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A RESOLUTION AUTHORIZING THE ISSUANCE OF $650,000.00 OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~ AS GENERAL OBLIGA- TION BONDS, FOR THE PURPOSE OF ACQUIriNG RIGHT OF WAY FOR AND FOR THE PURPOSE OF CONSTRUCTING THE CRAWFORD STREET CONNECTOR. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the acquisition of right of way for the Craw- ford Street Connector; and for the construction of the Crawford Street Connector; 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 issue bonds of the City in the sum of Six Hundred Fifty Thousand and no/100 ($650,000.00) Dollars for that purpose. NOW, T~REFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. For the purpose of providing funds for the acquisition of right of way for the Crawford Street Connector; and for the con- structlon of the Crawford Street Connector, there shall be issued Six Hundred Fifty Thousand and no/100 ($650,000.00) Dollars of bonds of the City of Portsmouth, Virginia, to be known as General Obligation Bonds, pursuant to the provisions of Chapter 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 form 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 interest 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 8, 1972. Tes te: City Clerk