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A RESOLUTION AUT~ORTZING RITE ISSLI~NCE OF THREE MILl.ION DOLLARS ($3,000,000.)
<br />PRINCIPAL AMOUNT OF PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR THE PURPOSE OF MAKING CAPITAL IMPROVtKVKLNTS, EXTENSIONS AND ADDITIONS
<br />TO R~E W~±'m/ AND SEWERAGE SYSTEM OF SAID CITY, PURSUANT TO ARTICLE VII,
<br />SE~'~'±ON lO[a) (2), OF TS~ CONSTITD~fION OF VIRGINIA, FIXING %=HE FOAM OF SAID
<br />BONDS AND PROVIDING FOR THE SALE OF SAID BONDS.
<br />
<br /> WHEREAS, the City of Portsmouth (the "City") is authorized to
<br />operate a water Utility syste~, including water production, preparation,
<br />distribution and transmission systems; and
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<br /> WHERtKAS, the City is authorized to operate a sewerage utility
<br />system, including sewage transmission, treatment and disposal systems;
<br />and
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<br /> WHEREAS, the City is authorized to, and does, operate its water and
<br />sewerage systems as a single utility syste~n; and
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<br /> WHEREAS, such combined w~ter and sewerage syste~a is an undertaking
<br />frc~ which the City derives revenue; and
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<br /> WHEREAS, the City of Portsmouth is authorized under and by virtue
<br />of Article VII, Section lO(a) (2), of the Constitution Of Virginia, and
<br />Chapter 5 of Title 15.1 of the Code of Virginia, 1950, to issue bonds as
<br />may be necessary %o make capital improvements, extensions and additions
<br />to such water and sewerage system; and
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<br /> WHEREAS, Article VII, Section 10(a) (2), of the Constitution of
<br />Virginia, requires the ordinance authorizing the issuance of such bends
<br />to be approved by the affirmative vote of the majority of the qualified
<br />voters of the City voting upon the question of their issuance; and
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<br /> W~t~EAS, by Virtue of an ordinance adopted by The Council of the
<br />City of Portsmouth, Virginia, on May 13, 1975 entitled, "An Ordinance
<br />to authorize the issuance of $8,000,000.00 of Bonds To Be Known As
<br />Public Utility Bonds For The Purpose Of Making Capital Improvements,
<br />Extensions And Additions To The City Of Portsmouth's Revenue Producing
<br />Water And Sewer System, Pursuant To Article VII, Section lO(a) (2) Of The
<br />1970 ConstiZution Of Virginia, And ~napter 5 Of Title 15.1 Of The Code
<br />Of Virginia, 1950", the Circuit Court of tt~ City of Portsmouth, by an
<br />Order entered on August 1, 1975, directed tb~t there be submitted to the
<br />qualified voters of the City at an election to be held on November 4, 1975,
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