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53 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,7~0. OF BONDS OF <br />THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLI- <br />GATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS~FOR THE NORTH- <br />SIDE URBAN RENEWAL PROJECT (VA. R-39); FOR THE DEVELOPMENT OF <br />THE OBICI FARM; FOR EQUIPMENT FOR I. C. NORCOM HIGH ~CHOOL; <br />FOR REPAIRS TO THE WALL OF OAK GROVE CEMETERY; FOR THE RENOVA- <br />TION OF THE SOCIAL SERVICE BUILDING ON KING STREET; FOR REPAIRS <br />TO THE ROOF OF NO. 11 FIRE STATION; FOR THE CONVERSION OF THE <br />HEATING SYSTEM IN THE LIGHTSHIP MUSEUM; FOR THE CONSTRUCTION <br />OF A PRO SHOP AT SLEEPY HOLE GOLF COURSE; FOR~IMPROVEMENTS TO <br />TOWNE POINT ROAD; FOR PURCHASE OF THE MERCHANTS & FARMERS BANK <br />BUILDING; FOR THE REHABILITATION OF TWO INCINERATORS; AND FOR <br />THE DEMOLITION OF STREETS IN THE NORTHSIDE URBAN RENEWAL PRO- <br />JECT (VA. R-39) AND IN THE PARKVLEW URBAN RENEWAL PROJECT <br /> (VA. R-48). <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth <br />to provide funds for the various projects as hereinafter set <br />forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the <br />City of Portsmouth applicable to the payment of said expenses <br />and the costs of said projects and it is accordingly, neces- <br />sary to issue bonds of the City of Portsmouth in the sum of <br />Eight Hundred Twenty-eight Thousand, Seven Hundred Fifty and <br />00/100 ($828,750.) Dollars for that purpose. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. For the purpose of providing funds for the North- <br />side Urban Renewal Project (Va. R-39); for the development of <br />the Obici Farm; for equipment for I. C. Norcom High School; <br />for repairs to the wall of Oa~ Grove Cemetery; for the renova- <br />tion of the Social Service Building on King Street; for repairs <br />to the roof of No. 11 Fire Station; for the conversion of the <br />heating system of the Lightship Museum; for the construction <br />of a Pro Shop at Sleepy Hole Golf Course; for improvements to <br />Towne Point Road; for purchase of the Merchants & Farmers Bank <br />building; for rehabilitation of. two incinerators; and for the <br />demolition of streets in the Northside Urban Renewal Project <br />(Va. R-39) and in the Parkview Urban Renewal Project (Va. R-48), <br />there shall be issued Eight Hundred Twenty-eight Thousand, Seven <br />Hundred Fifty and 00/100 ($828,750.) Dollars of bonds of the <br />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, ~nd other provisions of law <br />applioable thereto. The said bonds shall be serial bonds and <br /> <br /> <br />