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AN ORDINANCE ~v~IT~G ORDI~ia_NCg NO. 1966-47 F~YACTED JURE 14, 19665 SO AS TO PROVIDE FOR ~ ISSU~J~CE OF ~E~IG~ ~fII~ION FI~E ~07~DRED THOUSA~ DO rLLARS OF BONDS OF THE CITY OF PORTS~UTH, I~IRGINIA, TO BE ~0~ AS GENERAL OBLIGATION ~ONDS, FOR THE PURPOSE OF PRO~rfD]~G FL~DS TO PAY THE CITY"S SHARE OF ~HE COST OF CONS%~UCTION OF A ~I~J~iNE TF2~.~INAL AT PI~ERS POI~-FOR THE CONSTRUCTION OF SCROOLS~ CERTAIN OTB~R PIr~LIC BUILDtNGS~ RECREATIONAL FACILITIES~ S~,~RS ~D STREETS, FOR TB_~ PUR- CHASE~OF PROPERTY FOR EDUCATIONAL ~ FORT DEnfELOPMENT PUPuWOSES~ ~ FOR URBB2~ REN~7~AL PblRPOSF~S, B~D ~2KING PROVISION FOR THE FOP~ OF SAID BONDS ~ FOR ?~ PA~F~f %HEREOF. WHEREAS, the Council of the City of Portsmouth did hereto- fo ~ o~ June 14, 19o6, adopt an ordinance provmdmng for the issuance of $3,600~000 of bonds of the City of Portsmouth to ~ay the City's share of the cost of the construction of a marine tenninal-at Pinners Point.; and . ~HEREAS~ it is necessary to increase themmount of b~nds that are to.be issuad to finance such cost of construction to $4:350~000; and WHEREAS, it is necessary to provide z~ands for the construction of schools~ certain other public buildings, recreational facilities, sewers and streets; for the purchase.of property for educational and port development purposes; and for urban renewal purposes, and there are no fknnds in the treasury o£ the City of Portsn~uth~plicable to the payment of the cost of said improvements; NOW, THER~RE, BE IT 0RJPAI~N]ED BY THE COUNCIL OF THE CITY OF PORTSMOUTH ~ VIRGINIA: Section A. That Ordinance No. 1966-47, adopted by the Council of the City of Portsmouth, Virginia, on June 14, 1966, together with the title thereof and preambles thereto~ be and the same are hereby amended so that as so amended s~id Ordinance. No. 1966-47, the title thereof and preamble thereto shall read in their entireties as follows: "AN ORDINANCE AUTHORIZING THE ISSUMYCE OF EIGHT ~ZiLLION FI~X~ HUNDRED THOUS~ID DOLLARS OF BO~]DS OF ~ CITY O~ PORTSMDUTH, VIRGINIA, TOBE ~2~OWN AS GF~LRAL OBLIGATION BONDS, FOR Th~ PURPOSE OF PROVIDI2~G FUk~S TO PAY THE CITY'S SHARE OF TH~ COST OF CONSTRUCTION OF A ~ia_RINE TERMINA~ AT PIN~ERS POINT, FOR THE CONSTRUCTION OF SCHOOLS, CmtTAIN ~ PUBLIC BUII,~I~GS, RECREATIONAL FACILITIES, SMeaRS AND STREETS; . FOR ~HE PURCHASE OF PROPERTY FOR EDUCATIONAL ~N]D PORT DEVELO~T PURPOSES, Bi© FOR URBB2~ P~k~7~fAL PURPOSES~ ~2© ?.%~2Z~ING PROVISION FOR Th~ FOP~ OF SAID BONDS A~]D FOR THE PA~n~f ?HEREOF. WHEREAS: the Council of.the City of Portsmouth hereby finds that the construction of a marine terminal at mnners Pomntwmll benefit the' general welfare of the City of Portsmouth ~nd its citizer~; and