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AN ORDINANCE AUTHORIZ~ING THE ISSUANCE OF T%~,~O MILLION POUR HUNDRED THOUSAND
<br />DOLLARS OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO Bm KN0%~ AS GENERAL
<br />0BLIGATION BONDS, FOR TH~ PUP~oOSE OF PROVIDING FUNDS TO CONSTRUCT SCHOOL
<br />BUILDINGS, TO CONSTRUCT CERTAIN OTHER PUBLIC BUILDINGS, AND TO CONSTRUCT
<br />CERTAIN STP~ET ~ND UTILITY I~PROV~MENTS, MAKING PROVISION FOR THE FORM OF
<br />SAID BONDS AND FOR THE PAYMENT TH~REOF.
<br />
<br /> %'~EREAS, it is necessary to provide funds to construct school
<br />buildings, to construct certain other public buildings, and to construct
<br />certain street and utility i~rp~rovements, at an estimated cost of Two NIillion
<br />Four Hundred Thousand Dollars; and
<br />
<br /> %CdEREAS, there are no funds in the treasury of the City of Portsmouth
<br />spplicab!e to the payment of the cost of said improvements, and it is accordingly
<br />necessary to issue bonds of the City in the sum of Two Million Four Hundred
<br />Thousand Dollars for that purpose.
<br />
<br /> NOW, THEREFOPd~, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA:
<br />
<br /> Section 1. That for the purpose of providing funds for the construction
<br />of school buildings, the construction of certain other public buildings, and the
<br />construction of certain street ~nd utility improvements, there shall be issued
<br />Two Million Four Hundred Thousand Dollars of bonds of said City to be known as
<br />General Obligation Bonds, consisting of four httndred and eighty bonds of the
<br />denomination of Five Thousand Dollars each~ numbered 1 to 480, both inclusive,
<br />dated ~ay 1, 1964, and bearing interest from date payable semiannually on
<br />May 1 and November 1, of each year at such rate or at su~n different or varying
<br />rates, not to exceed six per centum per annum on any bond, as may be fixed by
<br />the City Council prior to their execution. Both principal and interest of said
<br />bonds shall be payable in lawful currency of the United States of America, at
<br />The Chase ~nhattan Bank, New York, New York, and the said bonds shall mature
<br />serially, in n~merical order as follows:
<br />
<br />$120,000.00 of said bonds to be payable on ¥~y 1, 1965
<br />
<br />$120,000.00 of said bonds to be payable on May 1, 1966
<br />
<br />$120,000.00 of said bonds to be payable on May 1, 1967
<br />
<br />$120,000.00 of said bonds to be payable on 5~y 1, 1968
<br />
<br />$120~000.00 of said bonds to be payable on May 1, 1969
<br />
<br />$120,000.00 of said bonds to be payable on May 1, 1970
<br />
<br />$120,000.00 of said bonds to be payable on May 1, 1971
<br />
<br />$120,000.00 of said bonds to be payable on May 1, 1972
<br />
<br />
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