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62 A RESOLUTION AUTHORIZING THE ISSUANCE OF $94,755. OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLI- GATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CITY'S SHARE OF THE TOPICS (TRAFFIC OPERATIONS PROGRAM TO INCREASE CAPACITY AND SAFETY) PROGRAM. ~HEREAS, 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 Ninety-four Thousand, Seven Hundred Fifty-five and 00/100 ($94,755.) Dollars, for that purpose. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. For the purpose of providing funds for the TOPICS (Traffic Operations Program to Increase Capacity and Safety) program~ there shall be issued Ninety-four Thousand~ Seven Hundred Pifty-five and 00/100 ($94,755.) Dollars, of bonds of the City of Port~aouth to be known as General Obligation Bonds pursuant to the provisions of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, and other 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 bondsr 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 July 10, 1973. Teste: City Clerk