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45 <br /> <br />A RESOLUTION OF TEE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, APPROVING THE SALE OF $5,000,000 PRINCIPAL AMOUNT <br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION BOND NOTES, <br />SERIES 1994, AND THE FORM A~D OTHER DETAILS THEREOF; THE <br />PROPOSAL OF CRESTAR BANK TO PURCHASE SUCH NOTES; THE CITY <br />MANAGER, THE DIRECTOR OF FINANCE AND THE CITY TO EXECUTE AND <br />DELIVER SUCH NOTES; DESIGNATING SUCH NOTES AS "QUALIFIED <br />TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265(b) (3) OF <br />THE INTERNAL REVENUE CODE OF 1986; AND OTHERWISE PROVIDING WITH <br />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 ISSUANCE OF <br />$10,000,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY <br />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 BOA/DS", authorizing the <br />issuance of $10,000,000 principal amount of City of <br />Portsmouth, Virginia, General Obligation Public Improvement <br />Bonds for the purpose of providing funds to pay the cosEs of <br />public improvemenu projects of the City set forth therein (the <br />"1992 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 PUBLIC 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 Sl!,200,000 principal <br />amount of City of Portsmouth, Virginia, General Obligation <br />Public ImprovemenE Bonds, for the purpose of providing funds Eo <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 />Resolutions authorized the City to issue and sell general <br />obligation bond anticipation notes of the City in an aggregate <br />principal amount equal to the principal amount of the bonds <br /> <br /> <br />