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A RESOLIfrION AUTHORIZING ~ ISSUANCE OF SEVF2q ~.LYON SIX HUNDRED FIFT~.~N THOUSAND DO!.! ~ ($7,615,000) PRINCII~AL AMOUNT OF G]~qERAL OBLIGATION PUBLIC UTIL~ BONDS, OF THE C1TY OF PORTSMOUTH, VIRGINIA, FOR ~ PURPOSE OF PROVIDING FUNDS TO PAY TI-IH COSTS OF CAP1TAL EVIPROVEMENT, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF SUCH CITY, PURSUANT TO ARTIO.~. VI~ SECTION 10(a)(2), OFTHE CONSTITUTION OF VIRGINIA; FIXING THE FORM OF SUCH BONDS; AND AUTHORIZ~G THE SAI.R OF SUCH BONDS WHEREAS, pursuant to an ordinance adopted by the Council (the "Council") of the City of Portsmouth, Virginia (the "City") on August 28, 1990 and an election held in the City on November 6, 1990, there were authorized for issuance $17,615,000 principal amount of general obligation Public Utility Bonds of the City; and WHEREAS, the City has heretofore issued $10,000,000 principal amount of such general obligation Public Utility Bonds; and WHEREAS, in the judgment of the Council, it is necessaW and expedient to authorize the issuance and sale to issue and sell general obligation Public Utility Bonds of the City in the aggregate principal amount of $7,615,000 for the purpose set forth in paragraph l(a) hereof; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. (a) Pursuant to the Constitution of Virginia (including Article VII, Section 10(a)(2) thereof), Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the same being the Public Finance Act of 1991, and the aforementioned ordinance adopted by the Council on August 28, 1990 and the aforementioned election held in the City on November 6, 1990, for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system, there are hereby authorized to be issued and sold Seven Million Six Hundred Fifteen Thousand Dollars ($7,615,000) principal amount of general obligation bonds of the City to be designated as known as "City of Portsmouth, General Obligation Public Utility Bonds" (hereinafter referred to as the "Bonds"). The Bonds shall be issued and sold in their entirety at one time, or from time to time in part in series, as shat! be determined by the City Manager of the City. The Bonds may be sold at the same time as other general obligation bonds are sold by the City. All such Bonds shall be issued in fully registered form and shall be in such denominauon or denominations as shall be determined by the City Manager. The Bonds of a given series shall be numbered from R-1 upwards in order of issuance; shall mature annually on such day