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10 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $3,880,612. OF <br />BONDS OF THE CITY OF PORTS~OUTH, VIRGINIA, TO BE KNO~ <br />AS GENERAL OBLIGATION BONDS FOR THE PURPOSE OF URBAN RE- <br />NEWAL, PUBLIC STI~EET IMPROVEmeNTS, PARKS AND RECREATION, <br />PUBLIC SAFETY, PUBLIC TRANSPORTATION ~ND PURCHASE OF <br />PROPERTY. <br /> <br /> WHEREAS, it is necessary for the City of Ports- <br />mouth to provide funds for the projects as hereinafter <br />se% forth; and <br /> <br /> WHEREAS, there are no funds in th~ treasury of <br />the City of Portsmouth applicable to the payment of said <br />expenses and the cost of said projects and it is, accord- <br />ingly necessary to issue bonds of the City of Portsmouth <br />in the sum of Three Million, Eight Hundred Eighty Thousand, <br />Six Hundred Twelve and OO/t00 ($3,880,612.) Dollars for <br />those purposes. <br /> <br /> NOW, THEREFORE, BE IT P~SOLVED, by %he Council <br />of the City of Portsmouth, Virginia: <br /> <br /> 1. For the purpose of urban renewal, public <br />street improvements, parks and recreation, public safety, <br />public transportation and purchase of property, there <br />shall be issued Three Million, Eight Hundred Eighty <br />Thousand, Six Hundred Twelve and 00/1OO ($3,880.612.) <br />Dollars, of bonds of the city of Portsmouth to be known <br />as General Obligation Bonds pursuant to the provisions <br />of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, <br />as amended, and provisions of law applicable thereto. <br />The said bonds shall be Serial Bonds and shall be issued <br />at one time and shall be in such form and of such de- <br />nomination as the Council shall direct. Each issue shall <br />be payable not exceeding Forty (40) years from its date, <br />and said bonds shall bear interest at a rate or rates <br />to be hereinafter determined by the Council upon the sale <br />of said bonds, providing that the maximum rate of interest <br />shall not exceed the maximum rate of interest authorized <br />by law at the time of the sale of said bonds. <br /> <br /> 2. This resolution shall take effect from the <br />date of its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held February 10, 1976. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />