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R-00-25 A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,640,000.00 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS FOR THE CITY: AND AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE, OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH BONDS. WHEREAS, in the judgment of the Council (the "Council") of the City of Portsmouth, Virginia (the "City"), it is desirable to authorize the issuance of five million six hundred forty thousand dollars ($5,640,000.00) aggregate principal amount of general obligation public improvement bonds of the City to provide funds to pay the costs of various public improvement projects for the City and, in anticipation of the issuance of such bonds, to authorize and provide for the issuance and sale of general obligation public improvement bond anticipation notes; and WHEREAS, a public hearing has been held with respect to the adoption of this resolution on April 25, 2000, as required by and in accordance with Section 15.2-2606.A of the Code of Virginia, 1950; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: 1. Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), for the purpose of providing funds to pay the costs of various public improvement projects for the City, there are hereby authorized to be issued and sold five million six hundred forty thousand dollars ($5,640,000.00) aggregate principal amount of general obligation public improvement bonds of the City (the "Bonds"). As determined by resolution of the Council, or as determined by the Chief Financial Officer of the City and approved or ratified by resolution of the Council adopted prior to the issuance of the particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years from their date, bear interest at a rate or rates not exceeding 9%, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City. 2. The full faith and credit of the City is hereby irrevocably pledged to the payment of the principal of and premium, if any, and interest on the Bonds as the same become due. In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, al the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon ali taxable property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on the Bonds to the extent other funds of the City are not lawfully available and appropriated for such purpose.