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60 A RESOLUTION AUTHORIZING TEE ISSUANCE OF $11,200,000 OF GENEP~AL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING A1VD PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND _~.NTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE A/qD RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia (the "City") to provide funds for the public improvement pro~ects as hereinafter set forth; and WHEREAS, there are no funds in the Ereasury of the City applicable to the payment of the costs of such projects and, accordingly, it is necessary uo authorize the issuance of Eleven Million Two Hundred Thousand Dollars ($1t,200~000) aggregate principal amounn of general obligation public improvement bonds of the City no pay such cosEs and in anticipation thereof to authorize and provide for the issuance and sale of general obligation public improvement bond anticipation notes; and WHEREAS, a public hearing has been held with respect to the (((~ adoption of this Resolution on November 9, 1993, as required by and in accordance with Section 15.1-227.8 of the Code of Virginia, 1950, as ~mended. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant ~o Chap5er 5.1 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of providing funds to pay the costs of public improvement pro]ects of the City as set forth in paragraph 3, uhere are hereby authorized ~o be issued and sold Eleven Million Two Hundred Thousand Dollars ($1t,200,000) aggregate principal amount of general obligation bonds of the City to be designated and known as "City of Portsmouth, Virgina, General Obligation Public Improvemenu Bonds", (the "Bonds"). As determined by resolution of the Council, or determined by the Director of Finance of the City which determination shall be approved or ratified by resolution of the Council adopted prior ~o or au the time of sale of the particular Bonds: the Bonds may be sold in their entirety at one time, or in par~ from time mo time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years ~rom their date, bear interest at a rate or rates not exceeding the maximum rate of interesn authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or par~ of the Bonds along or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City.