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126 <br /> <br />A RESOLUTION OF ~HE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, ACCEPTING A PROPOSAL TO PURCHASE TWENTY <br />MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS ($20,150,000) <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BONDS AND NINE MILLION EIGHT HUNDRED FIFTY <br />THOUSAND DOLLARS ($9,850,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA; FIXING THE RATES OF INTEREST TO BE <br />BORNE BY SUCH BONDS; APPROVING AND AUTHORIZING THE <br />DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SUCH <br />BONDS; AUTHORIZING THE EXECUTION OF A CERTIFICATE <br />RELATING TO SUCH OFFICIAL STATEMENT; AND RATIFYING <br />CERTAIN ACTS IN CONNECTION WITH THE SALE OF SUCH BONDS <br />AND OF THE BOND ANTICIPATION NOTES ISSUED IN <br />ANTICIPATION OF SUCH BONDS <br /> <br /> WHEREAS, by a resolution adopted by this Council on <br />October 1, 1985, entitled "A RESOLUTION AUTHORIZING THE <br />ISSUANCE OF TWENTY MILLION ONE HUNDRED FIFTY THOUSAND <br />DOLLARS ($20,150,000) PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS <br />TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS <br />OF AND FOR SUCH CITY, FIXING THE FORM OF SUCH BONDS, <br />PROVIDING FOR THE SALE OF SUCH BONDS AND PROVIDING THE <br />AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU <br />OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS <br />HERETOFORE AUTHORIZED", this Council authorized the <br />issuance of twenty million one hundred fifty thousand <br />dollars ($20,150,000) principal amount of General <br />Obligation Public Improvement Bonds (the "Public <br />Improvement Bonds") of the City of Portsmouth, Virginia <br />(the "City"); <br /> <br /> WHEREAS, by a resolution adopted by this Council on <br />October 1, 1985, entitled "A RESOLUTION AUTHORIZING THE <br />ISSUANCE OF NINE MILLION EIGHT HUNDRED FIFTY THOUSAND <br />DOLLARS ($9,850,000) PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL <br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND <br />SEWER SYSTEM OF AND FOR SUCH CITY PURSUANT TO ARTICLE <br />VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF <br />VIRGINIA, FIXING THE FORM OF SUCH BONDS AND PROVIDING <br />FOR THE SALE OF SUCH BONDS", this Council authorized the <br />issuance of nine million eight hundred fifty thousand <br />dollars ($9,850~000) principal amount of General <br />Obligation Public Utility Bonds (the "Public Utility <br />Bonds") of the City; <br /> <br /> <br />