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AN ORDINANCE TO APPROPRIATE $7,500,000 IN THE CAPITAL <br />IMPROVEMENTS FUND TO FUND THE MIDDLE STREET PARKING <br />GARAGE AND RELATED COSTS. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br /> 1. That the City Council has determined that it may be necessary or desirable <br />to advance money to pay the costs of acquiring certain parking facilities consisting of a <br />parking garage on Middle Street (the "Project"); <br /> <br /> 2. That the City Council adopts this declaration of official intent under <br />Treasury Regulations Section 1.150-2; <br /> <br /> 3. That the City Council reasonably expects to reimburse advances made or <br />to be made by the City to pay the costs of acquiring the Project from the proceeds of its <br />debt or other financings. The maximum amount of debt or other financing expected to be <br />issued in one or more series for the Project is $7.500.000; <br /> <br /> 4. That the sum of $7,500,000 be. and the same hereby is, appropriated from <br />the Capital Improvements Fund for the construction of the Middle Street Parking Garage <br />and costs related thereto; and <br /> <br />5. That this ordinance shall take effect on the date of its adoption. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held <br />on June 26. 2001. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />