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A RESOLUTION AUTHORIZING THE ISSUANCE OF $415,000 OF GENERAL <br />OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE <br />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 p~ojects as hereinafte~ 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 hundred fifteen thousand dollars ($415,000) aggregate <br />principal amount of general obligation bonds of the City to <br />pay such costs and in anticipation thereof to authorize and <br />provide for the issuance and sale of general obligation bond <br />anticipation notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to <br />the adoption of this Resolution on August 11, 1987 as <br />~equired by and in accordance with ~15.1-171.1 of the Code of <br />Virginia, 1950, 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 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 fou~ hundred fifteen thousand dollars <br />($415,000) aggregate principal amount of general obligation <br />bonds of the City (the "Bonds"). As determined by resolution <br />of the Council, or determined by the Director of Finance of <br />the City which determination shall be approved or ratified by <br />resolution of the Council adopted prior to or at the time of <br />sale of the particula~ Bonds: the Bonds may be sold in their <br />entirety at one time, or in part from time to time, an any <br />time and the Bonds of each issue shall be in such form, be of <br />such denomination, be payable at such time or times non <br />exceeding forty (40) years from their date, bear interest at <br />a rate or rates not exceeding the maximum rate of interest <br />authorized by law at the time of the sale of such bonds, be <br /> <br /> <br />