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88 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $52,325,000 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 />VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY; <br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE <br />OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND <br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT <br />OF THE PROCEEDS OF SALE OF SUCH BONDS; AND RESCINDING <br />$52,325,000 OF PREVIOUSLY APPROVED AND UNISSUED GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BOND AUTHORIZATIONS. <br /> <br /> WHEREAS, in the judgment of the Council (the "Council") of <br />the City of Portsmouth, Virginia (the "City"), it is desirable <br />to authorize the issuance of Fifty-Two Million Three Hundred <br />Twenty-Five Thousand Dollars ($52,325,000) aggregate principal <br />amount of general obligation public improvement bonds of the <br />City to provide funds to pay the costs of various public <br />improvement projects of and for the City and, in anticipation <br />of the 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 to <br />the adoption of this resolution on November 28, 1995, as <br />required by and in accordance with Section 15.!-227.8.A of the <br />Code of Virginia, 1950; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of <br />Virginia, 1950 (the same being the Public Finance Act of 1991), <br />and the Charter of the City, for the purpose of providing funds <br />to pay the costs of various public improvement projects of and <br />for the City, there are hereby authorized to be issued and sold <br />Fifty-Two Million Three Hundred Twenty-Five Thousand Dollars <br />($52,325,000) 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 />law at the time of the sale of such Bonds, be sold in such <br /> <br /> <br />