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WW~REAS, it is necessary for the City of Portsmouth to provide <br />funds for the projects as hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of ~he City of Ports- <br />mouth applicable to tb~ payment of said expenses and the cost of said <br />projects and it is, accordingly, necessary to issue bonds of the City of <br />Portsmouth in the s~n of Five Million, Three H~ndred Ninety-nine Thousand, <br />Four Hundred Three and 00/I00 ($5,399,403.) Dollars for tbx)se purposes. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED biz the Council of the City of Ports- <br />mouth, Virginia: <br /> <br /> 1. For the purpose of urban renewal, parks and recreation, public <br />safety, public transportation, purchase of property, education, drainage, <br />C~L~LOnity services and waterfront develui~L~_nt, there shall be issued <br />Five Million, Three Hundred Ninety-nine Thousand, Four Hundred Three and <br />-00/100 ($5,399,403.) Dollars, of bonds of the City of Portsmouth to be <br />known as General Obligation Bonds pursuant to .the provisions of Chapter <br />5 of Title 15.1 of the Code of Virg/nm~, '1950, as amsmded, and provlsior~ <br />of law applicable thereto. The said bends shall be Serial Bonds and <br />shall be issued at one t/me and shall be in such fozm and of such de- <br />nc~ination as the Council shall direct. Each issue shall be payable not <br />exceeding Forty (40) years frcm its date, and said k~nds shall bear <br />interest at a rate or rates to be hereinafter detennined by the Council <br />upon the sale of said bonds, providing tb~t the maximum rate of interest <br />shall not exceed the maximum rate of interest authorized by. law at the <br />time of the sale of said bc~ds. <br /> <br />2. This resolution sb~%ll take effect from the date of its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a <br />.meeting held June 14, 1977. <br /> <br />City Clerk <br /> <br /> <br />