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R-98-33
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<br />RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, APPROVING THE SALE OF $9,900,000 PRINCIPAL
<br />AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC UTILITY BOND ANTICIPATION NOTES AND
<br />THE FORM AND OTHER DETAILS THEREOF; ACCEPTING THE
<br />PROPOSAL OF CRESTAR SECURITIES CORPORATION TO
<br />PURCHASE SUCH NOTES; AUTHORIZING THE CITY MANAGER,
<br />THE DEPUTY CITY MANAGER FOR FINANCE AND THE CITY
<br />TREASURER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN
<br />CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF
<br />SUCH NOTES; AUTHORIZING THE CITY TREASURER TO EXECUTE
<br />SUCH NOTES; AND OTHERWISE PROVIDING WITH RESPECT TO
<br />THE ISSUANCE OF SUCH NOTES
<br />
<br /> WHEREAS, the Council (the "Council") of the City of Portsmouth, Virginia
<br />(the "City"), on August 23. 1994 adopted an ordinance, entitled "AN ORDINANCE TO
<br />AUTHORIZE THE CITY OF PORTSMOUTH, VIRGINIA. TO CONTRACT A DEBT AND
<br />ISSUE TWENTY-TWO MILLION NINE HUNDRED THOUSAND DOLLARS
<br />($22,900,000) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA,
<br />GENERAL OBLIGATION PUBLIC UTILITY BONDS TO FINANCE THE COSTS OF
<br />CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE-
<br />PRODUCING WATER AND SEWER SYSTEM OF SUCH CITY, UNDER AND
<br />PURSUANT TO ARTICLE VII, SECTION 10(a)(2) OF THE CONSTITUTION OF
<br />VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1 OF THE CODE OF VIRGINIA,
<br />1950, AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE
<br />AND SALE OF A LIKE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA,
<br />GENERAL OBLIGATION PUBLIC UTILITY BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF
<br />SUCH BONDS", authorizing the issuance of $22,900,000 principal amount of City of
<br />Portsmouth, Virginia, General Obligation Public Utility Bonds for the purpose of providing
<br />funds m pay the costs of capital improvements, extensions and additions to the revenue-
<br />producing water and sewer system of the City and authorizing the issuance of a like principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation
<br />Notes in anticipation of the issuance of such Bonds (the "Authorizing Ordinance"); and
<br />
<br /> WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2)
<br />of the Constitution of Virginia. 1971, the Authorizing Ordinance was approved by the majority
<br />of the qualified voter of the City voting upon the question of their issuance at an election held
<br />on November 8, 1994; and
<br />
<br /> WHEREAS, of the $22,900,000 principal amount of City of Portsmouth,
<br />Virgima, General Obligation Public Utility Bonds authorized for issuance under the
<br />Authorizing Ordinance, $13,000,000 principal amount of such Bonds, dated January 1, 1996
<br />and bearing the series designation "Series 1996", were issued on February 13, 1996, and
<br />$9,900,000 principal amount of the City of Portsmouth, Virginia, General Obligation Public
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