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AN ORDInaNCE TO AUTHORIZE THE ISSUANCE OF EIGHT MILLION DOLLARS <br />OF BONDS TO BE KNOWN AS PUBLIC UTILITY BONDS FOR T~ PURPOSE <br />OF MAKING CAPITAL IMPROVemENTS, EXTENSIONS AND ADDIT!©NS TO <br />THE CITY OF PORTSMOUTH'S REVENUE PRODUCING WATER AND SE~'~R <br />SYSTEM, PURSUANT TO ARTICLE VII, SECTION lO(a) (2) OF THE 1970 <br />CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE 15.1 OF THE CODE <br />OF VIRGINIA, 1950. <br /> <br /> WHEREAS, the City is authorized to operate a water <br />system, including water production~ preparation, distribution <br />and transmission system; and <br /> <br /> WHEREASw <br />system, including <br />system; and <br /> <br />the City is authorized to operate a sewerage <br />sewage transmission, treatment and disposal <br /> <br /> WHERF~%S, the City is authorized to, and does, operate <br />its water and sewerage system as a single system; and <br /> <br /> WHEREAS, such water and sewerage system is an under- <br />taking from which the City derives revenue; and <br /> <br /> WHEREAS, the City of Portsmouth is authorized under <br />and by virtue of Article VII, Section 10(a) (2), of the Consti- <br />tution of Virginia, and Chapter 5 of Title 15.1 of the Code of <br />Virginia, 1950~ to issue so many bonds as may be necessary to <br />make capital improvements, extensions and additions to such <br />water and sewerage system; and <br /> <br /> WHEREAS, it is necessary and expedient to borrow the <br />sum of Eight Million ($8,000,000.) Dollars for such capital im- <br />provements, extensions and additions and to issue bond~ there- <br />for; and <br /> <br /> WHEREAS, Article VII, Section i0(a) (2), of the 1970 <br />Constitution of Virginia, requires the ordinance authorizing <br />the issuance of such bonds to be approved by the affirmative <br />vote of the majority of the qualified voters of the City votinq <br />upon the question of their issuance at the general election next <br />succeeding the enactment of the ordinance~ or at a special election <br />held for that purpose. - <br /> <br /> NOW, THEREFORE~ BE IT OP~AIN~D' R by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> Section t. (a) Pursuant to Article VIi~ Section !0(a~ <br />(2) of the 1970 Constitution of V~ <br /> ~rg~nla, and Chapter 5 of T~tle <br /> <br /> <br />