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.... O~I]~k~CE ~?u~IO?IZINC 0.~L~E ISSU~]'~O!E OF SI% ~LLIO.~ DOLLARS OF BO~)S OF T!~ CI~ O? PO~?S~.'O~I~ VIRGINIA, TO ~ ~,IOV..~ AS GE~mEPJ~L OBLIGATION BONDS, FOR ~.~[E Pb~E OF PRO¥~DIi~G I'~O~'~0S FOR T~ CONSTRU6TION OF SCH~)LS~ CEIf£~J]~ O~{~ PUBLIC ~UILDI/~GS~ PLAYGROUndS Yield STREETS; FOR '~ PUR~{ASE OF PROP- i~U~Y FOR GO%~]~r~fAL~ EDUCATIONAL~ F~CP£ATIONAL~ P~KING _~'~D POPE DEVELOP- .,~,~T Pb~POSES; FOI~ ~4E PD~C}LKSE OF FIPJE E©UIP~/~Ff~ RADIO EQUIPP~NT, VOTING ~CqINES N4D T~AFFIC SIGNALS; £~D FOR URBAN P~NEWAL PURPOSES~ ~KING PRO- ¥~SION FOR ~E I~D~4 OF SAID BONDS N~D FOR ~ PAY~2~f THEREOF. ¥~{~AS, it is necess~y to provide Dmnds ~or the construction of schools, certain other public buildin_~, playgrounds smd streets; for the purchase of property for 2ove~menta4 educational, rec_~e~ional, parkLnc ~d port development purposes; for the purchase of fire equipment, radio equiDment, vot~ag machir]es and traffic signals; and for urb~l renewal juu?oses, at an estimated cost of Six ~illion Dollars; and ¥~ZREk%, there ~ no funds in the treasury of the City of Portsmouth applicable to the paymen5 of the cost of said i~proveraents, ~nd it is accord- La~ly necesssa~j ~o issue bonds of the City in the s~m of Six i~'.~llion Dollars for t~at pu~zpose. NOW, ~rLF~REFOP~ BE IT O.P~AI~D BY ~i~E COUNCIL OF ~ CITY O? P01{ESMObl{, ~IRGINIA: Section 1, That for the purpose of providing funds Eor the con- svruction of schoois~ certain other public bui!dings~ playgrounds and stree~s~ for the purchase of proper~y for govennmental~ educational~ recreationai~ pa~ing and port deve!opnen~ purposes; Eor the purchase of fire equipment~ radio equipment~ voting machines and traffic sigaals.~ and for urban p~rr~ooses~ t~ere shall be issued Six P~illion Dollars of bonds of said City oe ia~o~,.~n as General 0biigat~on Bonds~ consist~ of One ~n~sand ~o i~undred bonds of the denomination of Five Thousand Dollars each~ n~umbered 1 to i~200~ ooth ihclusive, dated April 1~ t966~ and bearing interest from date payggle semis~uatiy on April 1,'and Octdger 1~ of each year az such rate or at such different or varying rates~ no~ ~o exceed six per censure per ~r~ on any bond~ as may be fixed by the City Council prior to their execution. Both principal m~d interest of said bonds shall be payable in lawful currency of the United States of America, at The Chase M~/nattan Bank~ N. A. ~ Naw York~ New York, and the said bonds shall mature serially~ in numerical order as follows: $240~000 of said bonds to be payable on April 1~ 1967 $240,000 of said bonds to be payable on April 1~ 1968 $240,000 of said bonds to be payable on April .1, 1969 $240~000 of said bonds to 'be p~yable on April 1~ 1970 $240,000 of said bonds robe payable an April 1~ 1971