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A RESOLUTION AUTHORIZING THE ISSUANCE OF $12,950,000 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 /> %~HEREAS, 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 />twelve million, nine hundred fifty thousand dollars <br />($12,950,000) aggregate principal amount of general <br />obligation bonds of the City to pay such costs and in <br />anticipation thereof to authorize and provide for the <br />issuance and sale of general obligation bond anticipation <br />notes; and <br /> <br /> WHEREAS, a public hearing has <br />the adoption of this Resolution on <br />required by and in accordance with <br />Virginia, 1950, as amended. <br /> <br />been held with respect to <br />October 10, 1989 as <br />~15.t-171.1 of the Code of <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <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 publi~ improvement projects of the City as <br />set forth in paragraph 3, there are hereby authorized to be <br />issued and sold twelve million, nine hundred fifty thousand <br />dollars ($12,950,000) 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 City 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 time 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 exceeding 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 />