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A RESOLbTION Ab~fHORIZING THE BORR~VING OF $405,200.78 AND THE ISSUANCE OF TE~ORARY LOAN NOTES OF THE CITY OF PORTSMOUTH THEREFOR PF2~DP]G THE ISSUANCE A}~D SALE OF B0~DS HERE~I~DFORE LEGALLY AUTHORIZED Bb~ NOT ISSUED OR SOLD. WHEREAS, by Ordinance No. 1966-47, adopted June 14, 1966, the City of PorTsmouth was authorized to issue $3,600,000.00 of General Obligation Bonds; and ~S, the bonds authorized by the aforesaid ordinance b~ve not been issued or sold; and WHEREAS, it is necessary to borrow, frmu time to time, pendirg the issuance and sale of such bor~s, the money necessary to meet the City's obligations in co~naection with the project for which the said bonds were authorized. N~ THEREFORE~ BE IT R~SOLVED by the Council of the City of Portsmouth, Virginia: Section 1. Pending the issuance and sale of the bonds authorized by Ordinance No. 1966-47, adopted June 14, 1966; the City Mmnager is authorized and directed to borrow on tamporary loan notes the sums hereinafter set forth from the bank or oanks hereinafter designated: Bank 1. $359,950.78 The Bank of Virginia 2. $ 45,250.00 Citizens _Trust Company Section 2. The notes shall be negotiable, shall be dated as of the date of their actual issue, shall be payable within m~o years from date on demand, shall bear interest at the rate of three and seventy-five hundredtb~s per centrum per. arnaum from date payable qUarterly upon presentation thereof for the endorsement of sUCh interest payment thereon, ar~ shall be payable as to both principal and interest at the designated b~nk in the City of Portemouth. Section 3. The notes shall be in the denomination stated above and shall be issued in substantially the form hereinafter set forth and shall be signed by the City Treasurer or Deputy City Treasurer and the corporate seal of the City of Portsmouth shall be affixed thereto and attested by the City Clerk or Deputy City Clerk. The form of the note shall be substautially as follows: