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AN ORDINANCE AUTHORIZING THE ISSUANCE OF THREE MTT,TTON SIX HUNDRED T~OUS~ DOLLAWS ($3,600,000.0~) OF BO~S OFTHE CY'YY. 0F VIRGINIA, TO BE E~O~ AS GE~~ERAL OBLIGATION BONDS, FOR THE PURt~SE OF PROVIDING FL~DS TO PAY THE CITY'S SHARE OF THE COST OF CONSTRUCTION OF A ~INE TE~iINAL AT PINNERS POINT. ~ WHEREAS, the Council of ~he City of Portsmouth hereby finds that the construction of a marine terminal at ~Pinnars Point-will benefit the general welfare of the City of Portemou~h and ihs citizens; and WHEREAS, the General Assembly of Virginia has appropriated to the Virginia State Ports Authority ~ ~r~. ~ ~li~]~_'0n~Six Hu~d~. ,e?Th0~us~a~d Dollars ($3,600,000,00) as the State'S"one-balf share or zne cos~ oz construction of such marine terminal; and WHEREAS, the City of Portsmouth is presently negot%at~ ~lth the Virginia State Ports Authority with respect ~o $he construction and operation of said marine tenminal; and ' W~r~m~P~AS it is necessary for the City of Portsmouth~ to provide funds to pay the remsining one-half of the cos~. of the construction Of said ,marine terminal, which one-half share of~the co~t~, amounts to Three Million Six Hundred Thousand Dollars ($3,600,000.00); mud WHEREAS, there are no funds in the t~easury ~of the. C~t.y of Portsmouth applicable to the cost of said improvements, mud mt ms accordimgly necessary to mssue bonds of the Cmty mn the stm cz Thr.~. )[tllion Six Hundred Thousanm Dollars ($3,600,000.00) for ~nak purpose. NOW, TRHEP~FORE, BE IT OPDAZ~D BY ~ COU~CIL OF T~.~- CITY OF PO~SMOb~H, -VIRGI~,FiA: SECTION 1. For the purpose of providing funds to pay the City's share of the cost of the construction'of said marine terminal, including the acquisition of propert~ud the ~onstruction, erection and installation of w~harves, docks, bOi~ldiNgs, equi~nent and other ~ appurtenances, there shall be issued_Three Millfon-Six Hundred Thousand Dollars ($3,600,000.00) of bonds of-t~e Cit~~ bf Portsmouth, to be ~o~,~ as General Obligation Bonds, ~ursuant to the~rovisi°~ns of Chapter 5 of~ Title 15.1 and Chapter 6.1 ~f.Title 6~ of th~'Code°f. Virgir~a and othe~ provisions of law applicable thereto; provi~,-however, that no]e of such bonds shall be issued tmless and until ~ written .agreement with respect to the construction and operation of said marine te~ninai has been entered into by the Virginia State Ports Authority and the City of Portsmouth. i~e said bonds shall be serial bonds and s~-Ii be issued at one t~ne or a part thereof ~ time to time and shall be in such form s=nd of SUCh den~:~n~tion, as the Comnci! shall ~ect. Each issue