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17 <br /> <br />RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, APPROVING THE SALE OF $7,000,000 PRINCIPAL AMOUNT OF <br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BOND ANTICIPATION NOTES AND THE FORM AND OTHER <br />DETAILS THEREOF; ACCEPTING THE PROPOSAL OF NATIONSBANK OF <br />VIRGINIA, N.A. TO PURCHASE SUCH NOTES; AUTHORIZING THE CITY <br />MANAGER, THE DIRECTOR OF FINANCE AND THE CITY TREASURER TO TAKE <br />ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE <br />ISSUANCE, SALE AND DELIVERY OF SUCH NOTES; AUTHORIZING THE CITY <br />TREASURER TO EXECUTE SUCH NOTES; DESIGNATING SUCH NOTES <br />AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF <br />SECTION 265(b) (3) OF THE INTERNAL REVENUE CODE OF 1986; AND <br />PROVIDING WITH RESPECT TO THE ISSUANCE OF SUCH NOTES. <br /> <br /> WHEREAS, this Council of the City of Portsmouth, <br />Virginia (the "City"), on November 10, 1992 adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE <br />ISSUANCE OF $10,000,000 OF GENERAL OBLIGATION BONDS OF THE CITY <br />OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO <br />PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND <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", authorizing the <br />issuance of $10,000,000 principal amount of City of Portsmouth, <br />Virginia, General Obligation Public Improvement Bonds for the <br />purpose of providing funds to pay the costs of public <br />improvement projects of the City set forth therein (the "1992 <br />Authorizing Resolution"); and <br /> <br /> WHEREAS, this Council on November 9, 1993 adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$11,200,000 OF GENERAL OBLIGATION PUBIC IMPROVEMENT BONDS OF <br />THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING <br />FUNDS TO PAY THE COSTS OF VARIOUS IMPROVEMENT PROJECTS OF SUCH <br />CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE <br />AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF <br />THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH <br />BONDS", authorizing the issuance of $11,200,000 principal <br />amount of City of Portsmouth, Virginia, General Obligation <br />Public Improvement Bonds, for the purpose of providing funds to <br />pay the costs of public improvement projects of the City set <br />forth therein (the "1993 Authorizing Resolution"; and <br />collectively with the 1992 Authorizing Resolution, the <br />"Authorizing Resolutions"); and <br /> <br /> WHEREAS, Paragraph 4 of each of the Authorizing <br /> <br /> <br />