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(d) The provision of public recreation facilities, including public golf courses, by the City is considered essential and necessary to the City. (e) The City has made a determination that the golf courses owned or owned and operated by the City shall constitute a 'revenue-producing undertaking' of the City within the meaning of the Act and has created a golf course system enterprise fund to account for the revenues and expenses of its golf system. (f) The Council is authorized under the Act, in accordance with Article VII, Section 10 of the Constitution of Virginia, to issue bonds for any revenue-producing undertaking. (g) The term "revenue bonds" is defined in the Act to mean bonds of the City for which only the specified revenues of the City are pledged and to which no ad valorem or other taxes of the City are pledged, including, without limitation bonds of the City for which the revenues of a revenue-producing undertaking or undertakings, or such revenues together with a mortgage or deed of trust lien on the undertaking or undertakings, are pledged to their payment. (h) Under the provisions of the Act, the Council is authorized to provide by resolution for the issuance, at one time or from time to time, of bonds of the City for the purposes set forth in and subject to the provisions of the Act, and any such resolution may contain provisions which shall be a part of the contract with owners of the bonds as to, inter alia, the pledge of specified revenues of the locality, other than taxes, ad valorem or otherwise, including, without limitation, the pledge of the revenues of any revenue-producing undertaking or undertakings, to the payment of the principal of and premium, if any, and interest on bonds, and the securing of the payment of the principal of and premium, if any, and interest on bonds by an ordinance, resolution, trust agreement, indenture or other instnunent, which may (i) appoint any trust company or bank having the powers of a trust company within or outside the Commonwealth as corporate trustee; (ii) set forth the rights and remedies of the bondholders and of the trustee; (iii) restrict the individual right of action by bondholders; and (iv) contain any other provisions as the governing body of the locality deems reasomble and proper for the security of the bondholders. (i) The City has determined to issue not to exceed $10,500,000 principal amount of revenue bonds of the City to finance the costs of the Bide-A-Wee Project and the City Park Project (as defined in the Trust Indenture), such revenue bonds to be designated and known as the "City of Portsmouth, Virginia, Golf Course System Revenue Bonds, Series 1998" (the "Series 1998 Bonds"). (j) It is the intention of the City that the Series 1998 Bonds and any Additional Bonds (as defined in the Trust Indenture) (collectively, the "Bonds"), be secured in accordance with the provisions of the Act by the execution and delivery of the Trust Indenture. (lc) On April 28, 1998, the Council of the City conducted a public hearing, in accordance with the provisions of the Act, with respect to the adoption of this resolution.