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A RESOLUTION TO AUTHORIZE THE ISSUANCE OF T%~ MILLION FIVE
<br />RED THOUSkND~DOLLARS OF BONDS TO BE KNO~ AS UTILITY BONDS, FOR
<br />THE PURPOSE OF b~KING IMPROVEI~ENTS, EXTENSIONS AND ADDITIONS TO
<br />THE REVENUE PRODUCING UNDERTAKING OF THE CITY CONSISTING OF ITS
<br />COMBINED WATER, SEWER AND SEWAGE DISPOSAL SYST~%~S, PURSUANT TO
<br />ARTICLE VII, SECTION 10, CLAUSE (a) (2), OF THE CONSTITUTION OF
<br />VIRGINIA,~AND CF=~PTER :5 OF TITLE 15.1 OF THE CODE OF VIRGINIA,
<br /> 1950, AND U~A~JER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS
<br />OF THE CITY OF PORTSMOUTH AT AN ELECTION HELD ON THE SECOND DAY
<br />OF NOV~4BER, 197i, A~ MAKING PROVISION FOR THE FOR~ OF SAID
<br /> BONDS Ab~ FOR THE PAYMENT THEREOF.
<br />
<br /> WHEREAS, the City of Portsmouthis authorized to es-
<br /> tablish or enlarge its revenue producing undertaking consisting
<br /> of its combined water, sewer, and sewage disposa~ systeras and
<br /> it is necessary and expedient to mmke certain improvements, ex-
<br /> tensions and additions to such revenue producing undertaking
<br /> and to issue bonds of-the City in the sum of Two Million Five
<br /> Hundred Thousand Doltars for that purpose; and
<br />
<br /> WHEREAS, under and by virtue of Chapter 5 of Title
<br /> 15.1 of the Code of Virginia, 1950, the Council of any city in
<br /> this State which is authorized to acquire, maintain or establish
<br /> a revenue producing undertaking consisting of water, sewer and
<br /> sewage disposal systems, or other specific undertaking from which
<br /> the City may derive a revenue, may, in accordance with Article
<br /> VII, Section 10, Clause (a) (2), of the Constitution of Virginia
<br /> issue so many bonds as may be necessary to acquire, maintain ~r
<br /> establish such revenue producing undertaking, or other specific
<br /> undertaking; and
<br />
<br /> WHEREAS, Article VII, Section 10, Clause (a) (2), of
<br /> the Constitution of Virginia, requires the ordinance-authoriz
<br /> lng the issuance of such bonds to be approved by the affirmative
<br /> vote of the majority of the qualified voters of the City voting
<br /> upon the question of their issuance at the general election next
<br /> succeeding the enactment of the ordinance, or at a special election
<br /> held for that purpose; and
<br />
<br /> WP~REAS, by virtue of an ordinance adopted by the Council
<br /> of the City of Portsmouth on the fifteenth day of September, 1971,
<br /> entitled, "AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF FIVE MILLION
<br /> FIVE HUNDRED THOUSAND DOLLARS OF BONDS TO BE ~NO~%~ AS UTILITY BONDS,
<br /> FOR THE PURPOSE OF ~KING IMPROVEmeNTS, EXTENSIONS AND ADDITIONS
<br /> TO THE REVENUE PRODUCING UNDERTAKING OF THE CITY, CONSISTING OF
<br /> ITS WATER, SE~R, AN~ SEWAGE DISPOSAL SYSTEMS, PURSUANT TO ARTICLE
<br /> VII, SECTION 10, C~AUSE (2) OF TS~ CONSTITUTION OF VIRGINIA, AND
<br /> CHAPTER 5 OF TITLE 15.1 OF TI~ CODE OF VIRGINIA, 1950" the Court
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