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of Hustings for the City of Portsmouth, by an order entered on the twenty-first day of Septem~ber, 1971, directed that there be .... submitted to the qualified voters of the City of Portsmouth at ~ an.~etect,io~ to be held on the second'day~of November, 1971, the question whether %he Five Million Five Hundred Thousand Dollars of bonds authorized by the said ordinance should be issued; and WHEREAS, by another order entered by the said Court of Hustings of the City of Portsmouth On the seventeenth day of December, 1971, it was entered of record as a result of said election that a ma2iority of the votes were cast for the bond issue, and that the Council of the City of Portsmouth be fully authorized and empowered to prepare ann issue and to sell or to _..negotiate said bonds upon~the faith,-credit and property of~ said municipality in the amount so authoriZed; and WHEREAS, Three Million Dollars of the bonds authorized by said ordinance have heretofore been issued and it is provided shall direct, and the City Council deems it advisable to issue at this time Two Million Five Hundred Thousand Dollars of bonds, t~ ~nin~ ~ortion of the Five Million Five Hundred T~ousand Dollars of bonds so authorized, to make the desired ~mprovements, extensions and additions to the aforesaid revenue producing ~nder- taking of the City; NOW, THEREFORE, BE IT RESOLVED by the Council City of Portsmouth, Virginia: of the Section i. Pursuant to Article VII, Sectio~ 10, Cta~se of the Constitution of Virginia and Chapter 5 of Title the Code of Virginia, t950, the referred to ordinance a~ .... .and by virtue of.a ~ajor~ity of the votes cast "For B~nd at an election of~the qualified voters of the~City of P~ held on the second day of November, 1971, in order ~to~m~ zm~rovements, extenszons and add~tzons ~o ~he r~ve~ue ~ ' Cit consistin of its comb~ne~ wat~ undertaking of the y, g and sewage disposal systems, the City of Portsmouth shall borrow the sum of ~-~o Million Five Hundred Thousand Doli~r~h($~,5~0X090) and there shall be issued ~vo Million Five Hundre= T~ousanu lars of bonds of said ~ity to be kno%.~ as ~tility ~ond~~ (herein referred to as the "utliity Bonds"), to evidence sudh bQrrowing. The Utltlty' ' Bonds shall, consist of five hundred bonds of~the de~ nomination of F~ve Thousand Dollars e=cn, numoe=ed i to ouu, both inclusive, dated December 1, 1973. and bearing interest from date payable semi-annually on June i, and December !, of each year at such rate or at such different or varying rates as 5.1 of dunder Issue'~ ~ ~ rt~uth ~e certain Dducin~ =, sewer -2-