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AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF FIVE MILLION <br />FIVE HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS <br />FOR THE PURPOSE OF MAKING IMPROVEMENTS, EXTENSIONS AND ADDITIONS <br />TO THE REVENUE PRODUCING UNDERTAKING OF THE CITY CONSISTING OF <br />ITS WATER, SEWER, AND SEWAGE DISPOSAL SYSTEMS, PURSUANT TO ARTICLE <br />VII, SECTION 10, CLAUSE (2), OF THE CONSTITUTION OF VIRGINIA, AND <br />CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950. <br /> <br /> WHEREAS, the City of Portsmouth is authorized to establish <br />or enlarge its revenue producing undertaking consisting of its water, <br />sewer, and sewage disposal systems, and under and by virture of <br />Chapter 5 of Title 15.1 of the Code of Virginia, 1950. the Council <br />of any City in this State which is authorized to acquire, maintain <br />or establish a revenue producing undertaking consisting of water, <br />sewer, and sewage disposal systems, or other specific undertaking <br />from which the City may derive a revenue, may in accordance with <br />Article VII, Section 10, clause (2) of the Constitution of Virginia, <br />issue so many bonds as may be necessary to acqulret maintain or <br />establish such revenue producing undertaking, or other specific <br />undertaking; and <br /> <br /> WHEREAS, it is necessary and expedient to make certain <br />improvements, extenslons and additions to such revenue producing <br />undertaking consisting of the water, sewer, and sewage disposal <br />systems of the City of Portsmouth and to borrow for that purpose <br />the sum of Five Million Five Hundred Thousand Dollars and to issue <br />bonds therefor; and <br /> <br /> WHEREAS, Article VII, Section 10, clause (2), of the <br />Constitution of Virginia, requires the ordinance authorizing the <br />issuance of such bonds to be approved by the affirmative vote of <br />the majority of the qualified voters of the City voting upon the <br />question of their issuance at the general election next succeeding <br />the enactment of the ordinance, or at a special election held for <br />that purpose; now therefore; <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia that <br /> <br /> Section 1 (a) Pursuant to Article VII, Section 10, clause <br />(2), of the Constitution of Virginia, and Chapter 5 of Title 15.1 <br />of the Code of Virginia, 1950, in order to make certain improvements~ <br />extensions and additions to a revenue producing undertaking of the <br />City consisting of its water, sewer~ and sewage disposal systems, <br />the City of Portsmouth shall borrow the sum of Five Million Five <br />Hundred Thousand Dollars and there shall be issued in th~- name of <br />and on behalf of the City of Portsmouth, Virginia, Five ~itlion <br />Five Hundred Thousand Dollars of utility bonds and the proceeds <br />arising from the sale of said bonds or any of them shall be applied <br /> <br /> <br />