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R-01-19 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $28,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH. VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC UTILITY BOND ANTICIPATION NOTE, SERIES 2001 FOR THE PURPOSE OF REFINANCING $28,000,000 CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC UTILITY BOND ANTICIPATION NOTE, SERIES 2000 DATED MARCH 29, 2000 AND MATURING ON MARCH 31, 2001. WHEREAS, the Council (the "City Council") of the City of Portsmouth, Virginia (the "City"), on August 23, 1994 adopted an ordinance authorizing the issuance of $22,900,000 principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds for the purpose of providing funds to pay the costs of capital improvements, extensions and additions to the revenue-producing water and sewer system of the City and authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Notes in anticipation of the issuance of such bonds (the "1994 Ordinance"); and WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2) of the Constitution of Virginia, 1971. the issuance of debt pursuant to the 1994 Ordinance was approved by the majority of the qualified voters of the City voting upon the question of their issuance at an election held on November 8, 1994; and WHEREAS, of the $22,900,000 principal mount of City of Portsmouth, Virginia General Obligation Public Utility Bonds authorized for issuance under the 1994 Ordinance, $13,000,000 principal amount of such bonds, dated January 1, 1996 and bearing the series designation "Series 1996", were issued on February 13, 1996, and a $9,900,000 principal amount of the City of Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Note,