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AN ORDINANCE AU~qORIZING THE ISSUANCE OF TWO MIT.TJYON DOL~ OF BONDS
<br />.OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOW]~ AS GENERAL OBLIGATION
<br />BONDS, FOR THE PURPOSE OF PROVIDING FUN~ TO CONSTRU6~ SCHOOL BUILDINGS,
<br />AN ARMORY, AND SEWERS, MAKING PROVISIC~ FOR THE FORM OF SAID BONDS AND
<br />FOR THE PAY~ THEREOF.
<br />
<br /> ~tEBEAS, it is necessary to provide funds to construct school
<br />buildings, an armory, and sewers, at an estimated cost of T~o Million
<br />Dollsrs; and
<br />
<br /> WHEREAS, ther~ are no funds in the treasury of the City of
<br />Portsmouth applicable to the payment of the cost of said improvements,
<br />and it is accordingly necessary to issue bonds of the City in the st~ of
<br />Two Million Dollars for that purpose.
<br />
<br /> NOW, ~HEBEFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA:
<br />
<br /> Section 1. That for the purpose of providing funds for the
<br /> construction of school buildings, an armory, and sewers, there shall be
<br /> issued Two Million Dollars of bonds of said City to be known as General
<br /> Obligation Bonds, consisting of four hundred bonds of the dencmination
<br /> of Five Thousand Dollars each, numbered i to 400, both inclusive, dated
<br />~ ~'-May-l, 1965, and bearing interest from date payable semiannually on
<br /> May l, and November l, of each year at such rate or at such different or
<br /> · ,-~ . varying rates, not to exceed six per centrum per anntm~ on any bond', as may
<br /> be fixed by the City Council prior to their execution. Both principal
<br /> and inter~st of said bonds shall be payable in lawful currency of the
<br /> United States of America~ at The Chese Manhattan Bank, New York, New York,
<br /> and the said bonds shall mture serially, in n~erical order as follc~s:
<br />
<br />$100,000.00 of said bonds to be payable on May 1, 1966
<br />
<br />~· $100,000.00 of said bonds to be payable on ~y 1, 1967-
<br />' ~ $100,000.00 of said bonds to be payable on May 1, 1968
<br />
<br />; $100,000.00 of said bonds to be payable on May '1,
<br />
<br />:~. $100,000.00 of said bonds to be payable on May l, 1970
<br />~,' ~ $100,000.00 of said bonds to be payable on May 1, 1971
<br />
<br /> ~i $100,000.00~ of said bonds to be ,pa~Vable on May~ 1, 1972 ~
<br />
<br />said bonds to ~
<br />
<br />
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