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AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF TWO ,W~[LT.TON FZVE
<br />HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNO~ AS UTILITY BONDS
<br />FOR THE PURPOSE OF MAKING IMPEOV]E~ENTS, EXTENSIONS AND ADDITIONS
<br />TO T~qE REVERru]E PRODUCING UNDERTAKING OF THE CITY CONSISTING OF
<br />ITS WATER, SEWER, A~D S~gAGE DISPOSAL SYST~4S ,PURSUANT TO SECTION
<br />127., CLAUSE (B), OF THE CONSTITUTION OF VIRGINIA, AND CHAP±~ 5
<br />OF T]'t'I,E 15.1 OF THE CODE OF VIRGINIA, 1950.
<br />
<br /> WHEREAS, the City of Portsmouth is authorized to establish or
<br />enl~e its revenue producing undertaking Consistin~ of its water, sewer,
<br />and sewage disposal systems, and under and by virtue of Chapter 5 of
<br />Tit!e i5.1 of the Cede of Virginia, 1950, the Council of any City in this
<br />State which is authorized to acquire, m~intain or establish a revenue
<br />producing ~undertaking consisting of water~ sewer, and sewage diSPosal
<br />systems, or other specific uudertak~ from which the City may derive
<br />a revenue, may in accordance with Section One Hundred and Twenty-seven,
<br />cIause (b) of the Constitution of Virginia, issue so many bonds as may
<br />be necessary to acquire, maintain or establish such revenue producing
<br />undertaking, or other specific undertaking; and
<br />
<br /> WHEREAS, it is necessary and expedient to make certain improvements,
<br />Sxtensions and additions to such revenue producing undertaking consisting
<br />of the water, sewer, aud se~eage disposal systems of the City of Portsmouth
<br />and to borrow for that purpose the s~m of Two Million Five Hundred Thousand
<br />Dollars and to issue bonds therefor; and
<br />
<br /> WHEREAS, Section One Hundred and ~enty-seven, clause (b), of the
<br />Constitution of Virginia, requires the ordinance authorizing the issuance
<br />of such bonds to be approved bythe affirmative vote of the majority of
<br />the qualified voters of the City voting upon the question of their issmmnce
<br />at the general election next succeedi~ the enactmant of the ordinance, or
<br />at a special election held for that purpose; now therefore;
<br />
<br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia, that
<br />
<br /> Section 1 (a) Purs~aat to Section One Hundred and ~enty-seven,
<br />clause (b), of the Constitution of Virgihia, and C~hapter 5 Of Title 15.1 of the
<br />Code of Virginia, 1950, in order to make certain Lmprovements, extensions and
<br />additions to a revenue producing undertaking of the City consisting of its
<br />water, sewer, and se~mge disposal systems, the City of Portsmouth shall borrow
<br />the sum of Two Million Five Hundred Thousar~ Dollars and there shall be issued
<br />in the name of and on behalf of the City of Portsmouth, Virginia, Two ~[itlion
<br />Five Hundred ~nousand Dollars of utility bonds ~nd the proceeds arising from the
<br />sale of said bonds or any of them shall be applied to the payment of the costs
<br />Sf acquiring, constructing, reconstructing, improving, extending, or enlarging
<br />the said revenue producing undert~i~ consisting of the water, sewer, and
<br />se~ge disposal systems of the City, and to no other purpose.
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