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WHEREAS~ by 'another order entered by t~e said Court on the twenty-seventh day of NoYember, 1961, it was entered of record as a result of said elec6ion that a majority of the votes were cast for the bond issues and that the Council of the City of Portsmouth be fully authorized and empowered to prepare and issue and to sell or ko negotiate said bonds upon the faith, credit~ and property of said ~unicipality in the amount so authorized; and ~YHEREAS~ it is provided in said ordinance that the-bonds may be issued at one time, or a part thereof from time to time, and the City Council of the City has directed, and bonds in the principal amount of Four Million Dollars out-of the total of Five Million Six Hundred Thousand Dollars of bonds authorized to be issued by said ordinance have heretofore been issued~ and WHEREAS, the City Council deems it advisable to issue at this time the One Million Six Hundred Thousand Dollars of bonds authorized by said ordinance remaining to be issued~ to make the desired im~roYements, extensions and additions to the system of water works of the City. NOW, THEREFORE~ BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PDRTSMOUTH, VIRGINIA: Section 1. Pursuant to Sectio~ One Hundred and Twenty~ seYen~ clause (b), of the Constitution of Virgiaia and Chapter 5 of Title .t5.1 of the Code of Virginia, 1950~ the referred to ordi- nance and under and by ~irtue of a majority of the ¥otes case '~For Bo~d is'sue'' at an election of the qualified voters of the City of Portsmout~ held on the seventh day of No~ember, 1961~ in order to ms~e certain improvements, extensions and additions to the system of water works of the City~ the City of Portsmouth shall borrow the sum of One Million Six Hundred Thousand Dollars ($1,600~00G), an~ there shall be issued One Million Six Hundred Thousand Dollars of bonds of said City to be known as '~Water Bonds~' (herein referred to as the "Water Bonds"), to e~idence such borrowing. The Water ~onds shall consist of three hundred and twenty bonds of the denomination of Five Thousand Dollars each, numbered from t to 320~ both inclusive, upward in order of maturity. The Waver Bonds shall be dated as of any date within the current fiscal year as is determined by the City Manager. ~ Water Bonds shall bear interest from ~ ~ ~ such rate or at such different or ~arying rates, not to exceed six per centum per annum on any bond, as may be determined at the time of sale. Interest on the Water Bonds shall be payable semi-annually, with the first interest payment date being the day whi6h is six months from the date of the Water Bonds. Both principal and interest of s~md bonds shall be pa~able~in lawful currency of the United States of America, at The Chase Manhatta~ Bank, N.A.~ New York, New York. The Water Bonds shall mature serially, in aumericai order, in such · b principal amounts and at such times as shall be determmned y the City Manager within the limits of the Public Finance Act ~of 1958. The bonds may be redeemable or not redeemable as the City Manager may determine, and if redeemable, shall be redeemable at such times and prices as he may determine, within the limits of t~he Public Finance Act of 1958. The date, interest payment