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(ii) finance public utility improvements described in the 1997 Ordinance, and (iii) finance public improvements described in the 1998 Resolution, the 1999 Resolution, the 2000 Resolution, the 200lA Resolution and the Notice (the "Projects"). NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA I. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is.advisable to contract a debt and to issue and sell general obligation bonds of the City in the aggregate principal mount not to exceed $56,335,000 (the "Bonds"), of which $34,035,000 will be issued as Public Utility Bonds pursuant to Article VII, Section 10(a)(2) of the Virginia Constitution and $22,300,000 will be issued as Public Improvement Bonds. The issuance of the Bonds is hereby authorized. The proceeds from the issuance and sale of the Bonds shall be used (i) to pay the principal of the 2001 Note at maturity and (ii) to pay all or a portion of the costs of the Projects, including costs associated with issuance of the Bonds, in such mounts as shall be determined by the City's Chief Financial Officer subject to the maximum mounts authorized by the 1997 Ordinance, 1998 Resolution, 1999 Resolution, 2000 Resolution, 2001A Resolution and the Notice, respectively. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same become due and payable unless other funds are lawfully available and appropriated for the timely payment thereof.