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AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF FIVE MILLION SIX MIIN~DRED THOUSAND DOLLARS OF BONDS TO BE KNOW~N AS WATER BONDS, FOR THE PURPOSE OF MAKING I~PROVEMENTS, kn[TENSIONS AND ADDI- TIONS TO THE SYSTE~ OF WATER WORKS OF THE CITY, PURSUANT TO SECTION 127, CLAUSE B, OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 19.1 OF TITLE 15 OF THE CODE OF VIRGINIA, 1950. WHEREAS, the City of Portsmouth is authorized to establish or enlarge water works, and under and by virtue of Chapter 19~1 of Title 15 of the Code of Virginia, 1950, the Council of any City in this State which is authorized to quire, maintain or establish a system of wa~er works, electric lights or other lighting system, or other specific undertaking fro~ which the City may derive a revenue, may in accordance with Section One Hundred and Twenty-seven, Clause B, of the Constitution of Virginia, issue so many bonds as may be necessary to ac- quire, maintain or establish such system of water works, electric lights or other lighting system, or other specific undertaking; and ?;HEREAS, it is necessary and expedient to make certain improvements, extensions and additions to the system of water works of the City of Portsmouth and to borrow for that purpose the sum of Five Million Six Hundred Thousand Dollars and to issue bonds therefor; and WHEREAS, Section One Hundred and Twenty-seven, Clause B, of the Consti- tution of Virginia, requires the ordinance authorizing the issuance of such bonds to be approved by the affirmative rome of the majority of the qualified voters of the City voting upon the question of their issuance, at the general election next succee~ti~ the enactment of the ordinance, or at a special election held for that purpose; now therefore; BE IT ORDAINED by the Council of the City of Portsmouth~ Virginia, that: Section I - Pursuant to Section One Hundred and Twenty-seven, Clause B, of the Constitution of Virginia, and Chzpzer 19.1 of Title 15 of the Code of Virginia, 1950, in order ~o make certain improvements, extensions and additions to the system of water works of the City, the City of Portsmouth shall borrow the sum of Five Nillion Six Hundred Thousand Dollars and there shall be issued in the ~ame of and on behalf of the City of Portsmouth, Virginia, Five Nillion Six Hundred Thousand Dollars of registered or coupon bonds in the denomination of One Thousand Dollars each, and the proceeds arisin~ from the sale of said bonds or any of them shall be applied to the payment of the costs of making improve- ments, extensions and additions to the system of %~ter works of the City, and to no other purpose.