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55 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $576,794. OF BONDS OF <br />T~E CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION <br />BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE FOLLOWING PROJECTS: <br />OLDE TOWNE CONSERVATION, INDUSTRIAL ACCESS ROAD, DEVELOPMENT OF <br />CHURCHLAND PARK, CITY INCENERATOR ENGINEERING STUDIES, CITY GARAGE <br />OIL STORAGE BUILDING, PINNERS POINT LAND-USE STUDY, PUBLIC BUILDINGS, <br />URBAN TRANSPORTATION AND PUBLIC SAFETY, RENOVATION OF HARRY HUNT <br />JUNIOR HIGH, TDTC CAPITAL IMPROVEMENTS PROGRAM, AND VOTING MACHINE <br />STORAGE BUILDING, ALL OF WHICH PROJECTS HAVE BEEN PREVIOUSLY APPROVED <br />BY THE CITY COUNCIL. <br /> <br /> WHEREAS, it is necessary for the City of <br />provide funds for the various projects hereinafter <br />have been previously approved; and <br /> <br />Portsmouth to <br />set forth which <br /> <br /> WHEREAS, there are no funds in the treasury of the City <br />of Portsmouth applicable to the payment of the said expenses and <br />the cost of said projects and it is, accordingly, necessary to <br />issue bonds of the City in the sum of Five Hundred Seventy-six <br />Thousand, Seven Hundred Nine=y-four ($576,.794.) Dollars for that <br />purpose. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. The Council of the City of Portsmouth, Virginia, <br />authorizes the issuance of Five Hundred Seventy-six Thousand, <br />Seven Hundred Ninety-four ($576~794.) Dollars of bonds of the <br />City of Portsmouth, Virginia, to be known as general obligation <br />bonds pursuant to the provisions of Chapter 5 of Title 15.1 of <br />the Code of Virginia, 1950, and other provisions of law appli- <br />cable thereto. Such bonds shall be serial bonds and shall be <br />issued at one time and shall be in such form and of suck de- <br />nomination as the Council shall direct. Each issue shall be <br />payable not exceeding forty (40) years from its date and said <br />bonds shall bear interest at a rate or rates to be hereafter de- <br />termined by the Council upon the sale of said bonds, providing <br />that the maximum rate of interest shall not exceed the maximum <br />rate of interest authorized by the law at the time of the sale <br />of said bonds. <br /> <br /> 2. Such bonds shall be issued for the purpose of pro- <br />viding funds for the following projects: Olde Towne Conservation, <br />Industrial Access Road, Development of Churchland Park, City In- <br />cenerator Engineering studies, City garage oil storage building, <br />Pinners Point Land-Use Study, public buildings, urban transport- <br />ation and public safety, renovation,of Harry Hunt Junior High, <br />TDTC Capital Improvements Program, and voting machine storage <br />building, all of which projects have been previously approved <br /> <br /> <br />