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A RESOLUTION AUTHORIZING THE ISSUANCE OF $325,000.00 OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO%fN AS GENERAL OBLIGATION 'BONDS, FOR CAPITAL IMPROVEMENTS, DEMOLITION, AND DEVELOPF~NT OF RECREATIONAL AREAS IN THE PARK VIEW CONSERVATION PROJECT VA. R-48. WHEREAS, it is necessary for the City of Portsmouth to provide funds for capital improvements, demolition, and development of recreational areas in the Park View Conservation Project VA. R-48; and WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the payment of said costs, and it is accordingly necessary to lssue bonds of the City in the sum of Three Hundred Twenty Five Thousand and no/1OO ($325,OO0.00) Dollars for that purpose. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. For the purpose of providing funds for capital improvements, demolition, and development of recreational areas in the Park View Conservation Project VA. R-48, there shall be issued Three Hundred Twenty Five Thousand and no/1OO ($325,000.00) Dollars of bonds of the City of Portsmouth, Virginia, to be known as General Obligation Bonds, pursuant to the provisions of Chap- ter 5 of Title 15.1 of the Code of Virginia and other provisions of law applicable thereto. The said bonds shall be serial bonds and shall be issued at one time or a part thereof from time to time and shall be in such f~orm and of such denomination as the Council shall direct. Each issue shall be payable not exceeding forty (40) years from its date, and said bonds shall bear in- terest at a rate or rates to be hereafter determined by the Council, upon the sale of said bonds, provided that the maximum rate of interest shall not exceed the maximum rate of interest authorized by law at the time of the sale of said bonds. 2. This resolution shall take effect from its passage. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held February 22, 1972. Teste: City Clerk