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Detailed as follows are some of the projects that this bond issue will cover:
<br />
<br />Schools
<br /> Manor High School
<br />
<br />Public Buildings
<br /> Renovation of Police Headquarters
<br /> Churchland Branch Library
<br /> Payment to Portsmouth General Hospital
<br /> Maintenance Building Sleepy Hole Park
<br /> City Garage
<br />
<br />Streets and Highways
<br /> High Street West
<br /> Effingham Street
<br /> Crawford Street Connector
<br /> Elmhurst Lane
<br />
<br />Recreation Facilities
<br /> Sleepy Hole Recreation
<br /> Golf Course
<br /> Urban Beautification
<br />
<br />Park
<br />
<br />Purchase of Property
<br /> Parks-in-Cities
<br /> Southside Fire Station
<br /> Catholic School Property
<br />
<br />Storm Sewers
<br /> Elmhurst Lane
<br /> Airline Boulevard
<br />
<br />Equipment
<br /> Crane for the Incinerator
<br /> Equipment for the Sanitary Landfill
<br /> Closed Circuit TV for City Jail
<br />
<br />Urban Renewal
<br /> Olde Towne Conservation Project
<br /> Park View Conservation Project
<br />
<br />It is anticipated that these bonds will be sold in September and dated October 1, 1971."
<br />
<br /> On motion of Mr. King and seconded by Mr. Irvine Smith, the following resolution was
<br />adopted, and by the following vote:
<br />
<br /> ~A RESOLUTION AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,000)
<br /> GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE
<br /> OF PROVIDING FUNDS FOR THE CONSTRUCTION OF SCHOOLS, CERTAIN OTHER PUBLIC
<br /> BUILDINGS, RECREATION FACILITIES, STORM SEWERS, AND STREETS; FOR THE PURCHASE
<br /> OF PROPERTY FOR GOVERNMENTAL AND RECREATIONAL PURPOSES; FOR THE PURCHASE OF EQUIP-
<br /> MENT; FOR URBAN RENEWAL PURPOSES; AND TO PAY CERTAIN ANNEXATION COSTS PURSUANT TO
<br /> TMMLORDERED ENTERED IN THE-CIRCUIT COURT OF THE CITY OF CHESAPEAKE, VIRGINIA,
<br /> ON OCTOBER 2, 1967, ANNEXING CERTAIN TERRITORY TO THE CITY OF PORTSMOUTH,
<br /> EFFECTIVE JANUARY 1, 1968; AND MAKING PROVISION FOR THE FORM OF SAID BONDS AND
<br /> FOR THE PAYMENT THEREOF.
<br />
<br /> WHEREA~, it is necessary to provide funds for the construction of schools, certain otheri
<br />public buildings, recreation facilities, storm sewers, and streets; for the purchase of
<br />property for governmental and recreational purposes; for the purchase of equipment; for urban
<br />renewal purposes; and to pay certain annexation costs pursuant to the order entered in the
<br />Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certain terri-
<br />tory to the City of Portsmouth, effective January 1, 1968, at an estimated cost of Five
<br />Million Dollars ($5,000,000); and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of
<br />payment of the cost of said improvements, and it is accordingly
<br />the City in the sum of Five Million Dollars (S,O00,O00) for the
<br />
<br />Portsmouth applicable to the
<br />necessary to issue bonds of
<br />aforesaid purposes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> Section 1. For the purpose of providing funds for the construction of schools, certain
<br />other public buildings, recreation facilities, storm sewers, and streets; for the purchase
<br />of property for governmental and recreational purposes; for the purchase of equipment; for
<br />urban renewal purposes; and to pay certain annexation costs pursuant to the order entered
<br />in the Circuit Court of the City of Chesapeake, Virginia, on October 2, 1967, annexing certai]
<br />territory to the City of Portsmouth, effective Jan. 1, 1968, there shall be issued Five MilliOn
<br />Dollars of bonds of said City to be known as General Obligation Bonds, consisting of one
<br />thousand bonds of the denomination of Five Thousand Dollars each, numbered 1 to 1,OO0, both
<br />inclusive, dated October I, 1971,'and bearing-interest from date payable semiannually on Apri
<br />1, and October 1, of each year at.such rate or at such different or varying rates as may be
<br />fixed by the City. Council prior to their executlon~. Both principal and interest of said bond~
<br />shall be payable xn lawful currency of the United States of America, at The Chase Manhattan
<br />Bank (National Association), New York, New York, and the said bonds shall mature serially,
<br />in numerical order as follows:
<br />
<br />
<br />
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