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A ~ESOLUTION AUTHORIZING THE ISSUANCE OF ~353, <br />BONDS OF THE CITY OF PORTSMOUTH't VIRGINiA~ TO BE KNOWN <br />AS ~ENERAL OBLIGATION BONDS, FOR THE PURPOSE OF PRO- <br />VIDING FUNDS FOR THE CONSTRUCTION OF STORM SEWERS; FOR <br />URBAN BEAUTIFICATION~ FOR URBAN RENEWAL; AND FOR THE <br />PURCHASE OF RADIO EQUIPMENT. <br /> <br /> WNEREAS~ it is necessary for the City of Ports- <br />3m6uth to provide funds for the construction of storm sew- <br /> ers; for urban beautification; for urban renewal; a~d for <br /> -the purchase of radio equipment; and <br /> <br /> WHEREAS, there are ~o funds in the treasury of <br />the City of Portsmouth applicable to the payment of said <br />expenses and the cost of said equipment, and it is accord- <br />ingly necessary to issue bonds of the City in the sum of <br />Three Hundred Fifty-three Thousand Nine Hundred Sixty-four <br />and no/100 ($353,964.00) Dollars for that purpose. <br /> <br /> NOW~ THEREFORE, BE IT RESOLVED BY THE COUNCIL OP <br />THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> SECTION 1. Por the purpose of providing funds <br />for the construction of storm sewers; for urban beautification; <br />for urban renewal; and for the purchase of radio equiument, <br />there shall be issued Three Hundred F~fty-three Thousand Nine <br />~undred and Sixty-four an~ no/100 ($353,96~.00) Dollars of <br />bonds of the City of Portsmouth! to be known as General <br />Obligation Bonds~ pursuant to the provisions of Chapter 5 of <br />Title 15ol of the Code of Virginia and other provisions of <br />law applicable thereto. The said'bonds shall be serial bonds <br />and shall be issued at one time or a part thereof fro'm time <br />to time and shall be in such form and of such denomination as <br />the Council shall direct. Each issue shall be payable not <br />exceeding forty (40) years from its date, and sai~ bonds shall <br />bear interest at a rate or rates to be hereafter determined <br />by the Council~ upon the sale of sai~ bonds, provided that <br />the'maximum rate o~ interest shall not exceed the maximum rate <br />of interest authorized by law at the time of the sale of said <br />bonds. <br /> <br /> SECTION 2. This resolution shall take effect from <br />its passage° <br /> <br /> oz Portsmouth <br /> Adopted by the Council of the City ~ ~ , <br />ginia, at a meeuln~ held January ~2, 1971. <br /> <br /> ~este: <br /> <br />~ C~.ty Clerk <br /> <br /> <br />