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8o A RESOLUTiON'AUTHORIZING THE ISSUANCE OF $118,597.00 OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS, FOR THE PURPOSE OF PROVIDING FUNDS FOR HOSPITAL AND STREET CONSTRUCTION. WHEREAS, it is necessary mouth to provide funds for hospital rich; and for the City of Ports- and street construe- 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 issue bonds of the City in the sum of One Hundred Eighteen Thousand Five Hundred Ninety-seven and ncfi00 ($118,597.~0) Dollars for that purpose. -~ - NOW, THEREFORE, BE IT RESOLVED BY THE COUN3IL OF THE CiTY OP PORTSMOUTH~ VIRGINIA. SECTION 1. For. the purpose of providing funds for hospital and street construction3 there shall be issued One Hundred Eighteen Thousand Five Hundred N' ~ . mn~ty- seven and no/100 ($118,597.00) Dollars o~ oonds of the City of Portsmouth, to be k~own as General Obligation Bonds, pursuanv 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 a~ one time or a~a-~ thereof from time to time and shall be in such form and of such denomination as the Council shall direct. Each issue shall be p~yab~e not exceeding, forty (40) years from ~s date, and said bonds shall bea~ interest as a rate or rases to be hereafter determined by the Council, mpon the sale of said bonds: provided that the maximum rate of interest shall no~ ex~e~m t~ maxlmu .... ~e of ~nter~s~ authorized by law at the time of the sale of said ~onds. SECTION 2. This resolution ~natl take effect from its passage. Aao~ted by the Cou~c~l of ~ne Cm~y of Portsmouth~ Virginia~ at a meeting held November i0~ 1970. City.Clerk