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A RESOLUTION AUTHORIZING ~PLE ISSUANCE OF $400,000.00 oF <br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNO~{ <br />AS GENERAL OBLIGATION BONDS, FOR THE PURPOSE OF PROVIDING <br />FUNDS FOR HOSPITAL CONSTRUCTION. <br /> <br /> ~qEREAS, it is necessary for the City of Ports- <br />mouth to provide ~unds for hospital construction; and <br /> <br /> WHERE~S, there are no funds in the treasury of <br />the City of Portsmouth applicable to the payment of said <br />expenses, and it is accordingly necessary to issue bonds of <br />the City in the'sum of Four Hundred Thousand and no/100 <br />($400,000..00) Dollars for,that purpose. <br /> <br /> NOW, TitEREFORE, BE IT RESOLVED BY THE COUNCIL <br />OF THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> SECTION 1. For the purpose of providing funds <br />for hospital construction; there shall be issued Four Hun- <br />dred Thousand and no/100 ($400,000.00) Dollars of bonds of <br />the City of Portsmouth, to be kno%~ as General Obligation <br />Bonds, pursuant to the provisions of Chapter 5 of Title <br />15.1 of the Code of Virginia and other p~ovisi~ns of law <br />applicable thereto. The said bonds shall be serial bonds <br />and shall be issued at one time or a part thereof from ~ime <br />to time and shall be in such form and of such denomination <br />as th~*Council shall direct. Each issue shall be payable <br />not exceeding forty (40) years from its date, and said bonds <br />shall bear interest at a rate or rates to be hereafter- <br />determined by the Council, upon the sale of said bonds, pro- <br />vided that'the maximum rate of interest shall not exceed the <br />maximum ra~e of interest authorized by law at the t~e of'the <br />sale of said bonds. <br /> <br /> SECTIO~ 2. This resolution shall take effect from <br />its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held October 27, 1970. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />