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51 <br /> <br />A RESOLUTION AUTHORIZING THE ZSSUANCE OF F~VE MILL~ON DOLLARS <br /> {$5~000,000) GENERAL ~BL~AT~ON BONDS OF TP~ CiTY OF PORTS- <br /> .~ URBAN <br />MOUTH, V~HG±NzA, FOR ~'m PURPOSE OF PROViDiNG FUNDS FOR <br /> ~ ~ ~'~ ~ OF <br />RENEW~ PURPOSES, THE CONS~R~TIO~ SCHOOLS, CERTAIN OTHER <br />PUBLIC BUILDINGS, CURBS, GUTTERS AND DRAINAGE FACILITIES, STREET <br />AND HIGHWAY IMPROVEMENTS; FOR CONST~JCTION AND EQUIPMENT OF <br />CERTAIN PARKS AND RECREATION FACiLiTIES; AND FOR PURCHASE OF <br />EQUIPMENT FOR TP~.NSPORTATION, PUBLIC SAFETY AND WASTE DISPOSAL; <br />AND MAKING PROVISION FOR THE FOR}{ OF SAID BONDS AND FOR THE <br />PAYMENT THEREOF. <br /> <br /> WHEREAS, it is necessary to provide funds for urban <br />renewal purposes, the construcmion of schoois, certain other <br />public buildings, curbs, gutters and drainage facilities, <br />street and highway improvements; for construction and equip- <br />ment of certain_earks and recreation facilities;· and foz <br />purchase of equipment for transeortatzon,z . public safety and <br />waste disposal; and making provzszon for the form of said <br />bonds and for the payment thereof, at an estimated cost of Five <br />Million Dollars ($5,000,000}; and <br /> ~HEREAS, there are no funds in the treasury of tke <br /> City of Portsmouth applicable ~o the payment of the cost of <br /> said improvements, and it ms accordingly necessary to issue <br /> bonds of the City in the sum of Five Million Dollars ($5,000,000} <br /> for the aforesaid purposes. <br /> NOW, THEREFORE, BE iT RESOLVED BY THE COUNCIL OF THE <br /> CITY OF PORTSMOUTH, VIRGiN~A: <br /> Sectmon !. For the purpose of providing funds for Urban Renewal <br /> purposes, :he construction of schools, certain other public <br /> buildings, curbs, gutters and drainage facilities, street and <br /> highway improvements; for construction and equipment of -~ ' <br /> parks and recreatzon fac'~' ' and for purchase of e~uipment <br /> for transportation, public safety and waste disposal; tkere <br /> shall be issued Five Million Dollars of bonds of said City to <br /> be known as General Obligation Bonds, consisting of one thou- <br /> sand bonds of the denomination of Five Thousand Dollars each, <br /> n~T~ered 1 to 1,000, both inclusive, dated November 1, 1972, <br /> and bearing mnterest from date payable semi-annually on Hay t, <br /> and November i, of each year at such rate or at such different <br /> or varying rates as may be fixed by the City Council prior to <br /> their execution. Both przncipal and interest of said bonds <br /> shall be payable in lawful currency of the United States of <br /> ~erica, at The Chase Manhattan Bank (National Association), <br /> New York, New York, and the said bonds shall mature serially, <br /> in numerical order as fellows: <br /> <br /> <br />