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A RESOLUTION AUTHORIZING THE ISSUANCE OF $328,600.00 OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATIONS BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR ~3JTEP~ATION$ TO THE J%V~ENILE AND DOS~ESTIC REI2~TIONS COURT OF- FICES, THE CITY COUNCIL CHamBERS AND THE ~ESTEt~N~ WALL OF THE CO.M=MUNI~'Y PLANNING F~=NAGF~MENT ROOM; FOR INTERSECTION IMPROVE- MENTS FOR THE iNTERSECTION OF HODGES FEP~RY ROAD AND AIRLINE BOULEVARD~ FOR THE PURCHASE OF SCHOOL BUSES; A~ND FOR THE PDRCHASE OF FURNI~dRE FOR THE RENOVATED SOCIAL SERVICES HEAD- QUARTERS AT 700 NORTH STREET. ~HF2LEAS, it is necessary for the City of Portsmouth to provide~f~mds for the various projects as~hereinafter set forth; and W-wHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the payment of the said ex- penses and t}le costs of said projects and it is, accordingly, necessary to issue bonds of the City in the sum of Three Hund- red Twenty-eight Thousand Six Hundred and 00/100 ($328,600.~0) Doilars for that purpose. NO~}, ~HEREFORE, Be it resolved by the Council of the City of Portsmouth, Virginia: Section 1. ~or the purpose of providing funds for alterations to the Juvenile and Domestic Relations Court offices, theCity Council Chambers and the western wall of the Community Planning Management Room; for intersection improvements for the inter- section of P~odges Ferry Road and Airline Boulevard; for the purchase of school buses; and for the -pu~r~hase of furniture for the renovate~ Social Services Headquarters at 700-North Street, there shall be issued Three Hundred T~nty-eight Thousand Six Hundred and O~/100 ($328,600.00) Dollars of bonds of the City of Portsmouth to be known as General Obligation Bonds pursuant to the provisions of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, and other provisions of law applicable thereto. The said bonds shall be serial bon~s and ~hall be issued at one time and shall-be ~n such form and of such denomination as the Council shall direct. Each issue shall be payable not exceeding forty 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 bends, providing that the maxi- mum rate of ~nterest shall not ~xceed the maximum rate of inter- est a~thorized by taw at the time of the sale of said bonds. Section 2. ~nis resolution shall take effect from its passage.