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59 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $23,750,000 OF GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />CAPITAL SCHOOL PROJECTS OF AND FOR SUCH CITY AND AUTHORIZING <br />AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES <br />IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF <br />SALE OF SUCH BONDS. <br /> <br /> WHEREAS, in the judgment of the Council (the <br />"Council") of the City of Portsmouth, Virginia (the "City"), it <br />is desirable to authorize the issuance of Twenty-Three Million <br />Seven Hundred Fifty Thousand Dollars ($23,750,000) aggregate <br />principal amount of general obligation public improvement bonds <br />of the City to provide funds to pay the costs of capital school <br />projects of and for the City and, in anticipation of the <br />issuance of such bonds, to authorize and provide for the <br />issuance and sale of general obligation public improvement bond <br />anticipation notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect <br />to the adoption of this resolution on August 22, 1995, as <br />required by and in accordance with Section 15.1-227.8.A of <br />the Code of Virginia, 1950; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. That pursuant to Chapter 5.1 of Title 15.1 of the <br />Code of Virginia, 1950 (the same being the Public Finance Act <br />of 1991), and the Charter of the City, for the purpose of <br />providing funds to pay the costs of capital school projects of <br />and for the City, including, without limitation, the costs of <br />acquisition and construction of the new I.C. Norcom High <br />School, there are hereby authorized to be issued and sold <br />Twenty-Three Million Seven Hundred Fifty Thousand Dollars <br />($23,750,000) aggregate principal amount of general obligation <br />public improvement bonds of the City (the "Bonds"). As <br />determined by resolution of the Council, or as determined by <br />the Deputy City Manager for Finance of the City, which <br />determination shall be approved or ratified by resolution of <br />the Council adopted prior to or at the time of sale of the <br />particular Bonds: the Bonds may be sold in their entirety at <br />one time, or in part from time to time, at any time and the <br />Bonds of each issue shall be in such form, be of such <br />denomination, be payable at such time or times not exceeding <br />forty (40) years from their date, bear interest at a rate or <br />rates not exceeding the maximum rate of interest authorized by <br /> <br /> <br />