|
WHEREAS, the Council, on December 9, 1997 adopted an ordinance authorizing the
<br />issuance of $24,135,000 principal amount of City of Portsmouth, Virgima, General Obligation
<br />Public Utility Bonds for the purpose of providing funds to pay the costs of capital improvements,
<br />extensions and additions to the revenue-producing water and sewer system of the City and
<br />authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Utility Bond Anticipation Notes in anticipation of the issuance of such Bonds
<br />(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 pnncipal amount of City of Portsmouth, Virginia
<br />General Obligation Public Utility Bonds authorized for issuance under the 1997 Ordinance,
<br />$24,135,000 principal amount of such Bonds remains authorized but unissued as of the date
<br />hereof; and
<br />
<br /> WHEREAS, Section 2 of the 1997 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
<br />
<br /> WHEREAS, the Council, on April 28, 1998, after a duly advertised and conducted
<br />public hearing, adopted a resolution authorizing the issuance of $3,720,000 principal amount of
<br />City of Portsmouth, Virginia, General Obligation Public Improvement Bonds for the purpose of
<br />providing funds to pay the costs of various public improvements to be located in the City and
<br />authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Improvement Bond Anticipation Notes in anticipation of the issuance of such
<br />Bonds (the "1998 Resolution"); and
<br />
<br /> WHEREAS, of the $3,720,000 principal amount of City of Portsmouth. Virginia General
<br />Obligation Public Improvement Bonds authorized for issuance under the 1998 Resolution.
<br />$3,720,000 principal amount of such Bonds remains authorized but unissued as of the date
<br />hereof; and
<br />
<br /> WHEREAS, Section 4 of the 1998 Resolution authorizes the City to issue and sell
<br />general obligation public improvement bond anticipation notes of the City in an aggregate
<br />principal amoura equal to the principal amount of the Bonds authorized for issuance thereunder;
<br />and
<br />
<br /> WHEREAS, the Council, on April 27, 1999, after a duly advertised and conducted
<br />public hearing, adopted a resolution authorizing the issuance of $5,200,000 principal amount of
<br />City of Portsmouth, Virginia, General Obligation Public Improvement Bonds for the purpose of
<br />providing funds to pay the costs of various public improvements to be located in the City and
<br />authorizing the issuance of a like principal amount of City of Portsmouth, Virginia, General
<br />
<br />
<br />
|