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63 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF TEN MILLION <br />DOLLARS ($10,000,O00.) PRINCIPAL ~40UNT OF GENERAL <br />OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIAr <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />VARIOUS PUBLIC I~ROVEMENT PROJECTS OF SAID CITY, <br />FIXING THE FO~4 OF SAID BONDS AND ~ROVIDtNG FOR THE <br />SALE OF SAID BONDS. <br /> <br /> WHEREAS, in the judgment of the Council of the <br />City of Portsmouth, Virginia (the "City"), it is necessary <br />and expedient to issue and sell general obligation bonds of <br />the City in the principal amount of Ten Million ($10,000,0OO.) <br />Dollars for the purpose of providing funds to pay the cost <br />of various public improvement projects of the City; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia: <br /> <br /> 1. Pursuant to Chapter 5 of Title 15.1 of the <br />Code of Virginia, 1950, as amended, the same being the Public <br />Finance Act, for the purpose of providing funds to pay the <br />cost of various public improvament projects of the City as <br />set out in Section 4 hereof, there are hereby authorized to <br />be issued Ten Million ($10,000,000.) Dollars principal amount <br />of general obligation bonds of the City to be designated <br />"General Obligation Bonds" (the "Bonds"). The Bonds shall <br />be dated as o~ August 1, 1976; shall be numbered from one <br />(!) consecutively upward in order of maturity; shall be of <br />the denomination of $5,000. each; shall bear interest pay- <br />able semiannually on February 1 and August 1 of each yeart <br />commencing February 1, 1977, at such rate or rates per <br />annu/n as shall be determined by resolution of this Council <br />upon the sale of the Bonds; shall mature serially mn numerical <br />order $500,000. principal amount of Bonds on August 1 mn each <br />of the years 1977 to 1996, both inclusive; and shall be <br />issued as coupon bonds registrable as to principal only or <br />as to both principal and interest. <br /> <br /> The Bonds maturing on and after August 1, 1987, <br />shall be subject to redemption at the option of the City <br />prior to their stated maturities on or after August 1, 1986, <br />in whole at any time, or in part from time to time on any <br />interest payment date in any order determined by the City <br />(.except that if less than all of the Bonds of a maturity are <br />called for redemption, the particular Bonds of such maturity <br />to be redeemed shall be selected by lot), upon payment of <br />the principal amount of the Bonds to be redeemed together <br />with the interest accrued thereon to the date fixed for <br />redemption plus a preminnn of one-half of one percent of the <br />principal amount of each Bond to be redeemed for each six <br /> <br /> <br />