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authorized for issuance thereunder, the sale of any such <br />general obligation bond anticipation notes and the form and <br />other details thereof to be approved, ratified and confirmed by <br />this Council; and <br /> <br /> WlqEREAS, the City has determined to issue and sell <br />$5,000,000 prIncipal amoun5 of the general obligation bond <br />anticipation notes authorized for issuance by the Authorizing <br />Resolutmons in anticipation of the issuance of the bonds <br />authorized for issuance thereunder and has requested this <br />Council 5o approve the sale of such general obligation bond <br />anticlpat±on notes and the form and other details thereof; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. In accordance with and pursuant to Paragraph 4 of <br />each of the Authorizing Resolutions, this Council hereby <br />accepns the proposal of Crestar Bank to purchase and approves <br />the sale to Crestar Bank of $5,000,000 principal amounn of City <br />of Portsmouth, Virginia, General Obligation Public Improvemen5 <br />Bond Anticipation Notes (the "Notes") at a purchase przce equal <br />to the principal amount of the Notes. The Notes shall be dated <br />November 23, 1994, shall mature on June 23, 1995, shall be <br />subject to redemption at the option of the City at any time on <br />or after March 25, 1995 at a redemption price equal to the <br />principal amount thereof and shall bear interest payable in <br />advance upon the issuance and delivery of the Notes at the rate <br />of four and forty-two hundredths per centum (4.42%) per annum. <br />The form of the Note attached to this resolution as Exhibit A <br />is hereby approved, ratified and confirmed by this Council. <br /> <br /> 2. The City covenants that it shall comply with the <br />provisions of Sections 103 and 141-150 of the Internal Revenue <br />Code of 1986~ and the Treasury Regulations promulgated or <br />proposed to be promulgated thereunder, applicable to the Notes, <br />throughout the term of the Notes. <br /> <br /> 3. The City hereby designates the Notes as <br />"qualified tax-exempt obligations" within the meaning of <br />Section 265(b) (3) of the Internal Revenue Code of 1986. <br /> <br /> 4. The City Manager, the Director of Finance and the <br />City Treasurer are authorized and directed to take all such <br />actions as shall be contemplated by the Authorizing <br />Resolutions and this resolution in connection with the <br />issuance, sale and delivery of the Notes. <br /> <br />5. The City Attorney of the City shall be and hereby <br /> <br /> <br />