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16 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $7,375,000.00 OF GENERAL <br />OELIGATION PUBLIC IMPROVEMENT BONDS OF THE CiTY OF PORTSMOUTH, <br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF <br />VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION <br />NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF <br />SALE OF SUCH BONDS. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth, Virginia <br />(the "City") to provide funds for the public improvement pro]ects as <br />hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the City <br />applicable to the payment of the costs of such projects and, <br />accordingly, it is necessary to authorize the issuance of Seven <br />Million Three Hundred and Seventy Five Thousand Dollars <br />($7,375,000.00) aggregate principal amount of general obligation <br />public improvement bonds of the City to pay such costs and in <br />anticipation thereof to authorize and provide for the issuance and <br />sale of general obligation public improvement bond anticipation <br />notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to the <br />adoption of this Resolution on January 10, 1995, as required by and <br />in accordance with Section 15.1-227.8 of the Code of Virginia, 1950, <br />as amended. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. Pursuant no Chapter 5.1 of Title 15.1 of the Code of <br />Virginia, the same being the Public Finance Act of 1991, and the <br />Charter of the City, for the purpose of providing funds to pay the <br />costs of public lmprovement projects of the City as set forth in <br />paragraph 3, there are hereby authorized to be issued and sold <br />Seven Million Three Hundred Seventy Five Thousand Dollars <br />($7,375,000.00) aggregate principal amount of general obligation <br />bonds of the City to be designated and known as "City of Portsmouth, <br />Virgin!a, General Obligation Public Improvement Bonds", (the <br />"Bonds"). As determined by resolution of the Council, or determined <br />by the Director of Finance of the City which determination shall be <br />approved or ratified by resolution of the Council adopted prior to <br />or at the time of sale of the particular Bonds: the Bonds may be <br />sold in their entirety at one time, or in part from time to time, at <br />any time and the Bonds of each issue shall be in such form, be of <br />such denomination, be payable at such time or times not exceeding <br />forty (40) years from their date, bear interest at a race or rates <br /> <br /> <br />