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Publ£¢ improvement Bonds <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />THIRTY~FIVE MILLION DOLLARS ($35,000,000) <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS <br />TO PAY THE COSTS OF VANIOUS PUBLIC IMPROVE- <br />MENT PROJECTS OF AND FOR SUCH CITY; FIXING <br />THE FORM OF SUCH BONDS; PROVIDING FOR THE <br />SALE OF SUCH BONDS; AND PROVIDING THAT THE <br />AUTHORIZATION OF SUCH BONDS HEREIN IS, IN <br />PARTt IN LIEU OF CERTAIN GENERAL OBLIGATION <br />PUBLIC IMPROVEMENT BONDS HERETOFORE AUTH0- <br /> <br /> WHEREAS, in the judgment of the Council (the "Council,,) <br />of the City of Portsmouth, Virginia (the "City"), it is necessary <br />and expedient to issue and sell General Obligation Public <br />Improvement Bonds of the City in ah aggregate principal amount of <br />Thirty-Five Million Dollars ($35,000,000) for the purpose of <br />providing funds to pay the costs of various public improvement <br />projects of and for the City; and <br /> <br /> WHEREAS, on August 11, 1987 the Council adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$415,000 GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />VA!RIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN <br />ANTICIPATION OF THE ISSUANCE ANDiRECEIPT OF THE PROCEEDS OF SALE <br />OF SUCH BONDS", and no bonds have heretofore been issued pursuant <br />to such resolution; and <br /> <br /> WHEREAS, on December 8, 1987 the Council adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$7,920,000 GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN <br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE <br />OF SUCH BONDS", and no bonds have heretofore been issued pursuant <br />to such resolution; and <br /> <br /> WHEREAS, on January 10, 1989 the Council adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$10,000,000 GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br /> <br /> <br />