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82 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $2,995,000 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 PROVIDI~G <br />WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION BOND ~NTICIPATION NOTES IN <br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS <br />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 impro~-e- <br />ment projects as hereinafter set forth; and <br /> <br /> %~4EREAS~ 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 />two million, nine hundred ninety-five thousand dollars <br />'(_$2,995,000) aggregate principal a~ount 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 <br />of general obligation bond anticipation notes; <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 sa~e 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 two million~ nine hundred ninety-five thousand <br />dollars ~$2,995,000~ 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 />th~ 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 denominations, be payable at such time <br />or times not exceeding forty (40) years from their date, <br />bear interest at a rate or rates not exceeding the maximum <br />rate of interest authorized by law at the ti~e of the sale <br />of such Bonds, be sold in such manner and have such other <br />details as are deemed necessary or advisable. The City may <br />sell all or part of the Bonds alone or contemporaneously <br />with any other general obligation bonds.or with any general <br />obligation bond anticipation notes of the City. <br /> <br /> <br />