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AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OE THE PROCEEDS OF SALE OF SUCH BONDS" and no bonds have heretofore been issued pursuant to such resolution; and WHEREAS, in the judgment of the Council it is desirable to consolidate the bond authorizations provided in the above-referenced resolutions and to authorize the issuance of additional General Obligation Public Improvement Bonds; 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, 1950, as amended, the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay the cost of various public improvement projects of and for the City as set out in paragraph 4, there are hereby authorized to be issued Twenty Million One Hundred Fifty Thousand Dollars ($20,150,000) principal amount of general obligation bonds of the City to be designated "General Obligation Public Improvement Bonds" (the "Bonds"). The Bonds shall be dated as of November 1, 1985~ shall be numbered from R-1 consecutively upward in order of Issuance; shall be of the denomination of $5,000 each or any integral multiple thereof; shall bea~ interest payable on May 1, 1986 and semiannually thereafter on November 1 and May 1 of each yea~, at such rate or rates per annum as shall be determined by resolution of this Council upon the sale of the Bonds; shall mature serially, $1,005,000 principal amount of Bonds maturing on November 1 in each of the years 1986 to 2004, both inclusive, and $1,055,000 principal amount of Bonds maturing on November 1 in the year 2005; and shall be issued in fully registered form. The Bonds maturing on and after November 1, 1996 (or portions thereof in installments of $5,000) shall be subject to redemption at the option of the City prior to their stated maturities on or after November 1, 1995, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a given maturity are called for redemption, the particula~ Bonds of such maturity or portions thereof in installments of $5,000 to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of $5,000) to be redeemed, together with the interest accrued thereon to the date fixed for redemption plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each bond to be redeemed for each twelve (12) -2-