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AN ORDINANCE AUTHORIZING THE:ISSUANCE OF SEVEN ;~T~;ION FOUR HUNDRED THOUSAND ($7; 400,000.00) DO~-OE. ~ONDS OF THE CITT OF PORTSMOUTH, VIRGINIA, TO BE ENOW~ AS GENERAL OBLIGATION BO~DS, FOR THE PURPOSE OF PROVIDING FUNDS TO COMPLY WiTH THE ORDER ENT~ED IN THE CIRC~JIT COURT OF THE CITY OF CHESAPEAKE, ON OCTOBER 2, t967, ANNEXING c~TAIN TERRI- TORY TO THE CITY OF PORTSMOUTH ~F~CT]ZvE JANUARY i, 1968. WHEREAS, it is necessary for the City of Portsmouth to pro.v,ide.- funds to comply with the order enter~ed in"~the circuit Court of the city ~ of Chesapeake on October 2, 1967, annexing ?rtain territory .to ~he' City of Portsmouth effective January l~-1968, which order will reqUira pay- ments to the City of Chesapeake and the constructioh of public improve- ments at au estimated cost of Seven Million Four Hundred Thousand ($7,400,000.00) Do~ars; and WHEREAS, t~here are no funds in't~e treasury of t~e City of Port--th applicable to the payments dUel~ the City of Chesapeake and the cost of said improvements, 'and it is a.ccordingly necessary to-issue bonds of the City in the sum of Seven Million Pou~ Hundred Thousand ($~,400~000~00) Dollars for that purpose. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY $F PORTSMOUTH, VIRGINIA. SECTION 1. For the purpose of providing funds to comply with the order entered in the Circuit Court of the City' of Chesapeake o~ Octob?.r 2, 1967, annexing certain territory to the City of Portsmouth effective January 1, 1968, there shall be issued S~ven ~Million Four Hundred Thousand ($7,400,000.00) Dollars Of b0nd~o{ the City of Ports- mouth, to be known as General Obligation'Bonds, ~suant to the~pro- visions of Chapter 5 of Title 15.1 of the'~Code o~f Virgini~-and o%her pro- visions of law applicable thereto.' The said bonds sb~] ] be serial bonds a~d-shatt be issued at one time orca part thereof from time to time and shall be in such fora and of such denondnation, as the Council shall direct. Each issue shall be payable not exceeding thirty (30) years from its da~e, audi said bonds shall bear interest at a rate or rates to be hereafter determined by the Council, upon the sale of said bonds, provided that the maximum rate of interest shall n~t exceed six per centu~ (6%) per annum. SECTION 2. An emergency exists and this ordinance shall be in effect from its passage. Adopted by t~e Council of the City of P~rtsmouth, Virginia, at a meeting held on October 10, 1967 Teste: