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A RESOLUTION AUTHORIZING THE ISSUANCE OF $4,325,896. OF BONDS <br />OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE ENOWN AS GENERAL <br />OBLIGATION BONDS FOR THE PURPOSES OF URBAN RENEWAL, PARKS <br />AND RECREATION, PUBLIC SAFETY, PUBLIC TRANSPORTATION, PURCHASE <br />OF PROPERTY, EDUCATION, DRAINAGE AND STREET IMPROVEMENTS, <br />COMMUNITY' SERVICES 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 /> WHEREAS, there are no funds in the treasury of the City <br />of Portsmouth applicable to the payment of said expenses and <br />the costs of said projects and it is, accordingly, necessary <br />to issue General Obligation Bonds of the City of Portsmouth <br />in the sum of Four Million, Three Hundred Twenty-Five Thousand, <br />Eight Hundred Ninety-six ($4,325,896.) Dollars for those <br />purposes. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED, by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. For the purposes of urban renewal, parks and recreation, <br />public safety, public transportation, purchase of proper%y, <br />education, drainage and street improvements, community services <br />and waterfront development, there shall be ~ssued Four Million, <br />Three Hundred Twenty-five Thousand, Eight Hundred Ninety-six <br />($4,325,896.) Dollars of bonds of the City of Portsmouth to be <br />known as General Obligation Bonds pursuant to the provisions <br />of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as <br />amended, and provisions of law applicable thereto. The said <br />bonds shall be serial bonds and shall be issued at one time <br />and shall be in such form and of such denomination as the Council <br />shall direct. Each issue shall be payable not exceeding forty <br />(40) years from its date, and said bonds shall bear interest <br />at a rate or rates to be hereinafter determined by tl~e Council <br />upon the sale of said bonds, providing that the maximum rate <br />of inter~st shall~%ot exceed the maximum rate of interest <br />authorized by law at the time of the sale of said bonds. <br /> <br /> 2. This resolution shall take effect from the date of <br />its adoption. <br /> <br /> Adopted by the Council of t~e City of Portsmouth, Virginia, <br />at a meeting held June 27, 19~8. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />