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76 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $4f550,000 OF <br />GENERAL OBLIGATION BONDS OF THE 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 ~or 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 />four million, five hundred fifty thousand dollars <br />($4,550,000) aggregate principal amount of general obligation <br />bonds of the City to pay such costs and in anticipation <br />thereof to authorize and provide for the issuance and sale of <br />general obligation bond anticipation notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to <br />the adoption of this Resolution on October 9, 1990 as <br />required by and in accordance with ~15.1-171.1 of the Cod~ of <br />Virginia, 1950, as ameoded. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of t~he <br />City of Portsmouth, Virginia: 7 <br /> <br /> 1. Pursuant to Chapter 5 of Title 15.1 of the'Code of <br />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 four million, five hundred fifty thousand <br />dollars ($4,550,000) aggregate principal amount of general <br />obligation bonds of the City (the "Bonds"). As determined by <br />resolution of the Council, or determined by the Director of <br />Finance of the Ciky which determination shall be approved or <br />ratified by resolution of the Council adopted prior to or at <br />the time of sale of the particular Bonds: the Bonds may be <br />sold in their entirety at one time, or in part from time to <br />time, at any tihe and the Bonds of each issue shall be in <br />such form, be Of such denomination, be payable at such time <br />or times not ~xceeding forty (40) years from their date, bear <br />interest at a rate or rates not exceeding the maximum rate of <br />interest authorized by law at the time of the sale of such <br />bonds, be sold in such manner and have such other details as <br /> <br /> <br />