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A RESOLUTION AUiT~ORtZI/YG ~ ISSUanCE OF EIB MILLION ($8,0007000.00)
<br />DO~LARS OF BOK~)S OF ~ CITY OF PORTS[~_0~H, VIRGINIA, TO BE ~0~ AS
<br />GF~\r~L OBLIGATION 50i~S, FOR ~E~ PLVRPOSE OF PROVIDING F'UN~S TO CO~LY
<br />~[[TH ~Z ORDER F2~ IN TF~ CIRCUIT COL~T OF ~Z CITY OF CP~SAPFAKE,
<br />VIRGINIA, ON'OCTOBER 2, 1967, ;~EXING CERTAIN '±~RITORY TO THE~ CIYf OF
<br />PORTSM~0UI~H ~'~'ECTI-~rE J~2~JBJ~Y 1, 1968; TO PAY ~4E EXPF~SES I~[Cb?2~ED AS A
<br />RESULT OF 5/4E ~CF2~ B2~u~(ATION PROCEEJDINGS; A~© TO PURCHASE FI_RE EQUIP-
<br />R~\wf, SCHOOL BUSES B~73 VOTING I~CRT~S FOR USE IN T~HE SA/D A~$EXED
<br />TERRITORY; ALU0 _~akTJNG PRO-v-fSION FOR 5XqE FOi~[ OF SAID BOA~S AND FOR ~
<br />PAYMF~\~f THEREOF.
<br />
<br /> ~£HER~&S, by Ordinance No. 1967-95~ adopted October 10, 1967,
<br />the City of Portsmouth ~s authorized to issue $7,400,000.00 of General
<br />Obligation Bonds for the pLu~pose of providing Omnds to comply with the
<br />order entered in the Circuit Court of the City of Chesapeake, Virginia~
<br />on October 2, 1967, ar~exing certain territory t~ the City of Portsmout~
<br />effective January t, 1968; and
<br />
<br /> ~g~q~iAS, by Ordinance No. 1968-20~ adopted M~ch 26, 1968, the
<br />City of Portsmouth was soathorized ~o issue $600:000.00 of~ General
<br />Obligation Bonds for the purpose of providing lands to pay the expenses
<br />incu_~red as a result of the recent ~mexation proceedirgs and to pLu~chase
<br />fire equipment, school buses and v0timg ~.cb~nes for use in the said
<br />annexed territol~v; and '~
<br />
<br /> ~.5~_REA. S~ the bonds authorized b~ the aforesaid ordinances have
<br />not been issued or sold~ and_
<br />
<br /> WHL~EA~, it is necesssry to issue bonds of the City in the sram
<br />of Eight ~illion ($8,000,000.00) Dollars for the aforesaid pu~oses.
<br />
<br /> NOW, ~rzT~q~-WORE,
<br />POR~SMODI~H, VIRGINIA:
<br />
<br />BE IT RESOLVED BY THE COUNCIL OF ~r~ CITY OF
<br />
<br /> Section !. That for- the purpose of providing funds to comply
<br />with the order entered in the Circuit Cou~t of the City of Chesapeake,
<br />VirgiDia, on October 2, 1967, annexing certain territory to the City of
<br />Portsmouth effective Js~n ~uary t~ 1968; to pay the expenses incurred as a
<br />result of the recent s_nnexation proceedings; and ~o purchase fire equip-
<br />ment, school buses and voti~ r~achines for use in the said sr2aexed te~ritor~,
<br />there shall be issued Eight Mtillion Dollars of bonds of said City to be
<br />known as G, eneral Obligation Bonds, consisting of one thousand six hundred
<br />bo.~Js of the denomiration of Five Thousand Dollars each, nmmbered 1 to
<br />1,600, both inclusive, dated june 1, 1968, and bearing interest from date
<br />payable semiannually on June 1, and December 1, of each year at such rate
<br />or at such different or varying rates, not to exceed six per cenvmm per
<br />annum on any bond, as ~7~.y be fixed by the City Co~uncil p_r~ior to t~heir
<br />'execution, Booth principal and interest of said bonds s~hall be payable in
<br />law_*~nl C, .u~ren~cy of the United States of America, at T~,~e Chase M~_arJnattan
<br />Bank (N~t_onat assocla~mon)~ New Yo_k, N~ Yo~, and the said bonds shalt
<br />
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