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of the Code of virginia, 1950, as amendedt an~ provisions of law <br />applicable thereto. The said bonds shall be Serial Bonds and shall be <br />issued at one ~ and shall be in such form and of such ds~cmlinati~ <br />as the Council shall ~ect. Each issue shall be payable not ex- <br />ceeding Forty (40) years frc~ its date, and said bends shall bear <br />interest at a rate or rates to be h~reinafter determined by ~ Opuncil <br />upon the sale of said bonds, providing that the ~ ra~e of interes~ <br />shall not exceed the ~ rate of interest authorized t5' law at the <br />tinm of the sale of said bonds. <br /> 4. Sj~n~altaneously ~ith retiremant of said notes of the Authority <br /> the payment of a portion of which is hereby guaranteed, or provision <br /> having been ~de for t~he retir~t of said notes r this re~olution <br /> shall terminate and be of no effect. <br /> 5. The provisions of this resolution shall become effective %ken <br /> the cities of Franklin, Norfolk, Portsmouth, suffolk and virginia Beach <br /> have incurred contract obligations ~o provide palanents to the Auhhority <br /> in the amounts of $23,000~ $837,000t $326,000~ $140,O00 and $605,000, <br /> respectively. <br /> <br /> ' 6. This resolution shall take effect frc~ the date of its adoption. <br /> <br /> Adopted by the Council of the Cihy of Portsmouth, Virgin~ia, at a <br /> meeting held March 14, 1978. <br /> <br />Teste: <br /> <br />Ci~yC!erk <br /> <br /> <br />