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count of =ustings fo= ity of ports=o=th, erder y - entered on the twent -zmrs~ day of September, _97~, directed that there be submitted to the qualified voters of the City of Portsmouth at an election to be held on the second day of November, 1971~ the question whether the Five Million Five Hundred Thousand Dollars of bonds authorized by the said ord- inance should be issued; and W~EREAS, by another order entered by the said Court of Hustings of the City of Portsmouth on the seventeenth day of Decem~er~ 1971, it was enterea of record as a result of ~ ~' that a majority of the votes were cast for the bond issue, and that the Council of the City of Portsmouth be fully authorized and empowered to pre.are and issue and to sell or _ t.=e faith, credit ~na property to negotiate said bonds upon ~- - said municipality in the amount so autkorized~ and ~REAS, none of the bonds authorized by sazd ordi- nance have heretofore been ~ssued and it is provided in said ordinance that t.~e bonds may De issued at one ..... e or a thereof from time to time, as ~he City Council of the Czty shall Co~c~ - direct and the City .... ~ deems it advisable to ~ssue at un~s time Three Million Dollars of bonds, a part of ~due Five ~'~ Five Hundred Thousand Dollars of bonds so authorized, to make the desired improvements~ extensions and additions to the afore- said revenue producing undertaking of the City; NOW, THEREFORE~ BE ~T RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1. Pursuant to Article VIi, Section i0~ Clause (a) (2), of the Constitution of Virginia and Chapter 5 of Title i5.1 of the Code of Virginia, 1950, the referred to ordinance and under and by virtue of a majority of the votes cast "For Bond Issue"~ at an election of the qualified voters of the City of Portsmouth held on the second day of Novez~er, i971, in order to make cer- tain improvements, extenszons and additions to the revenue pro- ducing undertaking of the City~ conszs~ing of its combined water, sewer, and sewage disposal systems, the City of Portsmouth shall borrow the sm~ of Three ~m~mon Dollars ($3,O00 000) and there shall be lssued Three Million Dollars of bonds of said City to be known as "utility Bonds" (herein referred to as the "utility Bonds"), to evidence such borrowing. The Utility Bonds shall consist of six hundred bonds of the denomination of Five Thousand Dollars each, numbered i to ~O0~ both inclusive, dated November 1, t972, and bearing interest from date payable seml-annuaily on May i, and November !, of each year at such rate or at such dif- ferent or varying rates as may be fixed by the City Council prior to their execution. Both principal and interest of said bonds shall be payable in lawful currency of the United States of