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A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE <br />MILLION DOLLARS ($5f000~000) GENERAL OBLIGATION BONDS OF THE <br />CiTY OF PORTSMOUTH. VIRGINIA~ FOR THE PURPOSE OF PROVIDING <br />FUNDS FOR TEE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC <br />BUILDINGS, RECREATION FACILITIES, STORM SEWERS~ AND STREETS; <br />FOR THE PURCHASE OF PROPERTY FOR GOVERNMENTAL AND RECREATIONAL <br />PURPOSES; FOR THE PURCHASE OP EQUIPMENT; FOR URBAN RENEWAL <br />PURPOSES; AND TO PAY CERTAIN ANNEY~ATION COSTS PURSUANT TO THE <br />ORDERED ENTERED IN THE CIRCUIT COURT OF THE CITY OF CHESAPEAKE, <br />VIRGINIA~ ON OCTOBER 2, 1967, ANNEXING CERTAIN TERRITORY TO THE <br />CiTY OF PORTSMOUTH EFFECTIVE JANUARY i, 19~8; AND M~KING <br />PROVISION FOR THE FORM OF SAID BONDS AND FOR THE PAYMENT <br />THEREOF. <br /> <br /> WHEREAS, it is necessary to provide funds for the con- <br />struction of schools~ certain other public buildings, recreation <br />facilities, storm sewers, and streets; for the purchase of property <br />for governmental and recreational purposes; for the purchase of <br />equmpment; for urban renewal purposes; and to pay certain annexa- <br />tion costs pursuant to the order entered in the Circuit Court of <br />tke City of Chesapeake, Virginia, on October 2, 1967, annexLng <br />certain territory to the City of Portsmouth~ effective January <br />t, 1968~ at an estzmated cost of Five Million Dollars ($5,000,000); <br />and <br /> <br /> WHEREAS; there are no funds in the treasury of the City <br />of Portsmouth applicable no the payment of the cost of said improve- <br />menns, and it is accordingly necessary to issue bonds of the City <br />in the sum of Five Million Dollars (5,000,000) for the afore- <br />said purposes. <br /> <br /> NOW, THEREFORE, BE iT RESOLVED BY THE COUNCIL OF THE <br />CiTY OF PORTSMOUTH, VIRGINIA: <br /> <br /> Section 1o For the purpose of providing funds for the <br />construction of schools, certamn other public buildings, recreation <br />facilities, storm sewers, and streets; for the purchase of property <br />for governmental and recreational purposes; for the purchase of <br />equipment; for urban renewal purposes; and to pay certain annexation <br />costs pursuant to the order entered in the Circuit Cour~ of the <br />City of Chesapeake, Virginia, on October 2~ 1967, annexing certain <br />territory to the City of Portsmouth, effective Jan. i, 1968, there <br />shall be issued Five Million Dollars of bonds of said City ~o be <br />known as General Obliganion Bonds, consisting of one thousand bonds <br />of the denomination of Five Thousand Dollars each, n'~mbered 1 to 1,0OO, <br />both inclusive, dated October 1~ i97t~ and bearing interest from da~e <br />payable semiannually on April i, and October t, of each year at such <br />tame or at such different or varying ra~es as may be fixed by the City <br />Council prior to tkeir execution. Both principal and interest of <br /> <br /> <br />