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AN ORDINANCE TO AUTHORIZE THE CITY OF PORTSMOUTH, VIRGINIA, <br />TO CONTRACT A DEBT AND ISSUE TWENTY-FOUR MILLION ONE HUNDRED <br />THIRTY-FIVE THOUSAND ($24,135,000) PRINCIPAL AMOUNT OF CITY <br />OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY <br />BONDS TO FINANCE THE COSTS OF CAPITAL IMPROVEMENTS, <br />EXTENSIONS AND ADDITIONS TO ThE REVENUE-PRODUCING WATER AND <br />SEWER SYSTEM OF SUCH CITY, UNDER AND PURSUANT TO ARTICLE VII, <br />SECTION 10 (a) (2) OF THE CONSTITUTION OF VIRGINIA, 1971, AND <br />CHAPTER 26 OF TITLE 15.2 OF THE CODE OF VIRGINIA, 1950, AND <br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND <br />SALE OF A LIKE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, <br />VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BOND ANTICIPATION <br />NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE <br />PROCEEDS OF SALE OF SUCH BONUS. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), <br />is authorized to operate a water system, including water <br />production, preparation, distribution and transmission <br />system; and <br /> <br /> WHEREAS, the City is authorized to operate a sewer <br />system, including sewage transmission, treatment and disposal <br />system; and <br /> <br /> WHEREAS, the City is authorized to, and does, operate <br />its water and sewer system as a single system; and <br /> <br /> WHEREAS, such water and sewer system is an undertaking <br />from which the City derives revenue; and <br /> <br /> WHEREAS, the City is authorized under and by virtue of <br />Article VII, Section 10 (a) (2) of the Constitution of <br />Virginia, 1971, and Chapter 26 of Title 15.2 of the Code of <br />VirgInia, 1950, to contract a debt and to issue general <br />obligation public utility bonds of the City to finance the <br />costs of capital improvements, extensions and additions to <br />such water and sewer system; and <br /> <br /> WHEREAS, it is necessary and expedient to authorize the <br />City to contract a debt and issue Twenty-Four Million One <br />Hundred Thirty-Five Thousand Dollars ($24,135j000) principal <br />amount of general obligation public utility bonds to finance <br />the costs of capital improvements, extensions and additions <br />to such water and sewer system; and <br /> <br /> WHEREAS, Article VII, Section 10 (a) (2) of the <br />Constitution of Virginia, 1971, requires the ordinance <br />authorizing the issuance of such bonds to be approved by the <br />affirmative vote of the majority of the qualified voters of <br /> <br /> <br />