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shall be issued at one time and shall be in such form and of <br />such denomination as the Council shall direct. Each issue <br />shall be payable not exceeding forty (40) years from its date <br />and said bonds shall bear interest at a rate or rates to be <br />hereafter determined by the Councilupon the sale of said bonds, <br />providing that the maximum rate of interest shall not exceed <br />the maximum rate of interest authorized by law at'the time of <br />the sale of said bonds. <br /> <br /> 2. This resolution shall take effect from the date <br />of its passage. <br /> <br /> Adopted by the Council of,'the City of Portsmouth, <br />Virginia, at a meeting held June 26, 1973. <br /> <br />Teste= <br /> <br />City Clerk <br /> <br />-2- <br /> <br /> <br />