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A RESO~ON AUTHORIZING ~ BORP~O~fN~ OF ----~g,5~Q,00fl,00 B_ND THE ISSU_~TCE .OF BOND ANTICIPATiON NOTF. q OF THE CITY OF POETSMOO~EH ~REFOR PF~NDING THE ISSUanCE ~ S_~LE OF BONDS Pm~TOFORE LEGALLY AU~fHORIF~D BUT NOT ISSUED OR SOLD; FIXING T~ FO~,i, 'l~S ~D ING THE SALE OF SAID ~,',O MTLLION ~ ~_V~D.R~) · HOUS~ ~DOT,T.~RS OF BOND ~ICIPATION NO~S. ~EREAS, by Ordinance No. I~68-87, adopted December 17, .1968, the City of Portsmouth was authorized to issue $5,500,000 General Obligation Bonds for the purpose of providing funds for the construction of schools, certain other public buildings, and streets, for ur~mu renewal purposes, and to pay certain annexation costs pursuant to the order entered in the Circuit Court of the City of Chesapeake on October 2, !967, armexing certain territory of the City of~ Portsmouth, effective Janm~ry l, 1968; and WHEREAS, the bonds mrghorized by'the aforesaid ordinance have not been issued or sold; and ~, it is necessary to borrow, perzU~g the issuance and sale of such bonds, the money necessary to meet the City's obligations in connection with the purpose For w~ich the said bonds were authorized; arj ~, the City Manager o~ the C%ty of Ports~.~uth has received a proposal for the purchase of TWo ),~llion Fi~e-Hundred Thousand Dollars of Bond Anticipation Notes from First & Merchants ~tional Bank, Richmond, Virginia, and the Council deems .said offer to be the best offer for the ~urclnase of said notes, -.mnd-the-City Managerb~s reCcmmended~that-the said offer be approved, : ~0W, .TMEREFO~E, BE IT RESOLVED by the Council of the City of Porgsmouth, . Virgirda: ~b'i'lON 1. PencUnug the issuance ~ sale of the bonds authorized by Ordinance No. 1968-87, adopted December 17, 1~68,-Full power and authority is here-