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A RESOLo~iON TO APPROVE THE SALE OF ONE MILLION DOLLARS OF THE UTILITY BO~S AUTHORIZED BY AN ORDINANCE ADOPTED BY TP~ COUNCIL OF THE CITY OF PORTSMOUTH OCTOBER 8, 1968~ AND APPROVED BY THE ELECTOP, ATE OF TB~ CITY NOVEMBER 5, 1968, AND BY A RESOLUTION J~OPTED BY THE COUNCIL OF T~ CITY OF PORTSMOUTH, VIRGINIA, ON NOVV~MBER i1, 1969; PLEDGING THE NET REVE~dES OF THE UTILITY UNDERTAKING TO THE PAYMENT OF SAiD BONDS; i~-~bID!NG .SAID RESOLb~ION ADOPTED NOVEMBER il, 1969; Ab~ FIXING CERTAIN DETAILS OF SAID BO~S. WHERF~s, the City Manager of the City of Portsmouth has received a proposal from the Fidelity National Bank, Lynchburg, Virginia, for the purchase of One Million Dollars of the Utility Bonds authorized by an Ordinance adopted~by the Coungil of the City of Portsmouth October 8, 1968, and approved by the~electorate of the City November 5, 1968, and by a Resolution of the Council of the City of Portsmouth, Virginia, adopted under said ordinance on November 1!, 1969, and the City Manager has reco~nended that said proposal be approved; N~ THEREFORE, BE IT P~SOLVED by the Couneii of the City of Portsmouth, Virginia: 1. There be, and there is,hereb%: approved the sale to the Fidelity National Bank, Lynchburg, Virginia, at par and a ~=~_mi~va of $100, One Million Dollars of the Utility Bonds authorized by an ordinance of the Council Portsmouth, Virginia adopted on October 8, the electorate of the City at an election of the City of 1968 and apprpved by November 5, 1968, entitled "AN ORDINANCE TO AUTHORIZE THE iSo~UANCE OF ~.70 MILLION FIVE HUbDRED THOUSANq) DOL'LA~RS OF BOoM, DS TO BE KNOWN AS UTILITY BO_%~S~ FOR THE PURPOSE OF ~,IAKING !MPROV~ENT~, EXTENSIONS A~rD ADDITIONS TO THJ~ R~VENUE PRODUCING UI~q)ERTAK!NG OF THE CITY, CONSISTING OF iTS ~ATER~ S~R, A~nD S~TAGE DISPOSAL SYSTF3~S~