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A RESOLUTION AUTHORIZING TH~ ISSUAM'CE OF <br />FIVE MILLION DOLLARS ($5,000,000) GENERAL <br />OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, FOR THE pURPOSE OF PROVIDING FUNDS <br />FOR ~HE CONSTRUCTION OF SCHOOLS AND MAKING <br />PROVISION FOR THE FORM OF SAID BONDS AND <br />FOR THE PAYMENT THEREOF- <br /> <br /> WHEREAS, it is necessary to provide funds for the <br />construction of schools at an estimated Cost of Five Million <br />Dollars ($5,000,000.00) ~ and <br /> <br /> WHEREAS, there are no funds in the treasury of the <br />City of Portsmouth applicable to the payment of the cost of <br />said construct±on, and it is accordingly necessary to issue <br />bonds of the City in the sum of Five Million Dollars <br />($5,000,000.00) for the aforesaid purposes; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CiTY OF PORTSMOUTN~ VIRGINIA: <br /> <br /> Section 1. For the purpose of providing funds for <br />the construction of schools, there shall be issued Five Million <br />Dollars of bonds of said City to be known as General Obligation <br />Bonds, consisting of one thousand bonds of the denomination of <br />Five Thousand Dellars e&ch, numbered 1 to 1,000, both incinsive, <br />dated April !, 1971, and bearing interest from date payable <br />semiannually on April 1~ and October 1, Of each year at such <br />rate or at such different or varying rates as may be fixed by <br />the City Council pzior to their execution. Both principal <br />and interest of said bohds shall be payable in lawful currency <br />of the United States of Amezica, at Th~ Chasc Manhattan Bank <br />(National Association),' New York, New York, and the said bcnds <br />shall mature serially, in numerical order as follows: <br /> <br />$250,000 of said bonds to be payable on April t~ 1972 <br />$250,000 of said bonds to be payable on April !, 1973 <br />$250,000 of said bonds to be payable on April 1, 1974 <br />$250,000 of said bonds to be payable on April i, 1~75~. <br />$250,000 cf said bonds to be payao~e on April I, 197'S <br />$250;000 of said bonds to be pa~vable on April 1~ 1977 <br />$250,00~ of said bonds to be payable on April 1, 19 /8 <br />$250,000 of said bonds to be payable-on April I, 1979 <br />$250~0©0 of said bonds to be payable on April i, 1980 <br /> <br /> <br />