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A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE
<br />MILLION DOLLARS ($3,000,000) GENERAL OBLIGATION
<br />BONDS OF THE ~ITY OF PORTSMOUTH, VIRGINIA, FOR
<br />THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUC-
<br />TION OF SCHOOLS, CERTAIN OTHER PUBLIC BUILDINGS,
<br />STORM SEWERS: AND STREETS; FOR THE PURCHASEOF
<br />PROPERTY FOR GOVERNMENTAL, HECP~ATIONAL, AND
<br />PORT DEVELOPMENT PURPOSES.; FOR THE PURCHASE OF
<br />EQUIPMENT; FOR URBAN RENEWAL PURPOSES; AND TO
<br />PAY CERTAIN ANNEXATION COSTS PURSUANT TO THE
<br />ORDER ENTERED IN THE CIRCUIT COURT OF THE CITY
<br />OF CHESAPEAKE, VIRGINIA, ON OCTOBER 2, 1967,
<br />ANNEXING CERTAIN~TERRITORY, TO THE CITYOF PORTS-~
<br />MOUTH, EFFECTIVE JANUARY l, 1968;~AND MAKING ~
<br />PROVISION FOR THE FORM OF SAID BONDS AND FOR
<br />THE PAYMENT THEREOF.
<br />
<br /> WHEREAS, it ~s necessary tO provide funds for the construc-
<br />tion 'of schools, cerSaln other.public bui'idings, storm'~ewe~s~ and.
<br />streets; for the purchase of ~roperty. for'governmentall re~creational,
<br />and port development purposes;~for the pmgchasebf equ~pment~f0r ur-
<br />ban renewal purposes; and t0~!Pa~ certai~annex~tion costs pUrSuant to
<br />the order entered in the Cir6uit Court of the~City of Chesapeake. Vir-
<br />ginia, on October 2, 1967, annexing ce~tain~te~ritory ~o th~Cit~ of
<br />Port~smouth, effective Januaryl, 19~8, at~an~estimat~d cost of Three
<br />Million Dollars ($3,000,000,00); and ~ ~ ~ .
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<br /> . WHEREAS, there are no funds in the treasury of the~Cit~ of
<br />Portsmouth applicable to the payment~of $~e cos~ of said improvements,
<br />and it is accordingly necessarY too~issu~jLOnds of the~City in the sum
<br />of Three Million Dollars ($3,6~0,0~0.00)?for th~ aforesaid purposes.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA: ~
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<br /> Section 1. For the purpose of~providing funds for the con-
<br />~traction of schools, certain other public buildings~ storm sewers,
<br />and streets; for the purchase of property for governmental, recreational~
<br />and port development purposes; for ~e purchase of equipment; for urban ~
<br />renewal purDoses; and to pay certain annexation costs pursuant to the
<br />order entered in the Circuit Court of the City of Chesapeake, Virginia,
<br />~n October 2, 1967, annexing certain territory to the City of Portsmouth,
<br />effective January l, 1968, there shall be issued Three Million Dollars
<br />($B,000,000) of General Obligation Bonds (herein referred to as the
<br />"Bonds") of the City of Portsmouth, Virginia, consisting of Six Hundred
<br />bonds of the denomination of Five Thousand~Dollars each, numbered from
<br />i to 600, both inclusive, upward in order of maturity. The Bonds shall
<br />be dated as of any date within the current fiscal year as is determined
<br />by the City Manager. The Bonds shall bear interest from their date at
<br />such rate or at such different or varying rates as may be determined
<br />at the time of sale. Interest on the Bonds shall be payable ~emi-annua!ly~
<br />with the first inveres~ payment date being the day whihh is six months
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