|
WHEREAS, .the General Assa~bty of Virginia has appropriated to
<br />the Virginia State Ports Authority ~nree M_illion Six Hundred Thousand
<br />Dollars ($3,600,000) as the State,s share of the cost of construction
<br />of such marine tenminal; and
<br />
<br /> WHEREAS, it is necessar~y for the City of Portsmouth to pro-
<br />vide funds to pay its share of the cost of the construction of said
<br />marine terminal, which share of the cost ~r~ounts to Four ~itlion ~r~ee
<br />Hundred Fifty Thousand Dollars ($4,350~000); and
<br />
<br /> WHEREAS, it is necessary to provide funds for the construction
<br />of schools, certain other public buildings~ recreational facilities,
<br />sewers and streets; for the purchase of property for educatior~al and por~
<br />development purposes; and for urban renewal purposes, a~ an estLmated
<br />cost of Four ~llion One Hundred Fifty Thousand Dollars ($4,150,000);
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE COL~{CIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA~'
<br />
<br /> Section 1. That for the purpose of providing D0nds to pay the
<br />City's share of the cost of conssruction of a marine termir~ut at Pinners
<br />Point, for the construction of schools, certain other public buildings,
<br />recreational facilities, sewers and streets; for the purchase of property for
<br />educational and port development p~u~poses; and for urban renewal Durposes,
<br />there shall be issued Eight Million Five Hundred Tho~dsand Dollars of bonds of
<br />said City to be known as General Obligation Bonds, consisting of one thousand
<br />seven hundred bonds of the denomination of Five. Thousand Dollars each,
<br />n~mbered 1 to 1,700, both inclu~ive~ dated I~y 1, 1967, and bearing interest
<br />frmn date payable semiannually on May !, and November 1, of each year a~ such
<br />rate or at such different or varying rates, not to exceed six per centum per
<br />annum on any bond, as my be fixed by the City Council prior to ~heir e~ecution.
<br />Both principal and interest of said b0nd~ shall be payable in lawful currency
<br />of the United States of America, at The Chase ~r~h~ttan Bank (National
<br />Association), New York, New York, and the said bonds shall mture serially,
<br />in n~nerical order as follows:
<br />
<br />$340,000 of said bonds to be payable on May 1, 1968
<br />
<br />- ' $340,000 of said bonds to be payable on ~y 1, 1969
<br />
<br />$340,000 of said bonds to be payable on May 1, 1970
<br />
<br />$340,000 of said bonds to be payable~ on May 1~ 1971
<br />$340~000 of said bonds to be payable on May 1, 1972
<br />
<br />$340,000 of said bonds to be payable on May 1, 1973
<br />
<br />$340,000 of said bonds to be payable on May 1, 1974
<br />
<br />$340,000 of said bonds to be payable on ~L~y 1, 1975
<br />$340,000 of said bonds to be payable on May 1, 1976
<br />
<br />$340,000 of said bon~E to be payable on May 1, 1977
<br />
<br />-2-
<br />
<br />
<br />
|