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<br />regulations pursuant to the Internal Revenue Code of 1986, as amended, from the proceeds of <br />one or more issues of bonds issued to fund the projects. As of the date of this ordinance, the <br />maximum projected amount of general obligation bonds and notes to be issued is not expected to <br />exceed $41,792,138. <br /> <br />4. That this ordinance shall take effect on July 1,2012. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />May 15,2012. <br /> <br />Teste: <br /> <br />City Clerk <br />