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WHEPuEAS, by virtue of an ordinance adopted by ~ the Council of the City of Portsmouth on the twenty-ninth day of September, ~1970, entitled, "AN O~,Dt~.~A~C~° ~ ~ ~ TO AUTHOR- IZE THE ISSU_A~NCE OF EIGHT ~iIL~ION~ ~ ~ TWO ..... HUNDRED' THOUSAZ~D DOLLARS OF BONDS TO BE ~05~ AS' PORT ~.~PRO~=EN~ BO~S FOR · a~ PURPOSE OF ACQUIRING PORT ~{PROV~,iENTS A~D CONSTRUCT- ING ADDITIONAL PORT ~IPROV~-iENT, PURSUANT TO SECTION 127, C~LAUSE {B), OF THE CON, STI~UTION' ~ .~ OF VIRGINIA, AN~ CHAPTER ~ OF.TITLE 15.1 OF THE CODE OP VIRGINIA, 1950," the Court of Hustmngs for the City of Portsmouth, by an order entered on the thirtieth day of September, 1970, directed that t~ere be submitted to the qualified voters of the City of Portsmouth at an .election to be held on the third day of Noven%ber, 1970, the question wheth-ar the Eight Million Two Hundred Thousand Dollars of bonds authorized by the said ordinance should be issued; and WttEREAS, by another order entered by the said Court of Hustings of the City of Portsmouth on ~he Ninth day of November, 1970, it was entered of record as a result of said election that a majority of the votes were cast for the .~ond Issue, and that the Council of the City of Portsmouth be fully authorized and empowered to prepare and issue and to sell or to negotiate said bonds upon the faith, credit and property of said municipality in the ~mount so authorized; NOW, THEREFORE, BE IT RESOLVED BY TILE COUNCIL OF THE CITY OF PORTSi~iOUT~, VIRGINIA: Section 1. Pursuant to Section One Hundred and T%~enty-Seven, Clause (b), of the Constitution of Virginia and Chapter 5 of Title 15.1 of the Code of Virginia, 1950, the referred to ordinance and under and by virtue of a_ majority of the votes cast "For Bond Issue", at an election o'f the qualified voters of the-.City of Portsmouth held on the ~eird day of November, !97~, in order to acquire cer- tain port Llprovements and to construct certain additional port improvements~ which shall constitute a revenue produc- .lng undertaking of the City~ the City of Portsmouth shall borrow ~he sum of Eight Million Ts~;o Hundred Thousand Dollars .of Port Improvement Bonds, and the proceeds arising from .the sale of said bonds, or any of them,- shail be applied to the payment of the costs of such acquisition and construction~ and to no other purpose. Tiao said bonds shall be serial bonds and shall be issued at one time'or a ~art thereof from time to time and shall be in such form and of such denomination not exceeding forty (~0] --ears from its date~ and said bonds shall boas interes~ at a rate or rates to be the sale of said bon~, provided that the ~uaxLmum ra~e of interest shall not exceed the maximum rate of interest authorized by law at the