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19 A RESOLUTION AUTHORIZING TitE ISSUANCE OF $402,200. OF BO~[DS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~'~q AS GENERAL OBLI- GATION BONDS FOR THE PURPOSE OF PURCF~ASI~[G REAL PROPERTY AND EQUIP~'IENT FOR VARIOUS SCIIOOL PURPOSES Ai'~D FOR T[~ PURPOSE OF PAYING ARCi'iITECTURAL AND ENGINEERING FEES INCURRED FOR THE DE- SIGN OF VARIOUS SCHOOL STRUCTURES. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the various 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 costs of said projects and it is, accordingly, neces- sary to issue bonds of the City of Portsmouth in the sum of Four Hundred Two Thousand, Two t{undred and 00./100 ($402,200.) Dollars, for that purpose. i~OW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: !. For th~ purpose of providing funds for the purchase of property at or near River Shore Road for a proposed Elementary School in Churchlandf for the purchase of three mobile class- rooms; for the purchase of four lots at or near the intersection of Rodman Avenue and Race Street in Westhaven for use for various school pro]ects in the area; and for architectural and engineer- ing fees incurred in the design of a proposed Elementary School in Churchland and an addition to the Highland Biltmore Elementary School, there shall be issued Four Hundred Two Thousand, ~o Hundred and 00/100 ($402,200.) 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 Vir- ginia, 1950, as amended, and the 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 hereafter deter- · nuined by the Council upon the sale of said bonds, providing that the maxim~ rate of interest shall not exceed the maxLmum rate of interest authorized by law at the t~_me of the sate 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 February 26~ 1974.