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46 <br /> <br />A RESOLUTION AUTHORIZING THE EXTENSION OF THE MATURITY OF <br />$5,000,000.00 PRINCIPAL AMOUNT OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND <br />ANTICIPATION NOTES DATED NOVEMBER 23, 1994. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), on <br />November 23, 1994, issued $5,000,000.00 principal amount of <br />General Obligation Public Improvement Bond Anticipation Notes, <br />dated November 23, 1994 (the "Notes"), bearing interest payable <br />in advance at the rate of 4.42% per annum and with a stated <br />maturity of June 23, 1995; and <br /> <br /> WHEREAS, the City desires to extend the maturity of the <br />Notes to June 28, 1995, and Crestar Bank, as registered owners <br />of the Notes, is willing to agree to such extension of the <br />maturity of the Notes with interest for the period of such <br />extension at the rate of 4.42% per annum, such interest to be <br />payable on June 28, 1995; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the extension of the maturity of <br />the Notes from June 23, 1995, to June 28, 1995, is hereby <br />approved, ratified and confirmed, with the Notes to bear <br />interest for the period of such extension at the rate of 4.42% <br />per annum, such interest to be payable on June 28, 1995. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held on June 13, 1995. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />