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A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ACCEPTING A PROPOSAL TO PURCHASE THIRTY-FIVE MILLION DOLLARS ($35,000,000) PRINCIPAL ~HOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1991, ~ TEN MILLION DOLLARS ($10,000,000) PRINCIPAL AMOUNT OF GENEIL~L OBLIGATION PUBLIC UTILITY BONDS, SERIES 1991, OF THE CITY OF PORTSMOUTHt VIRGINIA; FIXING THE RATES OF INTEREST TO BE BORNE BY SUCH BONDS; APPROVING AND AUTHORIZING THE DISTRIBUTION OF AM OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE EXECUTION OF CERTIFICATES RELATING TO SUCH OFFICIAL STATEMENT; AMD P-ATIFYING CERTAIN ACTS IN CONNECTION WITH THE SALE OF SUCH BONDS AND THE BOND ANTICIPATION NOTES ISSUED IN AMTICIPATION OF SUCH BONDS 10 BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: SECTION 1. Findinqs and Determinations. (a) Pursuant to a resolution adopted by this Council on January 7, 1991, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF THIRTY-FIVE MILLION DOLLARS ($35,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VANIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY; FIXING THE FORM OF SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS; AND PROVIDING THE AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS HERETOFORE AUTHORIZED", this Council authorized the issuance of thirty-five million dollars ($35,000,000) principal amount of General Obligation Public Improvement Bonds (the "Public Improvement Bonds") of the City of Portsmouth Virginia (the "City"). ' (b) Pursuant to a resolution adopted by this Council on January 7, 1991, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF TEN MILLION DOLLARS ($10,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF AND FOR SUCH CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF VIRGINIA; FIXING THE FORM OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH BONDS", this Council authorized the issuance of ten million dollars ($10,000,000) principal amount of General Obligation Public Utility Bonds (the "Public Utility Bonds") of the City. (c) The City Manager caused a Summary Notice of Sale (the "Summary Notice of Sale") of both the Public Improvement Bonds and the Public Utility Bonds (collectively, the "Bonds"), to be published on December 28, 1990, in The Bond Buyer, a financial journal published in the City of New York, New York,