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A~T ORDINANCE TO AUTHORIZE THE CITY OF PORTSMOUTH, <br />VIRGINIA, TO CONTRACT A DEBT A/qD ISSUE TWENTY TWO MILLION NINE <br />HUNDRED THOUSAND AND 00/100 DOLLARS ($22,900,000.00) PRINCIPAL <br />AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION <br />PUBLIC UTILITY BONDS TO FINANCE THE COSTS OF CAPITAL <br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE-PRODUCING <br />WATER AND SEWER SYSTEM OF SUCH CITY, UNDER AND PURSUANT TO <br />ARTICLE VII, SECTION 10 (a) (2) OF THE CONSTITUTION OF <br />VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1 OF THE CODE OF <br />VIRGINIA, 1950, AND AUTHORIZINGAND PROVIDING WITH RESPECT TO <br />THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF CITY OF <br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BOND <br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT <br />OF THE PROCEEDS OF SALE OF SUCH BONDS. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), <br />authorized to operate a water system, including water <br />production, preparation, distribution and transmission <br />system; and <br /> <br />is <br /> <br /> WHEREAS, the City is authorized to operate a sewer system, <br />including sewage transmission, treatment and disposal system; <br />and <br /> <br /> WHEREAS, the City is authorized to, and does, operate its <br />waner and sewer system as a single system; and <br /> <br /> WHEREAS, such water and sewer system is an undertaking <br />from which the City derives revenue; and <br /> <br /> WHEREAS, the City is authorized under and by virtue of <br />Article VII, Section 10 (a) (2) of the Constitution of <br />Virginia, 1971, and Chapter 5.1 of Title 15.1 of the Code of <br />Virginia, 1950, to contract a debt and to issue general <br />obligation public utility bonds of the City to finance the <br />costs of capital improvements, extensions and additions to such <br />waner and sewer system; and <br /> <br /> WHEREAS, it is necessary and expedient to authorize the <br />City to contract a debt and issue Twenty-two Million Nine <br />Hundred Thousand and 00/100 Dollars ($22,900,000.00) principal <br />amount of general obligation public utility bonds to finance <br />the costs of capital improvements, extensions and additions to <br />such water and sewer system; and <br /> <br /> <br />