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A RESOLUTION AUTHORIZING THE ISSUANCE-OF FIVE MILLION DOLLARS ($5,000,000) GENEP~AL OBLIGATION BONDS OF THE CITY OF PORTS- MOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS FOR URBAn; RENEWAL PURPOSES, THE CONSTRUCTION OF PUBLIC BUILDINGS, CURBS, GUTTERS ~D DRAINAGE FACILITIES, STREET AA~D HIGH~%AY IMPROVE- MENTS; FOR CONSTRUCTION A~qD EQUIPMENT OF CERTAIN PARKS AND RECREATION FACILITIES; AA~D FOR PURC~LASE OF EQUIPI~ENT FOR TRANS- PORTATION, PUBLIC ~APETY AND WASTE DISPOSAL; AND MAKING PROVI- SION FOR THE FOR/4 OF SAID BONDS AND FOR THE PAYMENT THEREOF. ~EREAS, it is necessary to provide funds for urban renewal purposes, the construction of public buildings, curbs, gutters and drainage facilities, street and highway improve- ments; for construction and equipment of certain parks and recreation facilities; and for purchase of equipment for transportation, public safety and waste disposal; and making provision for the form of said bonds and for the payment thereof, at an estimated cost of Five Million Dollars ($5,000,000); and "- ~EREAS, there are no funds in the treasury of ~_he City of Portsmouth applicable to the payment of the cost of said improvements, and it is accordingly necessary to issue bonds of the City in the sum ~f Five Million Dollars ($5,000,000) for the aforesaid purposes. NOW, THEREFORE, BE IT RE~OLVED BY THE COUNCIL OF T~E CITY OF PORTSMOUTH, VIRGINIA: Section 1. For the purpose of providing funds for Urban Renewal purposes, the construction of public buildings, curbs, gutters and drainage facilities, street and highway improvements; for construction and equipment of certain parks and recreation faci- lities; and for purchase of equipment for transportation, public safety and waste disposal; there shall be issued Fiv~ Million Dollars of bonds of said City to be known as General Obligation Bonds, consisting of one thousand bonds of the denomination of Five Thousand Dollars each, numbered 1 to 1,000, both inclusive, dated November 1, 1972, and bearing interest from date payable semi-annually on May 1, and November 1, of each year at such rate or at such different 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 America, at The Chase Manhattan Bank (National Association), New York, New York, and the said bonds shall mature serially, in numerical order as follows: