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R-99-39
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<br />RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />AUTHORIZING THE ISSUANCE OF $9,900,000 PRINCIPAL AMOUNT OF CITY OF
<br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BOND
<br />ANTICIPATION NOTES IN EXCHANGE FOR A LIKE PRINCIPAL AMOUNT OF
<br />CITY OF PORTSMOUTH, VIRGINIA, PUBLIC UTILITY BOND ANTICIPATION
<br />NOTES DATED AUGUST 12, 1998 AND MATURING ON AUGUST 15, 1999 AND
<br />APPROVING THE FORM AND OTHER DETAILS THEREOF; DELEGATING TO
<br />THE DEPUTY CITY MANAGER FOR FINANCE THE AUTHORITY TO DETERMINE
<br />THE RATE OF INTEREST TO BE BORNE BY SUCH NOTES; AUTHORIZING THE
<br />CITY MANAGER, THE DEPUTY CITY MANAGER FOR FINANCE AND THE CITY
<br />TREASURER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION
<br />WITH THE ISSUANCE AND DELIVERY OF SUCH NOTES; AUTHORIZING THE
<br />CITY TREASURER TO EXECUTE SUCH NOTES; AND OTHERWISE PROVIDING
<br />WITH RESPECT TO THE ISSUANCE OF SUCH NOTES
<br />
<br />WHEREAS, the Council (the "Council") of the City of Portsmouth, Virginia (the "City"), on
<br />August 23, 1994 adopted an ordinance, entitled "AN ORDINANCE TO AUTHORIZE THE
<br />CITY OF PORTSMOUTH, VIRGINIA, TO CONTRACT A DEBT AND ISSUE TWENTY-
<br />TWO MILLION NINE HUNDRED THOUSAND DOLLARS ($22,900,000) PRINCIPAL
<br />AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC
<br />UTILITY BONDS TO FINANCE THE COSTS OF CAPITAL IMPROVEMENTS,
<br />EXTENSIONS AND ADDITIONS TO THE REVENUE-PRODUCING WATER AND SEWER
<br />SYSTEM OF SUCH CITY, UNDER AND PURSUANT TO ARTICLE VII, SECTION 10(a)(2)
<br />OF THE CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1 OF
<br />THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING WITH
<br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF CITY
<br />OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BOND
<br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE
<br />PROCEEDS OF SALE OF SUCH BONDS", authorizing the issuance of $22,900,000 principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds for the purpose
<br />of providing funds to pay the costs of capital improvements, extensions and additions to the
<br />revenue-producing water and sewer system of the City and authorizing the issuance of a like
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bond
<br />Anticipation Notes in anticipation of the issuance of such Bonds (the "Authorizing Ordinance");
<br />and
<br />
<br />WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2) of the
<br />Constitution of Virginia, 1971, the Authorizing Ordinance was approved by the majority of the
<br />qualified voters of the City voting upon the question of their issuance at an election held on
<br />November 8, 1994; and
<br />
<br />WHEREAS, of the $22,900,000 principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Utility Bonds authorized for issuance under the Authorizing Ordinance,
<br />$13,000,000 principal amount of such Bonds, dated January 1, 1996 and bearing the series
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