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RESOLUTION AUTHORIZING TH5 ISSUANCE OF $136~500. OF BONDS OF <br />Tile CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~ AS GENERAL OBLI- <br />GATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR RECONSTRUCTION <br />OF THE PARADISE CREEK BRIDGE ON VICTORY BOULEVARD AND CONSTRUCTION <br />OF OFFSITE D~AINAGE FACILITIES ALONG RIVER SHORE ROAD NEAR SOUTH- <br />~4PTON SUBDIVISION. <br /> <br />provide <br />and <br /> <br /> ~%~EREAS, it is necessary for the City of Portsmouth to <br />funds for the various projects as hereinafter set forth; <br /> <br /> ~K~[EREAS, there are no funds in the treasury of the City <br />of Portsmouth applicable to the payment of the said expenses and <br />the costs of said projects and it is~ accordingly, necessary to <br />issue bonds of the City in the sum of One Hundred Thirty-six <br />Thousand, Five Hundred and 00/100 ($136,500.) Dollars for that <br />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 reconstruction <br />of the Paradise Creek Bridge on Victory Boulevard and construction <br />of offsite drainage facilities along River Shore Road near South- <br />ampton Subdivision~ there shall be issued One Hundred Thirty-six <br />Thousand, Five Hundred and 00/100 ($136~500.) Dollars of bonds of <br />the City of Portsmouth to be known as General Obligation Bonds <br />pursuant to the provisions of Chapter 5 of Title 15.1 of the Code <br />of Virginia, 1950, and other provisions of law applicable thereto. <br />The said bonds shall be serial bonds and shall be issued at one <br />time and shall be in suck form and of such denomination as the <br />Council shall direct. Each issue shall be payable not exceeding <br />forty 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 maximm~ rate of inter- <br />est shall not exceed the maximum rate of interest authorized by <br />law at the time of the sale of said bonds. <br /> <br />Section 2. Thms resolution shall take effect from its passage. <br /> <br /> Adopte~ by the Council of the City of Portsmouth, Vir- <br />gmnla, at a meeting held August 27, 1974. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />