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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 October 10,- 1989 the Council adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$12,950,000 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, in the judgment of the Council it is desirable <br />to consolidate and restate a portion of the bond authorizations <br />provided in the above-referenced resolutions adopted by the <br />Council on August 11, 1987, December 8, 1987, January 10, 1989 <br />and October 10, 1989, to continue ~he remainder of such bond <br />authorizations and to authorize the issuance of additional <br />General Obligation Public Improvement Bonds; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council or'the <br />City of Portsmouth, Virginia: <br /> <br /> 1.(a) Pursuant to Chapter 5 of Title 15.1 of the Code <br />of Virginia, 1950, the same being the Public Finance Act, and the <br />Charter of the City, for the purpose of providing funds to pay <br />the costs of the public improvement projects of and for the City <br />as set forth in paragraph 7, there are kereby authorized to be <br />issued Thirty-Five Million Dollars ($35/000,000) principal amount <br />of general obligation bonds of the City to be designated and <br />known as "City of Portsmouth, Virginia, General Obligation Public <br />Improvement Bonds" (hereinafter referred to as the "Bonds"). The <br />Bonds shall be issued and sold in their entirety at one time, or <br />from time to time in part in series, as shall be determined by <br />the City Manager of the City. The Bonds may be sold at the same <br />time as other general obligation bonds are sold by the City. All <br />such Bonds shall be issued in fully registered form and shall be <br />in such denomination or denominations as shall be determined by <br />the City Manager. The Bonds of a given series shall be numbered <br />from R-1 upwards in order of issuance; shall mature annually on <br />such day in each year and commencing in such year as shall be <br />determined by the City Manager; and shall bear interest payable <br />on such dates as shall be determined by the City Manager, such <br />interest to be payable on a date which is not more than twelve <br />(12) months from the date of the Bonds of such series and <br />semiannually thereafter. The City Manager is authorized to <br />determine in accordance with and subject to the provisions of <br />this resolution: the date or dates of the Bonds; the interest <br /> <br /> <br />