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sh6utd be issued; UtilityBonds shallmat~re serially, in n~nnerical Order, in such principal ~mounts ~ud at~ s~ch ti~es as ~s~tl ~e determined by the City Manager within the limits of the Public Finance Act of 1958. WHEEEAS, by a~other order entered by ~the said Court of Hustings of the City of Portsmouth on the twenty-second day of Novem- ber, 1968, it 'was entered of record as a result of said election that a majority of the votes were cast for the bond issue, and that the Council of the City of Portsmouth be~ fully authorized and empowered to prepare and ~ssue and to s~ll or to negotiate said bonds upon the faith, credmt and property of s~id municipality in the amount so authorized; and 'm~y ~e lssue~dF~S~n~tt'~ePri~ileda~~said ordinance that the bonds, · ~ ,' p ~thereof from time'to time~ and~i the City Council of the City has diredted?and bonds in'the principal amount of One Million Dollars out~of the.tbtal of TW~-Million Five Hundred Thousand Dollars'of bond~tho~ized t~be isSued b~ said ordinance hav~ heretofore been issued; a~d ' ? · WHEREAS, the City Council deems~it advisable to issue at this time the One Million FiveHundr~ Thousand~'Dollar~of bonds authorized by said ordinance remaining~'~tob~ 'issued, to make thede- sired improvements, extensions and ~dditi~hs~to the aforesaid reven~e producing undertaking of the~City; ~ NOW, THEREFORe, BE iT ,RESOLVEOBY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA. :' ~ ?~;~': ii '.'· /~ Section 1. Pursuant to Sectio~ O~e Hundreds.and Twenty- seven, Clause (b), of the C~ns~titution of Virginia and.Chapter '5 of Title 15.1 of the Code of virgini~a, 1~50: the referred to ordinance and under and by virtue of a maJ0ri~y of the votes c~st "For Bond Issue", at an election of the dual~2ied vote~s~0f bhe'Ci~Y of LPo~t~- mouth held on the fifth'day of November, 1~68, in order to ma~ cer- tain improvements~ extensions and addit~ion~to the revenue producing undertaking of the City, consisting ~f its combin&d water, sewer, and~ sewage disposal systems, the 0ity o~ Por~smouth~shall borrow the sum of One Million Five Hundred Thousand Dollars ($1,500,000), and there shall he issued One MillionFive Hundred ~housand Dollars of bonds of said City to be known as "Utility Bonds" (herein referred to as the "Utility Bonds~), to evidence such borrowing. The Utility Bonds shall consist of three hundred bonds of the denomination of Five Thousand Dollars each, numbered i to~ B00~ both inclusive, upward in order of maturity. The Utility Bonds shall be dated as of any date within the current fiscal year as is determinedby the City Manager. The Gtility Bonds shall bear interest from their date at such rate or at such different or varying rates~ not to exceed'--six per centum per annum · on any bond~ as may be determined at the time of sale. Interest on the Utility Bonds shall be payable semi-annually, with the first in- terest payment date being the day which is six months~from the date of the Utility Bonds. Both principal and interest of said Utility Bonds shall be payable in lawful currency, of the United States of America, at The Chase Manhattan Batik, N.A., New York, New York. The