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49 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $73~C00. OF BONDS OF <br />THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~ AS GENERAL OBLI- <br />GATiON BONDS FOR THE PURPOSE OF CONSTRUCTING CERTAIN STREET <br />AND HIGHWAY iMPROV~~IENTS TO VARIOUS STREETS AND URBAN RENEWAL <br />~4PROVEMENTS iN THE PARK ViEW CONSERVATION PROJECT. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth <br />to provide funds for the projects hereinafter set forth; and <br /> WHERRAS, there are no funds in the treasury of the <br />City of Portsmouth applicable to the payment of said expenses <br />and the costs o~ said projects and it is, accordingly, neces- <br />sary to issue bonds of the City of Portsmouth in the smm of <br />Seventy-t~ee Thousand and 00/100 ($73,000.) Dollars, for that <br />purpoSe. <br /> NOW, THEREFORE~ BE IT RESOLVED b~ the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> i. For the purpose of providing funds for engineering <br /> services concerning improvements to Syer Road, EL~2~.-urst Lane <br /> between Cherokee Lane end Portsmouth Boulevard, South Street, <br /> Wilcox Avenue east of Elm Avenue, West Norfolk Road between Cedar <br /> Lane and the West Norfolk Bridge and the Victory Boulevard drain- <br /> age ditch at Francis Street; and for the purpose of constructing <br /> a maintenance-concession building within the Park View Conserva- <br /> tion Project~ there shall be issued Seventy-three Thousand and <br /> 00/100 ($73,000.) Dollars of bonds of the City of Portsmouth to <br /> be known as General Obligation Bonds pursuant to the provisions <br /> of Chapter 5 of Title !5.t of the Code of Virginia, 1950, as <br /> amended, and the provislons of law applicable thereto. The said <br /> bonds shall be serial bonds and shall be issued at one time and <br /> shall be in such form and ol such denomination as the Council <br /> shall direct. Each issue shall be payable not exceeding forty <br /> (40) years from its date, and said bonds shall bear interest at <br /> a rate or rates to be hereafter determined by the Council upon <br /> the sale of said bonds, providing that the maximum rate of inter- <br /> est shall no% exceed the maximum rate of interest authorized by <br /> taw at the time of the sale of said bonds. <br /> 2. This resolution shall take effect from the date of <br /> its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br /> gmnia, at a meeting held June 25, 1974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />