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2~2[ ORDII~ANCE TO ~21IEND T~E CODE Ok _~_3~ CITY OF PORTSMOUTH, <br />VIRGINIA, 1961, BY AL_~_~G SECTION 10-89 THEREOF PERTAINING <br />TO THE G~¢~m DuD. SERVICE FUND. <br /> <br /> ~ IT ORDAINED by the Council of the City 'of Ports- <br />mouth, ~irginia: <br /> <br /> i. ~nat the Code of the City of Portsmouth, Virginia, <br />196!, be amended by amending Section 10-89 thereof, such amend- <br />ed section to read as follows: <br /> <br />Section 10-89. General debt service fund. <br /> <br /> Ail funds received by the city treasurer pursuant to <br />this article and all unappropriated funds in the utility tax <br />fund at the effective date of this article or thereafter collect- <br />ed with respect to the tax on public utility services as there- <br />tofore effective, shall be transferred and paid over forthwith <br />into a separate fund known as the "general debt servlce fund,'~ <br />to be applied as appropriated from time to time by city council <br />for debt on the cost of constructing or purchasing general <br />capital improvements; provided, however, that priority of ex- <br />penditure to the extent funds are available in any one year <br />shall be as follows: <br /> <br /> (a) The amount necessary for debt service on and <br />retirement of -' ~ ~ <br /> outs~ana~ng bond issues. <br /> <br /> (b) The amount of two hundred and fifty thousand <br />dollars for ~.o~.stru~on~ ~ ~ of curbs, gutters, and storm drains. <br /> <br />(c) Ail ' - ~ <br /> otne~ genera_ capital improvements. <br /> <br />2. This ordinance shall take effect from the date of <br />its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 26, 1973. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />