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RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $243,915.41 GENERAL OBLIGATION SCHOOL BONDS, EDUCATIONAL TECHNOLOGY SERIES, OF THE CITY OF PORTSMOUTH, VIRGINIA TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY AND SETTING FORTH THE FORM AND DETAILS THEREOF AND AUTHORIZING PARTICIPATION IN THE STATE NON-ARBITRAGE PROGRAM. ~HEREAS, the City Council (the "Council") of the City of Portsmouth, Virginia (the "City") has determined that it is necessary and expedient to borrow not to exceed $243,915.41 and to issue its general obligation school bonds for the financing of the purchase of equipment for school purposes through the Governor's Educational Technology Initiative Procurement ~nd Financing Program; and WHEREAS, the City held a public hearing on April 11, 1989 on the issuance of the Bonds (as defined below) in accordance with the requirements of Sections 15.1-171.1 and 15.1-504, Code of Virginia 1950, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorizati6n of'Bonds and Use of Proceeds. The Council hereby determines that it is advisable to contract a debt and issue and sell bonds in the amount of not to exceed $243,915.41 (the "Bonds") for the purpose of financing the purchase of equipment for school purposes through the Governor's Educational Technology Initiative Procurement and Financing Program. The issuance and sale of the Bonds in the form and upon the terms established pursuant ~o this Resolution is hereby authorized. 2. Sale of the Bonds. It is determined to be in the best interest of the City to sell the Bonds to the Virginia Public School Authority ("VPSA") at par, upon the terms established pursuant to this Resolution. The appropriate officers of the City are hereby authorized and directed to sell the Bonds to VPSA. 3. Details of the Bonds. The Bonds shall be lssuable in fully registered form; shall be dated the date of issuance and delivery of the Bonds; shall be designated "City of Portsmouth General Obligation School Bonds, Educational Technology Series"; shall Dear interest payable semi-annually on June 15 and December 15 (each an "Interest Payment Date"), beginning December 15, 1989, at the rates established in accordance with paragraph 4 of this Resolution; and the principal amount of the' Bonds shall be payable in semi-annual installments on the dates (each a "Principal Payment Date") and in the amounts established in accordance with paragraph 4 of this Resolution.