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56 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $4,122,2OO. OF BONDS <br />OF THE CITY OF PORTSMOUTH', 'VIRGINIA, TO BE F~OWN AS GENERAL <br />OBLIGATION BONDS FOR THE PURPOSES OF URBAN RENEWAL, PARKS <br />AND RECREATION, PUBLIC SAFETY, PUBLIC TRANSPORTATION, PURC~LASE <br />OF PROPERTY, DRAINAGE AND STREET IMPROVEMENTS, COM~MUNITY SERVICES <br />AND WATERFRONT DEVELOPMENT. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth to <br />provide funds for the projects as hereinafter set forth; and <br /> <br /> WHEREASf there are no funds in the treasury of the City <br />of Portsmouth applicable to the payment ~of said expenses and <br />the cost of said projects and it is, accordingly, necessazT~ <br />to issue General Obligation Bonds of the City of Portsmouth <br />in the sum of Four Million, One Hundred Twenty-two Thousand, <br />Two Hundred Dollars ($4,122,200.) for those purposes. <br /> <br /> NOW~ THEREFORE, BE IT RESOLVED by_the Council of the <br /> City of Portsmouth, Virginia: <br /> <br /> [1) Fo~ ~he purposes of urban renewal, parks and recre- <br /> at on, Dublmc public transDortatmon~Dur~hase o~property, <br /> sa~DtY [ <br />drainag~ and streetmm~rovements, ~ommunity~s~rv!ces and wa%er-~ <br />front development, it shall be issued Four Million, One Hundred <br />Twenty-two Thousand, Two Hundred Dollars ($4,122,200.) of bonds <br />of the City of Portsmouth to be known as General Obligation Bonds <br />pursuant to the provisions of Chapter 5 of Title 15.1 of the <br />Code of Virginia, 1950, as amended, and provisions of law appli- <br />cable thereto. The said bonds shall be serial bonds and shall <br />'be issued at one time and shall be in such form and Of such <br />denomination as the Council shall direct. Each issue shall be <br />'payable not exceeding forty f40) years from its date, and said <br />bonds shall bear interest at a rate or rates to be hereinafter <br />'determined by the Council upon the sale of said bonds, providing <br />that'~the maximum rate of interest shall not exceed the maximum <br />rate of interest authorized by law at the time of the sale of <br />said bonds. <br /> <br /> (2) This resolution shall take effec~ from the date of <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 26, 1979. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />