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22 A RESOLUTION AUTHORIZING THE ISSUANCE OF $214~244. OF BOi~S OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~q~ AS GENERAL OBLI- GATION BONDS FOR THE PURPOSE OF PURC~ASIEG RED~ PROPERTY FOR HIG~AY CONSTRUCTION. ¥~HEREAS, it is necessary for the City of Portsmouth to provide funds for the project, 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 project%and it is~ accordingly, neces- sary to issue bonds of the City of Portsmouth in the sum of Two Hundred Fourteen Thousand, Two Hundred Forty-four and O0/100 ($214,244.) Dollars, for that purpose. NOW, THEREFORE BE IT RESOLVED by tn~ Council of the City of Portsmouth, Virginia: 1. For the purpose of providing funds for the purchase of real property located at or near the intersection of Greenwood Drive and Interstate Route No. 264, such property to be utilized for highway constructiQn~t~h~re shall be issued Two Hundred Fourteen Thousand, Two Hundred Forty-four and 00/100 ($214,244.) Dollars, of bonds of the City of Portsmouth to be know~ 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 12, 1974. Teste: City Clerk