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WHEREAS, of the $24,135,000 principal amount of City of Portsmouth, Virginia <br />General Obligation Public Utility Bonds authorized for issuance under the 1997 Ordinance, <br />$10,100,000 principal amount was issued as part of the 2001 Note in anticipation of the issuance <br />of the bonds authorized by the 1997 Ordinance; and <br /> <br /> WHEREAS, the City Council, on April 28, 1998, after a duly advertised and conducted <br />public hearing, adopted a resolution authorizing the issuance of $3,720,000 principal amount of <br />City of Portsmouth, Virginia, General Obligation Public Improvement Bonds for the purpose of <br />providing funds to pay the costs of various public improvements to be located in the City and <br />authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, General <br />Obligation Public Improvement Bond Anticipation Notes in anticipation of the issuance of such <br />bonds (the "1998 Resolution"); and <br /> <br /> WHEREAS, of the $3,720,000 principal amount of City of Portsmouth, Virginia General <br />Obligation Public Improvement Bonds authorized for issuance under the 1998 Resolution, a <br />portion of the 2001 Note in the principal amount of $3,000,000 was issued in anticipation of the <br />issuance of the bonds authorized by the 1998 Resolution; and <br /> <br /> WHEREAS, the City Council, on April 27, 1999, after a duly advertised and conducted <br />public hearing, adopted a resolution authorizing the issuance of $5,200,000 principal amount of <br />City of Portsmouth, Virginia, General Obligation Public Improvement Bonds for the purpose of <br />providing funds to pay the costs of various public improvements to be located in the City and <br />authorizing the issuance of a like principal amount of City of Portsmouth, Virgin/a, General <br />Obligation Public Improvement Bond Anticipation Notes in anticipation of the issuance of such <br />bonds (the "1999 Resolution"); and <br /> <br /> <br />