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Department Headquarters; for the purchase of fire engines; for <br />a Residential Crime Study; for equipment for I. C. Norcom School; <br />for an addition to the Cradock Recreation Center; for repairing <br />the Oak Grove Cemetery Wall; for the final cash payment due on <br />the Park View Conservation Project; for the purchase of equip- <br />ment for the Sleepy Hole Golf Course; for the purchase of ten <br />school buses; for the purchase of an Ash Disposal System; for <br />a drainage study in Churchland; and for renovation of the USO, <br />there shall be issued Two Million Six Hundred Seventy-five <br />Thousand Eight Hundred Twenty-seven Dollars and 00/100 <br />($2,675,827.00) Dollars of bonds of the City of Portsmouth to <br />be known as General Obligation Bonds pursuant to the provisions <br />of Chapter 5 of Title 15.1 of the Code of Virginia, 1950, and <br />other provisions of law applicable thereto. The said bonds <br />shall be serial bonds and shall be issued at one time and shall <br />be in such form and of such denomination as the Council shall <br />direct. Each issue shall be payable not exceeding forty (40) <br />years from its date and said bonds shall bear interest at a <br />rate or rates to be hereafter determined by the Council upon <br />the sale of said bonds, providing that the maximum rate of inter- <br />est shall not exceed the maximum rate of interest authorized by <br />law at the time of the sale of said bonds. <br /> <br />Section 2. This resolution shall take effect from its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held September 12, 1972. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-2- <br /> <br /> <br />