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R-00-14
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<br />RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AUTHORIZING THE ISSUANCE OF $28,000,000
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA,
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC
<br />UTILITY BOND ANTICIPATION NOTES FOR THE PURPOSES OF
<br />REFINANCING $9,900,000 CITY OF PORTSMOUTH, VIRGINIA,
<br />PUBLIC UTILITY BOND ANTICIPATION NOTES DATED AUGUST 16,
<br />1999 AND MATURING ON MARCH 31, 2000, FINANCING THE COSTS
<br />OF CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO
<br />THE REVENUE-PRODUCING WATER AND SEWER SYSTEM OF THE
<br />CITY AND FINANCING THE COSTS OF VARIOUS PUBLIC
<br />IMPROVEMENTS PROJECTS IN THE CITY AND APPROVING THE
<br />FORM AND OTHER DETAILS THEREOF; AUTHORIZING THE CITY
<br />MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL
<br />ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE
<br />ISSUANCE, SALE AND DELIVERY OF SUCH NOTES; AUTHORIZING
<br />THE CITY MANAGER TO EXECUTE SUCH NOTES; AND
<br />OTHERWISE PROVIDING DETAILS WITH RESPECT TO THE
<br />ISSUANCE OF SUCH NOTES.
<br />
<br /> WHEREAS, the Council (the "Council") of the City of Portsmouth, Virginia [the
<br />"City"), on August 23, 1994 adopted an ordinance authorizing the issuance of $22,900,000
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds for
<br />the purpose of providing funds to pay the costs of capital improvements, extensions and
<br />additions to the revenue-producing water and sewer system of the City and authorizing the
<br />issuance of a like principal amount of City of Portsmouth, Virginia, General Obligation Public
<br />Utility Bond Anticipation Notes m anticipation of the issuance of such Bonds (the "1994
<br />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 1994 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 November 8, 1994; and
<br />
<br /> WHEREAS, of the $22,900,000 principal amount of City of Portsmouth, Virginia
<br />General Obligation Public Utility Bonds authorized for issuance under the 1994 Ordinance,
<br />$13,000,000 principal amount of such Bonds, dated January 1, 1996 and bearing the series
<br />designation "Series 1996", were issued on February 13, 1996, and a $9,900,000 principal amount
<br />of the City of Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Note,
<br />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, Section 2 of the 1994 Ordinance authorizes the City to issue and sell
<br />general obligation public utility bond anticipation notes of the City in an aggregate principal
<br />amount equal to the principal amount of the Bonds authorized for issuance thereunder, the sale of
<br />any such general obligation public utility bond anticipation notes and the form and other details
<br />thereof to be approved, ratified and confirmed by the Council; and
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