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35 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,524,374. OF BONDS OF <br />THE CITY OF PORTSMOUT~t, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGA- <br />TION BONDS FOR THE CONSTRUCTION OF A MULTI-STORY PARKING RAMP AT <br />EDINBURGH SQUARE; AND FOR REPAIRS TO THE CHURCHLAND AND WEST NOR- <br />FOLK BRIDGES. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth to <br />provide funds for the various projects as hereinafter set forth; <br />and <br /> <br /> WHEREAS, there are no funds in the Treasury of the City <br />of Portsmouth applicable to the payment of said expenses and the <br />costs of said projects and it is, accordingly, necessary to is- <br />sue bonds of the City in the sum of One Million, Five Hundred <br />Twenty-four Thousand, Three Hundred Seventy-four and 00/100 <br />($1,524,374.) Dollars for that purpose. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br />Section 1. For the purpose of providing funds for the construction <br />of a multi-story parking ramp at Edinburgh Square; and for repairs <br />to the West Norfolk Bridge and the Churchland Bridge, there shall <br />be issued One Million, Five Hundred Twenty-four Thousand, Three <br />Hundred Seventy-four and 00/100 ($1,524,374.) Dollars of bonds <br />of the City of Portsmouth to be known as General Obligation Bonds <br />pursuant to the provisions of Chapter 5 of Title 15.1 of the <br /> Code of Virginia, 1950, as amended, and other provisions of law <br /> applicable thereto. The said bonds shall be serial bonds and <br /> shall be issued at one time and shall be in such form and of such <br /> denomination as the Council shall direct. Each issue shall be <br /> payable not exceeding forty (40) years from its date and said <br /> bonds shall bear interest at a rate or rates to be hereafter de- <br /> termined by Council upon the sale of said bonds, providing that <br /> the maximum rate of interest shall not exceed the maximum rate <br /> of interest authorized by law at the time of the sale of said <br /> bonds. <br /> <br />Section 2. This resolution shall take effect from the date of <br />its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held May 8, 1973. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />