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an additional general retail sales tax at a rate not to exceed 1% solely for capital projects <br /> for the construction or major renovation of schools serving Portsmouth. <br /> 2. That if all such capital projects for the construction or major renovation of <br /> schools serving the City of Portsmouth are financed by bonds or loans, the tax levied <br /> pursuant to this resolution, if approved by referendum, shall expire on the date by which <br /> such bonds or loans shall be repaid or on June 30, 2046, whichever is earlier. <br /> 3. That if any such capital projects for the construction or major renovation of <br /> schools serving the City of Portsmouth are not financed by bonds or loans, the tax levied <br /> pursuant to this Resolution, if approved by referendum, shall expire on June 30, 2046. <br /> 4. That the City Attorney is authorized and directed to file an attested copy of <br /> this Resolution with the Clerk of the Circuit Court, along with such other documentation <br /> as may be necessary for consideration and approval by the Court and for processing and <br /> publication by the Clerk of the Circuit Court in accordance with Section 58.1-605.1 of the <br /> Code of Virginia. <br /> 5. That it proposes that the following language appear on the ballot for the <br /> referendum: <br /> "Shall the City of Portsmouth,Virginia be allowed to enact an additional local retail <br /> sales tax of up to one percent (1%)to provide revenues that shall be used solely for <br /> capital projects for the construction or major renovation of schools serving the City <br /> of Portsmouth? This additional tax would expire no later than June 30, 2046." <br /> 6. That it requests that the referendum be held on November 3, 2026. <br /> 7. That this resolution shall take effect as of the date of adoption. <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br /> on July 28, 2026. <br /> Teste: <br /> City Clerk <br />