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AN ORDINANCE AD~HORIZ17NG ~Y~ ISSU~kTCE OF SIX ~2~RED ~OUS~ ($600. 000.00) ~S OF ~NDS DF ~ CZ~ OF PO~SM~ ~GZI~_, ~ BE ~'OWN A~ G~ OBLIGATION ~S, ~R ~ PU~OSE OF FRO~ING ~o],~S ~ PAY ~ ~OC~IM~S .~k~ ~ P~CK~SE F~ ~UIP~, SCH~L BUS~ ~ V~ING ~'~C~s ~R gSE IN ~ ~I~RY ~~ .~ CI~ OF PO~Sf~Ob~H ON JA~Y 1, 1968. ~[a~, it is necessary for the City of Portsmouth to pro¥ide fur~s to pay the expenses incurred as a result of the recent smnexatio~ proceedir~s an~ to pta~chase fire e '~ ~ qu~Dmen~, school buses and voting machines for use in the verrivory ~maexed to the City of Portsmouvh on January 1: 1968, at an estimated cost of Six Hmndred Zaous~nd ($600,000.00) Dollars~ and WHERF~, there are no funds in the treastu~y of the City of Porssmoutb applicable to the p%vment of said expenses smd the cost of said equipment, and it is accordingly necessary to issue bonds of the City in the stem of Six Hundred Thous~ad ($600~000.00) Dollars for that purpose. NOW, i~--REFOP~, BE IT ORDAINED BY THE CON{CIL OF I~M]E CITY OF PORTSMO~i, VIRGINIA. SECTION 1. For the pt~pose of providim~ f~nds to p~v the empenses incurred as a result of the recent mnnexation DroceecLings and to pu~c~se fire equipment, school buses and voting mac~ines for use the territory e~exed to the City of Portsmouth on January 1, 1968, there shall be issued Six HmTdred Thousand ($600,000.00) Dollams of bonds of the City of Portsmouth~ to be knovm as General Obligation Bonds, pursuant to the provisions of Chapter 5 of Title 15.1 of the Code of Virgim~aand other provisions of law applicable thereto. The said bonds shall be serial bonds smd shall be issued at one time or a ~art thereof from time to time mhd shall be in such form smd of such denomination, as the Co~mcil ~hall direct Each issue shall be payable not exceedmng tnmrty (30) years from its date, and said bonds s?~ll bear interest at a rate o~ rates to be hereafter determined by the Council, upon the sale.of said bonds, provided tbat the ms~imum rate of interest shall not exceed six per centum (6%) per ann~m. SECTION 2. An emergency exists m~d t~is ordimance shall be in effect from its passage. AdqDted by the Coumcil of the City ~ - ~ · . · o~ Portsmouth, Virglnta~ at a meeting held on March 26~ 1968. Teste: City Clerk