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53.
<br />
<br />A RESOLUTION TO AUTHORIZE THE ISSUANCE OF ONE MILLION FIVE HUNDRED
<br />THOUSAND DOLLARS ($1,506,000.00) OF BONDS TO BE-KNOWN AS UTILITy
<br />BONDS, FOR THE PURPOSE OF MAKING IMPROVEMENTS, EXTENSIONS AND AD-
<br />DITIONS TO THE REVENUE PRODUCING UNDERTAKING OF THE CITY CONSIST-
<br />ING OF ITS COMBINED WATER, SEWER, AND SEWAGE DISPOSAL SYSTEMS, PUH-
<br />SUANT TO SECTION 127, CLAUSE (B), OF THE CONSTITUTION OF VIRGINZA,'
<br />AND CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, ~ND UNDER
<br />AUTHORITY OF THE VOTE OF THEQUALIFIED VOTERS OF THECITY OF PORTS-
<br />MOUTH AT AN ELECTION HELD ON THE FIFTH DAY OF NOVEmbER, 1968, AND
<br />MAKING PROVISION FOR THE FORM OFSAID BONDS AND FOR THE PAYMENT
<br />THEREOF. .~
<br />
<br /> WHEREAS, the City of Portsmouth is authorized to establish
<br />or enlarge its revenue producing undertaking consisting 0fits oom-
<br />bined water, sewer, and sewage~posal SySt'ems~' and it is necessary
<br />and expedient'to make certain improv%ment~ ex$:~nsions and addition~
<br />to such revenue producing mUdert~king and-!tb iSsue~.bonds Of the CitY
<br />in the sum of One Million dollars f0~ that purpose; and" ~ '
<br />
<br /> WHEHEAS, under and by virtue of Chapter 5 of Title 15.1
<br /> of the Code of Virginia, 1950, the Council of any city in this State
<br /> which is authorized to acqui~e,:ma~nt~in'~or establish a revenue pro-
<br /> ducing undertaking consisting of water, seWer.:and sewage disposal
<br /> systems, or other specific Undertaking f~om which th~City may derive
<br /> a revenue, may, in accordanCewith'Secti6n~'0n~_:Hundred'and Twenty~
<br /> seven, Clause (b), of the Constitution 0f Vi~g~hia, issue so mkny~ '
<br />bonds as may be necessary to acquire~ maintain 0r establish such
<br />_revenue producing undertaking, or other specific undertaking; and
<br />
<br /> . W~EREAS, Section One Hundred and Twentyiseven, Clause (b),
<br />of the Constituti6n of Virginia, requires: the 5~d~nance authorizing
<br />the issuance of such bonds to be approved by. the ~affirmative vote of ~
<br />the majority of the qualified voters of the City voting upon the qd~sk
<br />tion of their issuance at the general election next suceeding the enact-
<br />.ment of the ordinance, or at a special e~ection held for that purpose;
<br />and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Council
<br />of the City of Portsmouth on the eighth day of October, 1968, entitled,
<br />"AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF TW0.MILLION FIVE HUNDRED
<br />THOUSAND DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS, FOR THE PUR-
<br />POSE OF ~KING ~ROVEMENTS, EXTENSIONS ~JD ADDITIONS TO THE REVENUE
<br />PRODUCING UNDERTAKING OF THE CITY, CONSISTING~OF ITS WATER, SEWER,
<br />AND SEWAGE DISPOSAL SYSTEMS, PURSUANT TO SECTION ONE HUNDRED AND
<br />TWENTY-SEVEN, CLAUSE (B) OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER
<br />50~ TITLE IS.1 OF THE CODE OF VIRGINIA, 1950", the Court of Hustings
<br />for the City of Portsmouth, by an order entered on the eleventh day
<br />of October, 1968, directed that there bS submi%ted to the qualified
<br />voters of the City of Portsmouth at an election to be held on the
<br />fifth day of November,'1968, the question whether the Two Million
<br />Five Hundred Thousand Dollars of bonds authori'zed by -~e said ordi-
<br />
<br />
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