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~2 A RESOLUTIOn[ AUTIiORIZING Tt~ ISSUANCE OF $192,210. OF BONDS OF THE CITY OF PORTS~OUTi~, VIRGI~IA, TO BE KNO~,'R~ AS GEI,~ERAL OBLIGATIO~ BO~DS FOR Tt~E PURPOSE OF PROVIDING FUHDS FOR TiiE PURCHASE OF ~,iO~iLE CLASS ROO?iS A~D SC}fOOL BUSES; FOR PAY.,'~ENT FOR A DP~AII-JAGE STUDY; FOR T~iE CITY'S S}[ARE OF COST ACCRUING IN THE C~%~LEOI~D URBAN RENEWAL PROJECT (VA. R-53); AND FOR T[~E SIGi~ALIZATiON AI~D REDESIGN OF INTERSECTIONS AT ALEXANDER'S CORNER Ai~D HIGH STREET I~ST AT ClUJRCHLAND BOULEVARD UNDER T}{E TOPICS PROGPeA~4. W~IEREAS, it is necessary for the City of Ports- mouth to provide funds for the varmous projects as herein- above set forth; and ¥~iEREAS, there are no funds in the Treasury of the City of Portsmouth applicable to the payment of said expenses and the cost of said projects and it is accordingly, necessary to issue bonds of the City of Portsmouth in the sum of One ~undred Ninety T~o Thousand ~,~o Hundred Ten and iJo/iOO ($192,210.) 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 purchase o~ mobile class rooms and school buses; for payment for a drainage study; for %he City's share of the cost accruing under the Crawford Urban Renewal Project (VA. R-53); and for the signalization and redesign of intersections at Alexander:s Corner and High Street West at Churchland Boulevard under the TOPICS program, there shall be issued One Hundred Ninety- ~o Thousand T~o Hundred Ten and No/1OO ($192,2i0.) Dollars of Bonds o~ the Gity of Portsmouth, Virginia, to be kno%~ as General Obligation Bonds pursuant to the provisicns 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 bonds, pro- viding that the maximum rate of interest shall not exceed the maximm~ rate of interest authorized by law at the time of sale of said bonds. 2. This resolution shall take effect from and after the date of its passage.