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112 A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,824,876 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OFPROVtDING FUNDS TO PAY THE COST OF VARIOUS IMPROVE- MENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia [the "City") to provide funds for the public improve- ment projects as hereinafter set forth; and WHEREAS, there are no funds in the Treasury of the City applicable to the payment of the costs of such projects and, accordingly, it is necessary to authorize the issuance of one million, eight hundred twenty-fou~ thousand, eight hundred seventy six dollars f$!,824,876) aggregate principal amount of general ~Dligation 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; NOW, THEREFORE, BE IT RESOLVED .by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Chapter 5 of Ti~!e 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 one million, eight hundred twenty-four thousand, eight hundred seventy-six dollars ($1,824,876) 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 parti- cular Bonds: the Bonds may be sold in 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 denominations, 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 maximu~ 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 alone or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City.