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AGREEMENTS BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT RELATING TO THE REFUNDED BONDS AND TO EXECUTE AND DELIVER SUCH ESCROW DEPOSIT AGREEMENTS TO SUCH ESCROW AGENT; DESIGNATING THE REFUNDED BONDS FOR REDEMPTION; AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF PORTSMOUTh, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF THE CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS AUTHORIZED HEREBY; AND RESCINDING TWENTY-TWO MILLION FORTY-FIVE THOUSAND DOLLARS ($22,045,000) PRINCIPAL AMOUNT OF PREVIOUSLY APPROVED AND UNISSUED GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND AUTHORIZATIONS BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: SECTION 1. Findings and Determinations. The Council (the "Council") of he City of Portsmouth, Virginia (the "City") hereby finds and determines as follows: (a) (i) In the judgment of the Council, it is necessary and expedient to authorize the issuance and sale of Twenty-Two Million Forty-Five Thousand Dollars ($22,045,000) aggregate principal amount of City of Portsmouth, Virginia General Obligation Public Improvement Bonds (the "Public Improvement Bonds"), pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the "Virginia Code"), recodified effective December 1, 1997 as Chapter 26 of Title 15.2 of the Virginia Code (the same being the Public Finance Act of 1991), for the purpose of providing funds to pay the costs of various public improvement projects of and for the City, including the costs of issuing the Public Improvement Bonds, and, in anticipation of the issuance of the Public Improvemenm Bonds, to authorize and provide for the issuance and sale of general obligation public improvement bond anticipation notes. (ii) A public hearing with respect to the adoption of this resolution was held by the Council on November 25, 1997, as required by and in accordance with Section 15.1-227.8.A of the Virginia Code. (b)(i) Pursuant to resolutions adopted by the Council on January 14, 1992 and January 28, 1992, there were authorized, issued and sold $23,035,000 aggregate principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, dated January 1, 1992 and maturing in varying principal amounts on August 1 in each of the years 1993 to 2012, both inclusive, and bearing interest payable on August 1, 1992 and semiannually on each February 1 and August 1 thereafter (the "1992 Public Improvement Bonds").