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27 A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,128,243. OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOW~I AS GENERAL OB- LIGATION BONDS FOR THE PURPOSE OF EDUCATION, PARKS AND RECREATION, STREETS AND HIGHWAYS AND DRAINAGE IMPROVEMENTS. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the projects hereinafter set forth; and WHEREAS, there are no funds in the Treasury of the City of Portsmouth applicable to the payment of said expenses and the cost of said projects and it is, accordingly, necessary to issue bonds of the City of Portsmouth in the sum of One Mil- lion, One Hundred Twenty-eight Thousand, Two Hundred Forty-three and 00/100 ($1,128,243.) Dollars for those purposes. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. For the purpose of education, parks and recreation, streets and highways and drainage improvements, there shall be issued One Million, One Hundred Twenty-eight Thousandt Two Hund- red Forty-three and 00/100 ($1,128,243.) Dollars of bonds of the City of Portsmouth to be known as General Obligation Bonds pursuant to the provisions of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, and provisions of law applicable thereto. The said bonds shall be Serial Bonds and shall be is- sued at one time and shall be in such form and of such denomina- tion as the Council shall direct. Each issue shall be payable not exceeding Forty (40) years from its date, and said bonds shall bear interest at a rate or rates to be hereinafter deter- mined by the Council upon the sale of said bonds, providing that the maximum rate of interest shall not exceed the maximum rate of interest authorized by law at the time of the sale of said bonds. 2. This resolution shall take effect from the date of its passage. Adopted by the Council of the City of Portsmouth, Vir- ginia, at a meeting held March 23, 1976. Teste: City Clerk