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22 A RESOLUTION AUTHORIZING THE ISSUANCE OF SI,O44,O32. OF BONDS OF TiEE CITY OF PORTSMOUTH, VIRGINIA, TO BE K?_COP,.IJ AS GENERAL OBLiGATiON BONDS FOR Ti~E PURPOSE OF URBAN RENE~iAL, CONSTRUCTION OF SC~iOOL EUi LD!NGS , DP, P~INAGE, PUBLIC STREET IMPROVEMENTS, PUBLIC SAFETY, PARKS AND RECREATION. WHEREAS, it is necessary for the City of Portsmouth provide funds for the projects as 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 co~ts of said projects and it ~s, accordingly, neces- sary to issue bonds of the City of Portsmouth in the sum of One Million Forty-four Thousand Thirty-two and No/1OO ($1,O44,032.) Dollars, for those purposes. NOW, THEREFORE, BE City of Portsmouth, Virginia: IT RESOLVED by the Council of the 1. For the purpose of urban renewal, construction of school buildings, drainage, public street improvements, public safety, parks and recreation there shall be issued One Million Forty-four Thousand Thirty Two and No/1OO ($1,O44,O32.) 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 the provisions of law applicable thereto. The said bonds shall be serial bonds and shall be issued at one time and shall be in such form and of such denomination 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 hereafter determined 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 25, 1975. Teste: City Clerk