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A RESOL~£ION AUI~HORIZING THE BORRO/fI_NG OF $554,750.00 ~[D THE ISSUANCE OF T~O~ LOAN NOTES OF %~E CITY OF PORTSMOUffH ~tEREFOR PF2~DING THE ISSUANCE ~DSALE OF BONDS ~cJ~DFORE LEGALLY AL~IHORIZED BUT NOT ISSUED OR SOLD. ~EEEAS, by Ordir~nce No. t966-~7, adopted June lq, 1966, the City of Portsmouth was authorized ~o issue $3,600,000.00 of General Obligation Bonds; and PfHEHEAS, the bonds authorized by the ~foresaid ordinmace have not been issued or sold; and ~ERE~, it is necessary to borrow, from time to time, pending the issusmce and sale of such b6nds, the money ~nec. ess~ry to meet t~he City's oblLgations i~ connection ~ith the prooect for which the said bonds were authorized. N~,~, ~HEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Sectiom i. Pendimg the issuance and sale of the bonds authorized by Ordinance No. 1966-47, adopted JUne 14, 1966, the City Manager is authorized and d~rected to borro~ on t~mporary loan no~es the sinus hereirmfter ~et forth from the b~ or bmok~ hereir~t er desig~at ed: 1. $200,000.00 American ~tional Bank of Portsmouth 2. $200,000.00 ~erchants & Fammers Bark of Portsmouth, W~ ~oinia $154,750.00 Citizens Trust Cmmpany Section 2. The notes shall he negotiable, ..shall be dated as of the date of their actual issue, shall be payable wit' ~oJ_n two yea_~s frmu date o~n d~nand, shall bear interest, at the rate of: three and seventy-five ntmdredt, hs per cent~ ~er annt~n f~c~a'dat~ pa~[ahle quarterly upon presentatmon thereof fo~ the e~ors~nt Of such interest paymen~ thereon, mhd shall be p~vable-as ~o both principal and interest at the designated bank in the City of Portsmouth. Section 3. The notes shall be in the denmmi~ation stated above and shall ]oe issued in substantially t~e~form hereinafter set forth and slmll be signed by the City T~easUreror Deputy City Treasurer and the corporate seal of the City of Portsmouth sh~il' be ~a~ed thereto ~nd attested by ,the City Clerk or Deputy City Clerk. ~..~h~e~orn~of the note slaall be substantiall~ as folloWS: