1970 Resolutions - Laserfiche WebLink

Home Browse Search

A. RESOLUTION AUTHORIZING THE ISSUANCE OF $75,785.00 OF BONDS OF 'THE CITY OF PORTS~'!OUTH-, VIRGINIA, TO BE KNOWN AS GENEP~AL OBLIGATION BONDS, FOR THE PURPOSE OF PROVIDING FUNDS FOR STREET CONSTRUCTION. WHEREAS, it is necessary for the City of Ports- mouth to provide funds for street construction; and WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to the payment of said expenses, and it is accordingly necessary to issu~ bonds of the City in the sum of Seventy-five Thousand Seven Hundred Eighty-five and no/100 ($75~785.00) Dollars for that purpose.- NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY ~F PORTSMOUTH, VIRGINIA. SECTION 1. For the purpose of. providinq funds for street construction, there shall be issued Seventy~five Thousand Seven Hundred Eighty-five and no/!00 ($75,785.00) Dollars of bonds of the City of Portsmouth~ to be kno~ as General Obligation Bonds, pursuant to~'the provisions of Chapter 5 of Title 15.1 of the Code of'Virginia and other provisions of law applicable thereto. The said bonds shall be 'serial bonds and shall be issued at one time or a part thereof ~from time to time and shall be in such form and of s~ch denomination as the Council shall direct. Each issue shall be payable not exceeding forty (40) years from its date, and said bonds shall bear interest at a rate or rates to be hereafter determined by the Council, upon the sale of said bonds, provided tha~ the maximum rate of interest shall not exceed'the maximum rate of interest authorized by law at the time of ~e sale of said bonds. SECTION 2. This resolutio~ shall take effect from its passage. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held October ~7, 1970. Teste: City Clerk