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A RESOLUTION AUTHORIZING THE ISSUANCE OF $54~396.00 OF BONDS OF THE CITY OF PORTS~OUTH, VIRGINIA, TO BE KNOWN AS GEneRAL OBLIGATION BONDS, FOR THE PUR- POSE QF PROVIDING FUNDS FOR BUILDING CONSTRUCTION. WHEREAS, it is necessary for the City of Ports- mouth to provide funds for building construction~ and WHEREAS, theresa re no funds in the t~easury of the City Qf Portsmouth applicable to the payment of said expenses, and it is accordingly necessary to issue bonds of the City in the sum of Fifty-four .Thousand ?hree Hun- dred Ninety-six and no/100 ($54,396.00) Dollars for that purpose. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA. SECTION 1. For the PUrpose of providing funds for building construction; there shall be issued Fifty- four Thousand Three Hundred Ninety-six and no/100 ($54,396.00 Dollars of bonds of the City cf Portsmouth~ to be ~own as General Obligation Bonds, pursuant to the prov~sions of Chapter 5 of ~Title 15.1 of the Code of Virginia and other prov~s~ons~ of la~ applicable thereto. The said bonus shall be serial bonds and ~hall be issued, at one time or a par% thereof from time to time .and shalt be in such form and of such denomination as the Cou~_cil 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 determine~ by the Council~ upon the sate of said bonds, provided that the maximum rate of interest shall not exceed the maximum uate of interest authorized by law at the time ~f the sale of said bonds. SECTION 2. This resolution shall take effect from its passage. ~ ~d~pted by the Council of the C~ty of Ports~ mouth, V!rg!nla, at a meeting held December 1~ !970. Teste~