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95 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUkl~CE OF $34!,850. OF BONDS OF <br />THE CITY OF PORTSMOUTtt, VIRGINIA, TO BE I~O~ AS GENERAL OBLI- <br />GATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR CURB, GUT- <br />TER AND DRAINAGE PROJECTS 0~ HARRIS ROAD, NOP~-AN DRIVE AND <br />QUANTICO STREET, SIMONSDALE AND NORTH TRUXTON; FOR RENOVATION <br />O_V THE ~AIN LIBraRY ON COURT STREET AND THE PUBLIC BUILDINGS <br />AT 400-420 HIGH STREET; FOR THE REPAIR A2-~D RENOVATIOI'~ OF SIDE- <br />~ALKS ON HIGH STREET; AND FOR THE LAYING OF CONDUIT ON GP~EEN <br />STREET BETWEEN KING AND QUEEN STREETS. <br /> <br /> WHEREAS, it is necessary for the Cit~ of Portsmouth <br />to provide funds for the various pro3ects as hereinafter set <br />forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the <br />City of Portsmouth applicable to the payment of the said ex- <br />penses and the costs of said projects and it is, accordingly, <br />necessary to issue bonds of the City in the sum of Three Hund- <br />red Forty-one Thousand, Eight Hundred Fifty and 00/100 ($34t,850.) <br />Dollars for that purpose. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br />Section 1. For the purpose of providing funds for curb, gutter <br />and drainage projects on Harris Road, Norman Drive and Quantico <br />Street, Simonsdate and North Truxton; for renovation of the Main <br />Library on Court Street and the public buildings at 400-420 High <br />Street; for the repair and renovation of sidewalks on High Street; <br />and for the laying of conduit on Green Street bet%~een King and <br />Queen Streets, there shall be issued Three Hundred Forty-one <br />Thousand, Eight Hundred Fifty and 00/100 ($341,850.) Dollars of <br />bonds of the City of Portsmouth to be kno%~ as General Obliga- <br />tion Bonds pursuant to the provisions of Chapter 5 of Title <br />15.1 of the Code of Virginia, 1950, and other provisions of law <br />applicable thereto. The said bonds shall be serial bonds and <br />shall be issued at one time and shall be in such form and of <br />such denomination as the Council shall direct. Each issue shall <br />be payable not exceeding forty years from its date and said bonds <br />shall bear interest at a ra~e or rates to be hereafter determined <br />by the Council upon the sale of said bonds, providing %hat the <br />maximum rate of interest shall not exceed the maximum rate of in- <br />terest authorized by law at the time of the sale of said bonds. <br /> <br />Section 2. This resolution shall take effect from its passage. <br /> <br /> Adopted ~y the Council of the City of Portsmouth, Vir- <br />ginia, November 26~ 1974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />