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~-N ORDINANCE AU~iOR~ZI~ ~ ISSU~]~CE OF MIME HUND~ S~- ~ ~HOUS~ ($975~000.00) ~ OF ~S 0F ~ CI~ 0F POR~OL~ ~G~, ~ BE ~ ~ G~ OBLIGATION ~S, ~R ~ P~OSE OF PRO~ ~S ~R ~ COI~UC~ON 0F C~- T~ P~LIC BUSinGS, ~GE~AYS .~ S~; FOR ~ P'~C~E OF PROP~ FOR GO~~, ~C~O~, ~'~ PORT D~P- ~ PO~OS~; ~R ~ P~C~SE 0F ~UIP~; ~ ~R WHEREAS, it is necessa_~y to proxride fomJs for the con- struction of certain public buildings, highways and streets; for the purchase of property for governmental, recreatiom~_l, and port development purposes; for the purchase of equipment; and for urbmn renev~l purposes, at sm. estJ~mated cost of Nine Hundred Seventy-five Thousand ($975,000.00) Dollars; and ~.S, there are no f~nds in the treasomy of the City of Portsmouth applicable to the paym..ent of the cost of said im- provements, and it is accordingly necesss=~y to issue boris o£ the City in the s~n. of Nine H~dred Seventy-five Thousand ($975,000.00) .Dollars for that pu_~pose. NOW~ THtlRm~WORE, BE IT ORDAIL~D BI' THE COUNCIL OF THE CITY OF PORT~OL_~iH, VIRGIl,-iA: Section 1. For the pm~pose of providing f~nds for the cor~truction of ce_~tain public buildJ=~.gs, high. ways s=nd streets; for the porchase of property for~gdve~_~rmnental, recreatior~I, and port development purposes; for the purchase of equipment; and for urban renewal p~poses~ there shall be issued Nine ~mnch~ed Seventy- five ~nouss_nd ($975~000.00) Dollars of bonds of the City of Ports- n~outh~ to be kno~,lq as General Obligation Bo~_.ds, pursus~n_t to the provisions of Chapter 5 of Title 15.1 of the Code of V~--~gip_~a arJ other provisions of lssv applicable thereto. ~ne said bonds sbm. ll be serial bonds and shall be issued at one time or a part thereof from t~e to tZme ~J shall be ~n such fo~ smd of such deno.~_~tion as the Comncil sh$~l d~srect~ Each issue s?~_ll be _~ayable not ex- ceeding forty (40) yesrs from its date, ~nd said bonds sb~i! be~ interest at a rate or rates to be hereafter determined by the Coo=n- ci!, upon the sale of said bonds~ Section 2.~ .~=n emergency exists s=~_d this ordir~nce sb~l! be in effect from its passage° Adopted by the Counci~ o~ z~ City o._- Ports~utb~. Virgir~ia, at a rr~et~_ng held on ~y 26~ 1970 Teste: Cluyoler~