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66 <br /> <br />A RESOLUTION DECLARING THE CITY OF PORTSMOUTH'S INTENTION TO <br />REIMBURSE ITSELF FROM THE PROCEEDS OF ONE OR MORE TAX-EXEMPT <br />FINANCINGS FOR CERTAIN EXPENDITURES MADE AND/OR TO BE MADE IN <br />CONNECTION WITH THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF <br />CERTAIN CAPITAL IMPROVEMENTS. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia, is a political <br />subdivision organized and existing under the laws of the <br />Commonwealth of Virginia; and <br /> <br /> WHEREAS, the City has paid, beginning no earlier than <br />August 11, 1995, and will pay, on and after the date hereof, <br />certain expenditures (the "Expenditures") in connection with <br />the acquisition, construction and equipping of the new I.C. <br />Norcom High School (the "Project"); and <br /> <br /> WHEREAS, the Council of the City of Portsmouth has <br />determined that those moneys previously advanced no more than <br />sixty (60) days prior to the date hereof and to be advanced on <br />and after the date hereof to pay the Expenditures are available <br />only for a temporary period, and it is necessary to reimburse <br />the City for the Expenditures from the proceeds of one or more <br />issues of tax-exempt bonds (the "Bonds"); <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that the Council hereby declares <br />its intent to reimburse itself with the proceeds of the Bonds <br />for the Expenditures with respect to the Project made on and <br />after August 11, 1995, which date is no more than sixty (60) <br />days prior to the date hereof. The City Council reasonably <br />expects on the date hereof that it will reimburse the <br />Expenditures with the proceeds of the Bonds. <br /> <br /> BE IT FURTHER RESOLVED that each Expenditure was and will <br />be either (a) of a type properly chargeable to capital account <br />under general federal income tax principles determined in each <br />case as of the date of the Expenditure, (b) a cost of issuance <br />with respect to the Bonds, (c) a non-recurring item that is not <br />customarily payable from current revenues, or (d) a grant to a <br />party that is not related to or an agent of the City so long as <br />such grant does not impose any obligation or condition, either <br />directly or indirectly to repay any amount to or for the <br />benefit of the City. <br /> <br /> BE IT FURTHER RESOLVED that the maximum principal amount <br />of the Bonds expected to be issued for the Project is <br />$38,875,000.00. <br /> <br /> BE IT FURTHER RESOLVED that the City will make a <br /> <br /> <br />