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R-01-09 A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING A MAXIMUM AMOUNT OF $11,500,000 IN GENERAL OBLIGATION FINANCING FOR REDEVELOPMENT PURPOSES. WHEREAS, the Council of the City of Portsmouth, Virginia (the "City") has determined that it is advisable to issue a maximum amount of $11,500,000 general obligation bonds or other general obligation financing to finance the cost of certain redevelopment and economic development projects consisting primarily of the following: (i) acquisition of certain land in the Victory Boulevard area for the purpose of eliminating blight and promoting redevelopment and economic development; (ii) demolition of certain structures and construction of infrastructure on certain property in the Victory Boulevard area for the purpose of promoting redevelopment and economic development and preventing blight and (iii) paying a portion of the costs associated with the development of the downtown Performing Arts Center (the "Projects"). The City has held a public hearing on such financing on January 23, 2001. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Authorization of Financing and Use of Proceeds. The Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation bonds or other general obligation financing of the City in the maximum principal amount of $11,500,000 (the "Financing"). The issuance of the Financing is hereby authorized. The Financing may be issued as general obligation bonds of the City (the "Bonds") or in the form of one or more financing agreements or cooperation agreements (collectively, the "Cooperation Agreement") securing revenue bonds to be issued by the Industrial Development Authority of the City of Portsmouth (the "Authority"). The proceeds from the issuance and sale of the Financing shall be used to pay all or a portion of the costs of the Projects, including costs associated with issuance of the Financing, in such amounts as shall be determined by the City's Chief Financial Officer. 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 and payments due under any Cooperation Agreement 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 and payments due trader any Cooperation Agreement as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The Bonds shall be issued in such aggregate principal amount, and may be combined with other previously authorized general obligation bonds of the