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102 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,305,000 OF <br />GENERAL OBLIGATION BONDS OF THE CITY OP PORTSMOUTH, VIRGINIA <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF V~RIOUS <br />IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING <br />WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL <br />A~IO~T OF GENERAL OBLIGATION BOND ANTICIPATION 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 im- <br />provement projects as hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the <br />City applicable to the payment of the costs of such projects <br />and, accordingly, i~ is necessary to authorize the issuance of <br />five million, three hundred five thousand dollars ($5,305,000) <br />aggregate principal amount of general obligation bonds of <br />the City to pay such costs and in anticipation thereof to <br />authorize and provide for the issuance and sale of general <br />obligation bond anticipation notes. <br /> <br /> NOW, THEREFOP~, 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 five million, three hundred five thousand <br />dollars ($5,305,000) aggregate principal amount of general <br />obligation bonds of the City (the "Bonds"). As determined <br />by resolution of the Council, or determined by the Director <br />of Finance of the City ~¢hich determination shall be approved <br />or ratified by resolution of the Council adopted prior to or <br />at the time of sale of the particular Bonds: the Bonds may <br />be sold in their entirety at one time, or in part from time <br />to 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, <br />bear interest at a rate or rates not exceeding the maximum <br />rate of interest authorized by law at the time 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 />