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W~S, it ~s provided in said ordinance that the bonds may be
<br />'issued at one t~me, or a part thereof from time to time, as the City Coun-
<br />cil of the City ~ll direct, and~th~ City Council deams it advisable to
<br />issue at this ~ime One M~tllion SLx Hundred ~housand Dollars of bonds, a
<br />part of the Five Million Six Hundred Thousand .Dollars of bonds so author~
<br />izod, to n~e the desired improvanents, extensions and additions to the
<br />system of rater works of the City,
<br /> NOW, THE~0~, BE iT RESOLV-~ BY THE COb~CIL OF THE CITY OF
<br /> POBT~40UTh, VLRGINIA:
<br />
<br /> Section 1. Pursuan~ to Section One Hundred and ~enty-seven,
<br /> clause (b), of the Constitution of Virginia and Chaptm~ 5 of Title 15.1
<br /> of the Code of Virginia, 1950, and under and by virtue of a m~jority of
<br /> the votes cast "For Bond Issue", at an elecvion of the qualified voters
<br /> of the City of Portamouth held on the seventh day of Novamber, 1961, in
<br /> order to make certain Lmprovements, axtensions and additions to the systam
<br /> of water works of the City, the City of portamouth shall borrow the sum of
<br /> One M~llion Six ~ndr~d Thousar~ Dollars ($1,600~000), and there shall be
<br /> issued One Million Six .w~ed ~ouzand Dollars of bonds of said city to
<br /> ~onsistin= of t~ree hundrea and twentz, bonds o~
<br /> be knovm as Water Bonds, ..... ~ . h
<br /> the den~ination of Five ~uousand Dgllars each, nt~bered 1 to 320, bot
<br /> inclusive, dated ~4arch 1, 1969; 'the proceeds arisir~g fra,u the sale of
<br /> said bonds to be applied to the pa)~ent of the cost of making certain
<br /> improyements, exvensions and additions to the ~,ater ~orks systam of the
<br /> City and to no other puroose, qlue Said bonds shall bear interest fr~m
<br /> t~heir date payable sami--ar~ally M~rch i and Sepza~ber 1, of each year~
<br /> at such rate or at such different or var~irg rates, not to exceed six
<br /> par centare per annum, on any bond, ~s may be fixed by the City Council
<br /> prior to their execution. BDth principal and interest of said bonds
<br /> s~ll be payable in lav~ful currency of the ~nited States of America, at
<br /> ~ae Chase ~.~nahattan Ba~ (Natior~l Association), New York, New York.
<br /> ~he said bonds shall not be redeam~b!e by the City of Portamouth a~d
<br /> s~all mature serially, in numericaI order, as follows:
<br /> $64,000 of said bonds shall be payable on .~.~rch 1, 1970
<br />
<br />$64,000 of said bonds shall be payable
<br />$64,000 of said bonds shall be payable
<br />$64,000 o£ said bor~s shall be payable
<br />$64,000 of said bonds shall be payable
<br />$6~,000 of said bonds shall be payable
<br />$64,000 of said bonds shall be payable
<br />$64,000 of 'said bonds sb~-all he payable
<br />$64~000 of said bor~s sb~ll be payable
<br />
<br />on ~arch 1, 1971.
<br />on M~rch 1, 1972.
<br />on Y~m~ch 1, 1973.
<br />on~,~mrch i, 197~.
<br />on March 1, 1975.
<br />on ~ch 1, 1976.
<br />on ?~roh 1, 1977.
<br />on M~ch 1,--~978.
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