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the question whether the eight million dollars of bonds authorized by the said ordinance should be issued; and WI~LRFAS, by another Order entered by the said Circuit on September 27, 1977, it ~s entered of record as a result of said election that a majority of the votes %~ere cast for the bond issue, and that this Council be fully authorized and em~x~ered to prepare and issue and to sell or to negotiate said bonds upon the faith, credit s_nd properky of said rmmr~cip~]~ty in the amount so authorized; and WHEREAS, it is provided in said ordinance that the bends so authorized may be issued at one ~ume, or apart thereof frcra time to ~ime, as ~nis Council shall direct, none of said bonds have heretofore been issued and this Council de,ms it advisable to issue at ~s tine Three Million Dollars ($3,000,000.) of said bonds to make desired improvements, extensions and additions to the aforesaid revenue producing und~ng of ~he City. I~OW, ~I~REFORE, BE IT RESOLVED by The Council of the City of Ports- mouth, Virginia: 1. Pursuant to Article VII, Section lO(a) ~2), of the Constitution of Virginia ~nd Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Ach, the ordinance referred to in the recitals hereinabove and under and by vis'cue of an affirmative vote of a majorityOf the qualified voters of the City on November 4, 1975 on the question of the issuance of said bends~that for the purpose of providing funds to pay the cost of capital improv~r~nts, extensions and additions to the City's revenue producing water and sewerage systema, there are hereby authorized to be issued Three MJ_llien Dollars ($3,COO,000.) principal amount of bonds of said City to be known as "Public Utility Bonds" (the "Bonds"). The Bonds shall be dated as of November 1, 1977; shall be numbered frc~ one (1) consecutively u~¢~ird in order of maturity (earliest mabarities first); shall be of the denomination of $5,000. each; shall bear interest payable July 1, 1978 ~nd semi-annually thereafter on January 1 and July 1 of each year, at such rate or rates per ann~m as shall be determined by resolution of tb/s Council upon the sale of the Bonds; shall ma~zre serially in numerical order $150,000. pr~ncipaI amount of Bonds on Js-nuz%~3 1 in each of the years 1979 to 1998, both inclusive; and shall be issued as coupon bonds registrable as to principal only or as to both principal and interest. The Bonds maturing on and after January 1, 1989, shall be subject to redemption at the option of the City prior to their stated maturities on or after January 1, 1988, in whole at any time, or in part frcm time to time on any interest payment date in any order determined by the City 2