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A RESOLUTION TO AUTHORIZE THE ISSUANCE OF EIGHT ~4ILLIO~ <br />TWO A~JNDRED Tt~OUSD2~D DOLLARS ($8,200,000.00) OF BONDS TO <br />BE F~OW%~ AS PORT /2~iPROVF24ENT BONDS FOR THE PURPOSE OF <br />ACQUIRLNG CERTAIN PORT /2~PROV~iENTS AND CONSTRUCTING CERTAt'2-~ <br />ADDITION~L PORT I~[PROV~[ENTS ~ ~ICH SbLALL CONSTITUTE <br />A Pd~-VF2~UE PRODUCING UNDERTAKIiqG OF THE CITY, PURSUA~T TO <br />SECTION 127, CLAUSE (B), OF THE CONSTITUTION OF VIRGINIA, <br />AND C~qAPTER 5 OF TITLE 15.1 OF T~ CODE OF VIRGINIA, 1950, <br />A~N~D U~.'-DER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS <br />OF ~ CITY OF PORTS~IOUTH AT AN ELECTION HELD ON THE <br />THIRD DAY OF NOV~!BER, 1970. <br /> <br /> ~EREAS, the .... to ac~aire, <br /> cmty zs authorzzea <br />construct, reconstruct, improve, extend, enlarge and <br />wharves, docks, harbors and sea walls; and <br /> <br />equip <br /> <br /> WHEREAS, such wharves ~ docks, harbors and .sea <br />walls shall constitute an undertaking from which the City <br />may derive a revenue; and <br /> <br /> WHEREAS, the City ~f Ports~mouth is authorized <br />to acquire, construct, reconstruct, improve_, extend, enlarge <br />and equip such wna_ves, docks ~ harbors and sea walls; and <br /> <br /> ~HEREAS, ~ae City of Portsmouth is authorized <br />under and by virtue of Section 127, Clause (b), of the <br />Constitution of Virgznia, and~ Chapter 5 of Title 15.1 of <br />the Code of Virginia, 1950, to issue so many bonds as may <br />be necessary to acquire, construct, reconstruct, improve, <br />extend, enlarge and equip such wharves, docks, harbors and <br />sea walls; and <br /> <br /> ~EREAS~ it is necessary and expedient to acquire <br />certain porte ~mprovements and to const~ct additional port <br />improvements to constitute a revenue producing undertaking <br />and to borrow for that purpose the sum of Eight Million T%-zo <br />Hundred Thousand Dollars and to issue bonds therefor; and <br /> <br /> ~EREAS, Section 127, Clause ~ <br /> ~)~ of the Constitution <br />of Virginia, requires the ordinance authorizing the issuance <br />of such bonds to be approved by ~'~ <br /> ~n~ affirmative vote of %he <br />majority of the qualified voters of the City. voting upon <br />the question of their issuance at the ~eneral election next <br />succeeding thee~a~men~ t of the ord~uance~ or at a special <br />election held for that purpose- ~ <br /> <br /> <br />