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A ~OLUTION Ab~fHO_RiZ17~G THE ISSUANCE OF $5,440,697.00 OF BO~S OF THE CITY OF POETSM0b~fH, VIRGINIA, TO BE K~O~'~ ~ GF~\~AL OBLIGATION BONDS, FOR THE PURPOSE OF PRO~Z[DING FUh~S FOR THE CONSTRUCTION OF SCHOOLS, STR~31'S, PARKS, AND STOP~M S~'~/%S; FOR THE UPGRADING OF CERTAIN TRAFFIC CO~ff~OL SYSTEMS; FOR THE PURCHASE OF RIGHT OF WAY FOR STREET CONSTRUC- TION; ~ND FOR THE PURCHASE OF EQUIPMEhEf. WHEREAS, it is necessary for the City of Portsmouth to provide funds for the construction of schools, streets, parks, and storm sewers; for the upgrading of certain traffic control systems; for the-purchase of right of way for street construction; and for the purchase of equip- merit; and ~g~eEAS, there are no funds in the treasury of the City of Portsmouth applicable to the pazn~ent of said expenses and the cost of said equipn~nt, and it is accordingly necessary to issue bonds of the City in the sum of Five Million Four Hundred Forty Thousand Six Hundred and Ninety-Seven and 00/100 ($5,440,697.00) Dollars for that purpose'. NOW, THEREFORE, BE IT RESOL\~D BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGLNIA. SECTION 1. For the purpose of providing Dmnds for the construc- tion of schools, streets, parks, and store sewers; for the upgrading of certain traffic control systems; for the purchase of right of way for street construction; and for the pumchase of equipment, there shall be issued.Five Million Four Hundred Forty Thousand Six Hundred and Ninety- Seven and 00/100 ($5,440,697.00) Dollars' of bonds of the City of Ports- mouth, to be kno~aa as Ceneral Obligation Bonds, pursuSnt to the provi- sions of ~napter 5 of Title 15.1 of the Cede of Virginia and other pro- visions of law applicable thereto. The said bonds sb~ll be serial bonds and sha]] be issued at one t~me or a part thereof from time to time and shall be in such form and of such den~nation as the Council shall direct. Each issue s~all be payable not exceeding forty (40) years from its date, and said bonds shall bea_~ interest at a rate or rates to be hereafter detenmined by the Council, upon the sale of said bonds, provided that the ~xim~n rate of interest shall not exceed the maxLmum rate of interest authorized by law at the ti~ of the sale of said bonds. SECTION 2. Tr~s resolution shall take effe~dt from its passage. Adopted by the Comncil of the City of Portsmouth, VLrginia, at a meetSng held Sep~rc~er 29, 1970. City Clerk