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Series 1999 (the "1999 Note") was issued on August 16, 1999 in anticipation of the issuance of <br />the bonds authorized by the 1994 Ordinance; and <br /> <br /> WHEREAS, on March 29, 2000, the City issued its $28,000,000 General Obligation <br />Public Improvement and Public Utility Bond Anticipation Note, Series 2000 (the "2000 Notes") <br />a portion of the proceeds of which in the amount of $9,900,000 was used to refinance the 1999 <br />Note; and <br /> <br /> WHEREAS, the City Council, on December 9, 1997 adopted an ordinance authorizing <br />the issuance of $24,135,000 principal amount of City of Portsmouth. Virgima, General <br />Obligation Public Utility Bonds for the purpose of providing funds to pay the costs of capital <br />improvements, extensions and additions to the revenue-producing water and sewer system of the <br />City and authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, <br />General Obligation Public Utility Bond Anticipation Notes in anticipation of the issuance of such <br />bonds (the "1997 Ordinance"); and <br /> <br /> WHEREAS. in accordance with the provisions of Article VII, Section 10(a)(2) of the <br />Constitution of Virginia, 1971, the issuance of debt pursuant to the 1997 Ordinance was <br />approved by the majority of the qualified voters of the City voting upon the question of their <br />issuance at an election held on May 5, 1998; and <br /> <br /> WHEREAS, of the $24,135,000 principal amount of City of Portsmouth, Virginia <br />General Obligation Public Utility Bonds authorized for issuance under the t997 Ordinance, <br />$10,i00,000 principal amount was issued as part of the 2000 Notes in anticipation of the <br />issuance of the bonds authorized by the 1997 Ordinance; and <br /> <br /> <br />