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of bonds so authorized, to make the desired improvements~ extensions and additions to the system of water works of the City. NOW THEREFORE, BE tT ORDAINED BY ~tE COUNCIL OF ~tE CITY OF PORTSMOLrI%4: VIRGINIA: Section i. Pursuant to Section One Hundred and /Menty-seven, Clause B~ of the Constitution of Virginia and Chapter 19.1 of Title 15 of the Code of Virglnia~ 1950, and under and by virtue of a ma3ority of the votes cast "For Bond Issue", at an election of the qualified voters of the City of Portsmouth held on the seventh day of November, 1961~ in order to make certain improvements~ extensions and additions to the system of water works of the City, the City of Portsmouth shall borrow the sum of Three Million Dollars ($3,000,000), and there shall be issued in the name of and on behalf of the City of Portsmouth, Virginia~ Three Million Dollars of bonds, in denomination of Five Thousand Dollars each, numbered from 1 to 600, both inclusive, dated April I~ 1965; the proceeds arising from the sale of said bonds to be applied to the payment of the cost of making certain improvements, extensions and additions to the water works system of the City and to no other purpose. The said bonds shall hear interest from their date payable semiannually April 1 and October 1~ of each yearj at such rate or at such different or varying rates; not to exceed six per centum per annum on any bgnd, as may be fixed by the City Council prior to their execution. Both principal and interest of said bonds shall be payable in lawful currency of the United States of Americas at The Chase Manhattan Bank, New York, New York. The said bonds shall not be redeemable by the City of Portsmouth and shall mature serially, in numerical order, as follows: S150~000 of said bonds shall be payable on April 1, 1964 S1S0,000 of said bonds shall be payable on AFril 1, 1965 $150,000 of said bonds shall be payable on April 1, 1966 $150 000 of said bonds shall be payable on April 1, 1967 $150 $150 $150 $150 $150 $150 $150 $150 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be 000 of said bonds shall be payable on April 1, 1968 payable on April Ia 1969 payable on April 1, 1970 payable on April 1~ 1971 payable on April 1, 1972 payable on April 1, 1973 payable on April 1, 1974 payable on April 1, 1975 $150,000 of said bonds shall be payable on April 1, 1976