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Public Utility Eonds <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF TEN <br />MILLION DOLLARS ($10~000,000) PEINCIPAL AMOUNT OF <br />gENERAL OBLIGATION PUBLIC UTILITY BONDS, OF THE <br />CITY OF PORTSMOUTH, VIRgINIA~ FOR TEE PURPOSE OF <br />PROVIDINg FUNDS TO PAY THE COSTS OF CAPITAL <br />IMPROVEMENT, EXTENSIONS AND ADDITIONS TO THE WATER <br />AND SEWEE SYSTEM OF SUCH CITY, PURSUANT TO ARTICLE <br />VII, SECTION 10Ia)(2), OF THE CONSTITUTION OF <br />VIRGINIA; FIXINg THE FORM OF SUCH BONDS; AND <br />AUTHORIZING THE SALE OF SUCH BONDS <br /> <br /> WHEREAS, pursuant to an ordinance adopted by the <br />Council (the "Council") of the City of Portsmouth, Virginia (the <br />"City") on August 28, 1990 and an election held in the City on <br />November 6, 1990, there were authorized for issuance $17,615,000 <br />principal amount of general obligation Public Utility Bonds of <br />the City; and <br /> <br /> WHEREAS, in the judgment of the Council, it is <br />necessary and expedient to authorize the issuance and sale to <br />issue and sell general obligation Public Utility Bonds of the <br />City in the aggregate principal amount of $10,000,000 for the <br />purpose set forth in paragraph l(a) hereof; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. (a) Pursuant to the Constitution of Virginia <br />(including Article VII, Section ~0(a) (2~ thereof), Chapter 5 of <br />Title 15.1 of the Code of Virgi~a~-19.50, the same being the <br />Public Finance Act, and the aforementioned ordinance adopted by <br />the Council on August 28, 1990 and the aforementioned election <br />held in the City on November 6, 1990, for the purpose of <br />providing funds to pay the cost of capital improvements, <br />extensions and additions to the City's revenue-producing water <br />and sewerage system, there are hereby authorized to be issued and <br />sold Ten Million Dollars ($10,000,000) principal amount of <br />general obligation bonds of the City to be designated as known as <br />"City of Portsmouth, General Obligation Public Utility Bonds" <br />(hereinafter referred to as the "Bonds"). The Bonds shall be <br />issued and sol~ in their entirety at one time, or from time to <br />time in part in series, as shall be determined by the City <br />Manager of the City. The Bonds may be sold at the same time as <br />other general obligation bonds are sold by the City. Ail such <br />Bonds shall be issued in fully registered form and shall be in <br />such denomination or denominations as shall be determined by the <br />City Manager. The Bonds of a given series shall be numbered from <br />R-1 upwards in order of issuance; shall mature annually on such <br /> <br /> <br />