|
AN ORD ~IIIANCE AUTHORIZING Th~ ISSUANCE OF FIVE ~MILLION FIV]~ t~JNDRED THOUSAND
<br />($5~500,000.00) DOLLARS OF BONDS OF %HE CITY OF PORTSI,~0UTH, VIRGINIA, TO BE
<br />KNO~ AS GtD~JlRL OBLIGATION BONDS~ FOR THE PURPOSE OF PROlrJD/J{G FUNDS FOR
<br />THE CONSTRUCTION OF SCHOOIS~ CERTAIN OThqER PUBLIC BUIID~S, AND STREETS,
<br />FOR ~I RL~-EWAL PURPOSES, A~ID TO PAY CERTAIN ~\~D~ATION COSTS PURSUANT
<br />TO THE Ot~DER EN'±~ED IN THE CIRCUIT COURT OF ~ CITY OF CHESAFEAKE, V!R-
<br />GINIA~ T~ ,OCTOBER 2, 1967, ~NNEXI~ ~TAIN ~RR!TORY TO ThHE CITY OF PORTS-
<br />MOUTH, ~m~CTIVE JANUARy l, 1968.
<br />
<br /> ~W~EAS, it is necessary for the City of Portsmouth t.o provide
<br />funds for the construction of scho0!S, c~in o2her public huildiugs, and
<br />streets, for urban renewal purpeses, and to pay certain annexation costs
<br />p~rsuant to the order entered in the Circuit Court of the City of Chesa-
<br />peake, ¥irginia, on October. 2, 1967, annexinE certain territory to the
<br />City of Portamouth, effective January l, 1968, at an estimated cost of
<br />Five i~illion Five Hundred Thousand ($5,500,000.00) Dollars; ar~
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Ports-
<br />mcu~h applicable to the payment of said expenses and the cost of said equip-
<br />~ment, and it is accordirgly necessary to issue bonds of the City in the
<br />of Five 'Million Five Yzur~ed Tnousar~ ($5,~500,000.00) Dollars fer that p~r-
<br />pose o
<br />
<br /> NOW, THEREFORE, BE IT 0RDALNED BY THE COUNCIL OF THE CITY OF
<br /> PORT~,IOUTH, VLRGYNIA.
<br />
<br /> SECTION 1. For the purpose of providi~ funds for the construction
<br />of schools, certaLn other public buildings, ar~ streets, for urban renevral
<br />~urposes, and to pay certain annexation costs pursuanz to the order entered
<br />in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967,
<br />annexing certain territory ~o the City of Portamouth, effective Jar~sry l,
<br />1968, there shall oe issued Five M~llion Five Hundred ThOUsand [$5,500,000.00)
<br />Dollars of bonds of the City of Portsmouth, to be known as Gene_~al Obligation
<br />Bonds, pursuant to the provisions df Chapter 5 of Title 15.1 of the Code of
<br />Virginia aud ot~her provisions of law applicable thereto. The said bonds
<br />shall be serial bor~s and sb~ll be issued at one time or a part thereof
<br />from time to time ar~ shall be in such fora and of such dencmLnation, as
<br />the Council shall d~_rect. Each issue shall be payable not exceeding thirty
<br />~(3.0) years Drmm its date, and said bonds shall bear interest at a rate or
<br />rat&s to be hereafter dete~nined by the Council, upon the sale of said bonds,
<br />provided that the ~ximum rate of interest s~-~ll not exceed six per centum
<br />(6%) per ~.
<br />
<br />
<br />
|