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; h'ove~her 1~. 1eTD
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<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $118,S97.00 OF BONDS OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, TO BE KNOWN AS GENERAL OBLIGATION BONDS,
<br />FOR THE PURPOSE OF PROVIDING FUNDS FOR HOSPITAL AND STREET CONSTRUCTION.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth to provide funds for hospital and
<br />construction; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City of Portsmouth applicable to
<br />the payment of saidexpenses, and it is accordingly necessary to issue bonds of the City
<br />in the sum of One Hundred Eighteen Thousand Five Hundred Ninetyseven and no/100 ($118,597.00~
<br />Dollars for that purpose.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> SECTION 1. ~For the purpose of providing funds for hospital and street construction;
<br />there shall be issued One Hundred Eighteen Thousand Five Hundred Ninetyseven and no/100 ·
<br />($i18,597.00) Dollars of bonds of the City of Portsmouth, to be known as General Obligation
<br />Bonds, pursuant to the provisions of Chapter 5 of Title 15.1 of the Code of Virginia and
<br />other provisions of law applicable thereto. The said bonds shall be serial bonds and shall
<br />be issued at one time or a part thereof from time to time and shall be in such form and of
<br />such denomination as the Council shall direct. Each issue shall be payable not exceeding
<br />forty (40) years from its date, and said bondsshall bear interest at a rate or rates to
<br />be hereafter determined by the Council, upon the sale of said bonds, provided that the maximum
<br />rate of interest shall not exceed the maximum rate of interest authorized by law at the time
<br />of the sale of said bonds.
<br />
<br /> SECTION 2. This resolution shall take effect from its passage."
<br />
<br /> Ayes: Holley, Johnson, King, Smith (I), Smith (R), Turner, Barnes
<br /> Nays: None
<br />
<br /> 70-490 "I submit the attached resolution and recommend its adoption. This authorizes
<br />the issuance of $8,200,000 of Revenue Bonds for the development of the Portsmouth Marine
<br />Terminal. These bonds were authorized at the election held on November $, 1970.
<br />
<br /> It is not intended to issue any bonds at this time; however, the adoption of this resoli?
<br />tion will permit temporary borrowing. It is necessary to borrow funds to pay for the Paceco
<br />crane that is under construction."
<br />
<br />vote:On motion of Mr. Smith (I) the following resolution,was adopted and by the following
<br />
<br />"A RESOLUTION TO AUTHORIZE THE ISSUANCE OF EIGHT MILLION TWO HUNDRED
<br />THOUSAND DOLLARS ($8,200,000.00) OF BONDS TO BE KNOWN AS PORT IMPROVEMENT
<br />BONDS FOR THE PURPOSE OF ACQUIRING CERTAIN PORT IMPROVEMENTS AND CON-
<br />STRUCTING CERTAIN ADDITIONAL PORT IMPROVEMENTS, WHIC~ SHALL CONSTITUTE
<br />A REVBNUB PRODUCING UNDERTAKING OF THE CITY, PURSUANT TO SECTION 127,
<br />CLAUSE (B), OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE 15.1
<br />OF THE CODE OF VIRGINIA, 19S0, AND UNDER AUTHORITY OF THE VOTE OP THE
<br />QUALIFIED VOTERS OF THE CITY OF PORTSMOUTH AT AN ELECTION HELD ON THE
<br />THIRD DAY OF NOVEMBER, 1970.
<br />
<br /> WHEREAS, the city is authorized to acquire, construct, reconstruct, improve, extend,
<br />enlarge and equip wharves, docks, harbors and sea walls; and
<br />
<br /> WHEREAS, such wharves, docks, harbors and sea walls shall constitute an undertaking
<br />from which the City may derive a revenue; and
<br />
<br /> wHEREAS, the City of Portsmouth is authorized to acquire, construct, reconstruct, impro%
<br />ex~end, enlarge and equip such wharves, docks, harbors and sea walls; and
<br />
<br /> WHEREAS, the City of Portsmouth is authorized under and by virtue of Section 127, Claus.
<br />(b), of the Constitution of Virginia, and Chapter 5 of Title 15.1 of the Code of Virginia,
<br />1950, to issue so many bonds as may be necessary to acquire, construct, reconstruct, improve,
<br />extend, enlarge and equip such wharves, docks, harbors and sea walls; and
<br />
<br /> WHEREAS, it is necessary and expedient to acquire certain port improvements and to
<br />construct additional port improvements to constitute a revenue producing undertaking and
<br />to borrow for that purpose the sum of Eight Million Two Hundred Thousand Dollars and to
<br />issue bonds therefor; and
<br />
<br /> WHEREAS, Section 127, Clause (b), of the Constitution of Virginia, requires the ordinan~
<br />authorizing the issuance of such bonds to be approved by the affirmative vote of the majorit~
<br />of the qualified voters of the City voting upon the question of their issuance at the genera~
<br />election next succeeding the enactment of the ordinance, or at a special election held for
<br />that purpose; and
<br />
<br /> WHEREAS, by virtue of an ordinance adopted by the Council of the City of Portsmouth
<br />on the twentyninth day of September, 1970, entitled, "AN ORDINANCE TO AUTHORIZE THE ISSUANCEI
<br />OF EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOWN AS PORT IMPROVEMENT BONDSI
<br />FOR THE PURPOSE OF ACQUIRING PORT IMPROVEMENTS AND CONSTRUCTING ADDITIONAL PORT IMPROVEMENT,
<br />PURSUANT TO SECTION 127, CLAUSE (B) OF THE CONSTITUTION OF VIRGINIA, AND CHAPTER 5 OF TITLE
<br />15.1 OF THE CODE OF VIRGINIA, 1950,g the Court of Hustings for the City of Portsmouth, by
<br />an order entered on the thirtieth day of September, 1970, directed that there be submitted
<br />to the qualified voters of the City of Portsmouth at an election to be held on the third
<br />day of November, 1970, the question whether the Eight Million Two Hundred Thousand Dollars
<br />of bonds authorized by the said ordinance should be issued; and
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