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WHEREAS, by another order entered by the said Court of Hustings of the City of Portsmouth on the twenty-second day of November, 1968, it was entered of record as a result of said election that a majority of the votes were cast fo~r the bond issue~ and that the Council of the City of Portsmomth be.fully authorized and empowered to prepare and issue and to sell or ye negotiate said bonds upon the faith, credit and property of said municipality in the amount so authorized; and WHEREAS, none of the bonds authorized by said ordinance have heretofore been issued and it ~s provided in said ordinance that The bonds may be issued at on~ time~ or a part thereof from time to time, as the City Counci~ of the City shall direct, and the .City Co~uacil deems it advisable to issue at this time One Million Dollars of bonds, a part of ~he Two Million Five Hundred Thousand Dollars of bonds so authorized, to make the desired improvements, extensions and additions to the aforesaid revenue producing under- taking of the City; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: Section 1. Pursuant to Section One Hundred and Twenty- seven, Clause (b), of the Constitution of Virginia and Chapter 5 of Title 15.1 of the Code of Virginia, 1950, the referred to ordinance and under and by virtue of a majority of the votes cast "For Bond Issue"~ at an election of the qualified voters of the City of Ports- m~uth held on the fifth day ~f November~ 1968, in order to make ce~- rain improYements, extensions and additions to the revenue producing undertaking of the City, consisting of ~ts combined water~ sewer~ and sewage disposal systems, the City of Portsmouth shall.borrow the s~m of One Million Dollars '(~1~000~000), and there shall be ~ssued One Million Dollars of bonds of said City to be known as "Utility Bonds" (herei~ referred to as the "Utility Bonds"), to e~idence such borrowing. The Utility Bonds shall consist of two hundred bonds o~ the denomination of Five Thousand Dollars each, numbered 1 to 2~0, both inclusive, upward in order of maturity. The Utility Bonds shall be dated as of any date within the current fiscal year as is determined by the City Manager. The Utility 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 bend, as may be determined at the time of sale. Interest on the Utility Bonds shall be payable semi-annually, with the first interest paymeat date being the day which ±s six months from the date of the Utility Bonds. Both principal and interest of said Utility Bonds shall be payable in lawful currency of ~he United Sates of America, at The Chase Manhattan Bank, N.A., New York~ New York. The Utility Bonds shall mature serially, in numeri6al order, in such principal amounts and at such times as shall be determined by the City Manager within the limits of the Public Finance Act of 19~8. 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 determin~withim the limmts of the Public Finance Act of 19~8. The date, interest paymen~ dates, interest rate or rates, maturities and redemptiom terms and prices, if any, of the Bonds shall be submitted to the City Council for £ts approval prior to the ~ssuance and delivery of the Bonds. The proceeds arising from the sale of ~he