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A RESOLLrFION OF TI-IE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ACCEPTING A PROPOSAL TO PURCHASE TWENTY-THREE MUJ.ION THIRTY-FIVE THOUSAND DO! J akRS ($23,035,000) PRINCIPAL AMOUNT-OF G~ OBLIGATION PUBLIC IMPROVEMENT BONDS, SERrl~.S 1992, AND SEVEN MII.I.ION SIX I-IIYN-DR~I) ~ THOUSAND DOI.I.ARS ($7,615,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTII.ITY BONDS, SEPcl~ 1992, OF THE CITY OF PORTSMOUTH, VIRGINIA; FIXING THE RATES OF IN'FEREST TO BE BORNE BY SUCH BONDS; APPROVING AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE EXECUTION OF CERTIFICATES RELATING TO SUCH OFFICIAL STATEM~.NT; AND RATIFYING CERTAIN ACTS IN CONNECTION WITH THE SAI.I~. OF SUCH BONDS BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: SEC-q'ION 1. Findings and Determinations. (a) Pursuant to a resolution adopted by this Council on January 14, 1992, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF TWENTY-THREE MILLION THIRTY-FIVE THOUSAND DOLLARS ($23,035,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY; FIXING THE FORM OF SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS; AND PROVIDING THAT THE AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU OF CERTAIN GENERAL OBLIGATION BONDS HERETOFORE AUTHORIZED", this Council authorized the issuance of twenty-three million thirty-five thousand dollars ($23,035,000) principal amount of General Obligation Public Improvement Bonds (the "Public Improvement Bonds") of the City of Portsmouth, Virginia (the "City"). (b) Pursuant to a resolution adopted by this Council on January 14, 1992, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION SIX HUNDRED FIFTEEN THOUSAND DOLLARS ($7,615,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF AND FOR SUCH CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF VIRGINIA; FIXING THE FORM OF SUCH BONDS; AND AUTHORIZING THE SALE OF SUCH BONDS", this Council authorized the issuance of seven million s/x hundred fifteen thousand dollars ($7,615,000) principal amount of General Obligation Public Utility Bonds (the "Public Utility Bonds") of the City.