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118 A RESOLUTION AUTHORIZING THE ISSUANCE OF $7,920,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia (the "City") to provide funds for the public improvement projects as hereinafter set forth; and WHEREAS, there are no funds in the treasury of the City applicable to the payment of the costs of such projects and, accordingly, it is necessary to authorize the issuance of seven million nine hundred twenty thousand dollars ($7,920,000) aggregate principal amount of general obligation bonds of the City to pay such costs and in anticipation thereof to authorize and provide for the issuance and sale of general obligation bond anticipation notes; and WHEREAS, a public hearing has been held with respect to the adoption of this Resolution on November 24, 1987 as required by and in accordance with ~15.1-171.1 of the Code of Virqlnla, 1950, as amended. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, VirgInia: 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to ~pay the costs of public improvement projects of the City as set forth in paragraph 3, there are hereby authorized to be issued and sold seven million nine hundred twenty thousand dollars ($7,920,000) aggregate principal amount of general obligation bonds of the City (the "Bonds"). As determined by resolution of the Council, or determined by the Director of Finance of the City which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be sold ii1 their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years from their date, bear interest at a rate or rates not exceeding the maximum rate of interest authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds along or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City.