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AN O-~DINANCE AUTt{ORIZING ~gE ISSUA~{CE OF SIX MILLION EIGHT HLtN-DRED THOUSAND DOLLARS OF BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, TO BE IQNOWN AS GENERAL OBLIGATION BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO COMPLY WITH THE ORDER ENTERED IN THE CIRCUIT COURT OF NORFOLK COUNTY ON AUGUST 20~ 1959, ANNEXING CERTAIN TERRITORY TO THE CITY. OF PORTS- MOUT7{ EFFECTIVE JAhW3ARY 1, 1960, ~AKING PROVISION FOR THE FOR~J OF SAID BONDS AND FOR THE PA~ENT THEREOF. WI~EREAS, it is necessary to provide funds to comply with the order entered in the Circuit Court of Norfolk County on August 20~ 1959, annexing certain terri- tory to the City of Portsmouth effective January 1~ 1960, which o~der will re- quire payments to Norfolk County and construction of public improvements at an estimated cost of Six Million Eight Hundred Thousand Dollars; and WHEREAS, there are no funds in the treasury of the City of Portsmouth appli- cable to the paymentS due Norfolk County and the cost of said improvements, and it is accordingly necessary to issue bonds of the City in the sum of Six Million Eight Hundred Thousand Dollars for that purpose° NOW. ~{EREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PORTSMOUTH VIRGINIA: Section I. That for the purpose of providinE funds to comply with the order entered in the Circuit Court of Norfolk County on August 20, 1959, annexin~ certain territory to the City of Portsmouth effective January 1, 1980, there shall be issued Six Million Eight Hundred Thousand Dollars of bonds of said City to be known as General Obligation Bonds, consisting of six thousand eight hundred bonds of the denomination of O¢%e Thousand Dollars each, numbered 1 to ~,800, both in- clusive, dated January t~ 1~60, ~nd bearing interest from date payable semi- annually on July 1 and January 1 of each year at such rate or at such different or v~ryinE ~a~es, not to exceed six per centum per annum on any bond, as may be fixed by the City Council prior to their execution. Both principal and interest of said bonds shall he payable in lawful currency of the United States of America,