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65 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,000,000 OF <br />GENERAL OBLIGATION BONDS OF ~HE CITY OF PORTSMOUTH, VIRGINIA <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS <br />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 <br />NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE <br />PROCEEDS OF SALE OF SUCH BONDS. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth, <br />Virginia (the "City") to provide funds for the public <br />improvement projects as hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the City <br />applicable to the payment of the costs of such projects and, <br />accordingly, it is necessary to authorize the issuance of <br />Ten Million Dollars ($10,000,000) aggregate principal amount <br />of general obligation bonds of the City to pay such costs and <br />in anticipation thereof to authorize and provide for the <br />issuance and sale of general obligation bond anticipation <br />notes; and <br /> <br /> WHEREAS, a <br />the adoption of <br />required by and <br />Virginia, 1950, <br /> <br />public hearing has been held with respect to <br />this Resolution on October 15, 199t as <br />in accordance with ~15.1-227.8 of the Code of <br />as amended. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code <br />of Virginia, the same being the Public Finance Act, and the <br />Charter of the City, for the purpose of providing funds to <br />pay the costs of public improvement projects of the City as <br />set forth in paragraph 3, there are hereby authorized to be <br />issued and sold Ten Million Dollars ($10,000,000) aggregate <br />principal amount of general obligation bonds of the City (the <br />"Bonds"). As determined by resolution of the Council, or <br />determined by the Director of Finance of the City which <br />determination shall be approved or ratified by resolution of <br />the Council adopted prior to or at the time of sale of the <br />particular Bonds: the Bonds may be sold in their entirety at <br />one time, or in part from time to time, at any time and the <br />Bonds of each issue shall be in such form, be of such <br />denomination, be payable at such time or times not exceeding <br />forty (40) years from their date, bear interest at a rate or <br />rates not exceeding the maximum rate of interest authorized <br />by law at the time of the sale of such bonds, be sold in such <br />manner and have such other details as are deemed necessary or <br />advisable. The City may sell all or part of the Bonds along <br />or contemporaneously with any ether general obligation bonds <br />or with any general obligation bond anticipation notes of the <br />City. <br /> <br /> <br />