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.. RESOLUTION AUTHORr-/'.rN'G"THE ISSUANCE OF' " - ~VENTY-TI-nlEE lkm i_~ON THIRTY-FIVE THOUSAND " .... DO!JARS ($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 COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECI~ OF AND FOR SUCH CITY; FIXING THE FORM OF SUCH BONDS; PROVIDING FOR THE SA{ ...... ::~_.,~__~OF SUCH BONDS; AND PROVIDING THAT THE '~ ' "=' -'AU'ITIORITATION OF SUCH BONDS I-IRRRIN IS, IN PART, IN IJI:-U OF (~,RTAIN GI~ OBLIGATION PUBLIC IMPROV~.IVI~ BONDS I-II~-R.ETOFORE ALrFHORIT. i~r) WHEREAS, in the judgment of the Council (the "Council") of the City of Portsmouth, Virginia (the "City"), it is necessary and expedient to issue and sell General Obligation Public Improvement Bonds of the City in an aggregate principal amount of Twenty-Three Million Thirty-Five Thousand Dollars ($23,035,000) for the purpose of providing funds to pay the costs of various public improvement projects of and for the City;, NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. (a) Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, 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 the public ~mprovement projects of and for the City as set forth in paragraph 7, there are hereby authorized to be issued Twenty-Three Million Thirty-Five Thousand Dollars ($2.3,035,000) principal amount of general obligation bonds of the City to be desigflated and known-as "City of Portsmouth, Virginia, General Obligation Public Improvement 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 shall 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 denominati~)n 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 in each year and commencing in such year as shall be determined by the City Manager;, and shall bear interest payable on such dates as shall be determined l~y the City Manager, such interest to be payable on a date which is not more than twelve (12) months from the date of the Bonds of such series and semiannually thereafter. The City Manager is authorized to determine in accordance with and subject to the provisions of this resolution: the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof; the amount of principal maturing on each maturity date; the place or places of payment thereof and the