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portion of the 2000 Notes in the principal mount of $5,000,000 was issued in anticipation of the <br />issuance of the bonds authorized by the 1999 Resolution; and <br /> <br /> WHEREAS, the City has determined to issue $28,000,000 aggregate principal amount of <br />City of Portsmoutth Virginia General Obligation Public Improvement and Public Utility Bond <br />Anticipation Note, Series 2001 (the "2001 Notes") for the purpose of refinancing the 2000 Notes <br />which mature on March 31, 2001. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> 1. Authorization of Bonds and Use of Proceeds. The City Council hereby <br />determines that it is advisable to contract a debt and to issue and sell general obligation bond <br />anticipation notes of the City in the aggregate principal amount not to exceed $28,000,000 and <br />the issuance and sale of the 2001 Notes are hereby authorized. The proceeds from the issuance <br />and sale of the 2001 Notes shall be used to pay the principal of the 2000 Notes at maturity (or to <br />be exchanged therefor). <br /> <br /> 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby <br />irrevocably pledged for the payment of the principal of and interest on the 2001 Notes as the <br />same become due and payable. The City Council shall levy an annual ad valorem tax upon all <br />property in the City, subject to local taxation, sufficient to pay the principal of and interest on the <br />2001 Notes as the same become due and payable unless other funds are lawfiflly available and <br />appropriated for the timely payment thereo£ <br /> <br /> <br />