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R-98-16 A RESOLUTION AUTHORIZING THE ISSUANCE OF $3,720,000.00 OF 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 OF AND FOR SUCH CITY; AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF 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 three million seven hundred twenty thousand dollars ($3,720,000.00) aggregate principal amount of general obligation public improvement bonds of the City to provide funds to pay the costs of various public improvement projects of and 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 28, 1998, 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), and the Charter of the City, for the purpose of providing funds to pay the costs of various public improvement projects of and for the City, there are hereby authorized to be issued and sold three million seven hundred twenty thousand dollars ($3,720,000.00) 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 Deputy City Manager for Finance of the City, which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale 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 the maximum rate of interest authorized by law at the time of the sale of such Bonds. 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 along or 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 shall be and hereby is 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