~he p~se <br />of pr~id~g f~ds qo pay ~e ~s~ of ~rious p~lic ~zov~h projects <br />of ~e City; ' ~" <br /> <br /> NOW, ~0~, BE IT ~OL~ by ~e Co~cil of ~e City of <br />V~g~: <br /> <br /> 1. ~su~t to Chapter 5 of Title 15.1 of ~e ~e of Virg~a, <br /> 1950, as ~d~, ~e s~e ~g ~e ~lic F~ce Ac~, ~d ~e <br /> of ~e C~%y, for ~e p~se 0f provi~ng f~ds ~ ~y ~e ~st of <br /> v~ous p~c ~rov~enh projects of ~e City as set out ~ ~chion 4 <br /> her~f, ~ere ~e her~y au~orized' to ~ issu~ ~ven ~llion ~ll~s <br /> ($7,~,~) pr~ci~l ~% of g~eral obligation ~ds of ~e Ci~ <br /> ~ desi~ated' "~n~ Obligation ~lic ~r~nt ~nds" ~e "~ds"). <br /> ~e ~nds shall ~ dasd as of July I, 1980; shall ~ nm~ fr~ one <br /> (1) ~nsec~tively ?~d ~ order" of ~at~ity (e~er ~t~ities first) <br /> shall ~ of ~e deno~a~on of $5,~ ea~; s~ll ~ interest pay~le <br /> J~ua~ 1; 1981, and s~-~ually ~er~ft~ on J~y 1 and J~u~~ <br /> 1 of ~eh yea~, a~. such rate or rates ~r ~n ~ shall be dete~ned <br /> by resolution of tl~S Co~cil ~n ~e sale of ~e ~n~; shall <br /> s~lly in n~rical order $350,~ pr~cipa% ~mnt of ~nds on J~y <br /> 1 ~ ea0h of ~e ye~s 1981 to 2~, ~'~ ~cl~i~; ~d shall ~ issu~ <br /> as co~n ~n~ r~is~le as to pr~cipal only or as to ~ princip~ <br /> ~d interest. <br /> <br /> The' Bonds mstu~ing on and after July 1, 1991, shall be subject to <br />redempt/on at the option of'the C~t.¥ prior to their stated maturities on <br />or after July 1, 1990, in whole at ~ny time, or in part from time to <br />time' on any interest payment date in any order determined by the City <br />(except that if less that all of %he Bonds of a maturity are called for <br />redemption, %he particular Bonds of such maturity to be redeemed shall be <br />selected by lot), upon payment of the principal amount of %~%~ Bonds to <br /> <br /> <br />