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AN ORDINANCE TO AMEND SmCTIuN 10-19 OF 'THE CODE OF THE CITY OF PORTS- <br />MOUTH~ VIRGINIA, 1961~ EXTENDING FROM TWO YEARS TO FIVE YEARS THE <br />PERIOD OF TIME IN WHICH BOND ANTICIPATION NOTES MUST BE RETIRED. <br /> <br /> Be it ordained by the Council of the City of Portsmouth, <br />Virginia: <br /> <br />t. That Seco~on 10-19 of the Code of the City of Portsmouth~ Virginias <br />1961~ be amended and reordained to read as follows: <br /> <br />Sectiom 10-19. In anticipation of bond issue. <br /> <br /> In .anticipation of the issuance of bonds and of. the receipt. <br />of the proceeds of sale of such bonds~ the mayor ar,~_ the city manager <br />are authorized to make notes~ through the proper officers: ~o borrow <br />money for, the purpose for which such bonds have been authorized and <br />within the maximum authorized amount of the bond issue~ and to renew <br />any such noyes becoming due, when such rene.wa!s are necessary. Each <br />such loam shall mature and be paid within two years from the date o? <br />its original issue; provided that or, or after such maturity.~ any loan <br />now'outstanding or hereafter made m. ay be ~' - ~ ~ <br /> e~venaea from time to time; <br />provided furthers tna~ no such extension shall mature and be ~aid later <br />than five years from the' date of the ~' ' ~ <br /> o~mgmnaz issue of said loan. <br /> <br /> Any such <br />special assessments <br />of bonds~ provided, <br />authorized shall be <br />suc~ manner. <br /> <br />loans may be retired by means of current revenues~ <br />or other funds~ in lieu of retiring them by means <br />that the maximum ~nounv of bonds that has been <br />reduced by the ~moun~ of such loans retired in <br /> <br /> Adopted by t,~e CounciI of the City of Por~smo~un~ Virginia~ <br />meeting held August 25, 1970. <br /> <br />C.ity Clerk <br /> <br /> <br />