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Obligation Public Improvement Bond Anticipation Notes in anticipation of the issuance of such Bonds (the "1999 Resolution"); and WHEREAS, of the $5,200,000 principal mount of City of Portsmouth, Virginia General Obligation Public Improvement Bonds authorized for issuance under the 1999 Resolution, $5,200,000 principal amount of such Bonds remains authorized but unissued as of the date hereof; and WHEREAS, Section 4 of the 1999 Resolution authorizes the City to issue and sell general obligation public improvement bond anticipation notes of the City in an aggregate principal amount equal to the principal amount of the Bonds authorized for issuance thereunder; and WHEREAS, the City has determined to issue $28,000,000 aggregate principal amount of General Obligation Public Improvement and Public Utility Bond Anticipation Notes (the "2000 Notes") for the following purposes and in the following amounts: to refinance the 1999 Notes ($9,900,000), finance the capital improvements described in the 1997 Ordinance ($10,100,000) and finance the public improvements described in the 1998 Resolution ($3,000,000) and the 1999 Resolution ($5,000,000): NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Details and Sale of 2000 Notes. In accordance with and pursuant to Section 2 of the 1994 Ordinance. Section 2 of the 1997 Ordinance. Section 4 of the 1998 Resolution and Section 4 of the 1999 Resolution, the Council hereby approves the issuance and sale of the 2000 Notes in the amounts and for the purposes described in the foregoing paragraph. The 2000 Notes shall be dated the date of their issuance and delivery and shall marare on March 31, 2001. The 2000 Notes shall be subject to redemption at the option of the City on or after January l, 2001 upon terms to be approved by the City's Chief Financial Officer. The City Manager and the City's Chief Financial Officer, or either of them, are authorized and directed to provide for the issuance and sale of the 2000 Notes upon the terms and conditions set forth in the City's Invitation for Bids, dated March 13.2000 and the bid received from First Union National Bank and such other terms as such officers, or either of them, may approve. The form of the 2000 Notes attached to this resolution as Exhibit A is hereby approved, ratified and confirmed by the Council. 2. Tax Covenant. The City covenants that il shall comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, applicable to the 2000 Notes, throughout the term of the 2000 Notes. 3. Appointment of Registrar. The Chief Financial Officer shatl serve as Registrar for the 2000 Notes. 4. Execution of 2000 Notes. The City Manager is authorized and directed to execute and deliver the 2000 Notes to the purchaser thereof upon payment of the purchase price and the City Clerk is authorized and directed to affix the seal of the City thereto and to attest the same. The manner of execution and affixation of the seal may be by facsimile, provided, however, that