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WHEREAS, in accordance with Section 11-17 of the Code of the City, the City Manager. and the Director of Finance executed and delivered the certificate required by such section to the City Treasurer, and the City Treasurer and the City Clerk, in accordance with the instructions set forth in such certificate, issued and delivered $5,950,000 aggregate principal amount of the Notes, a photocopy of the Notes in such principal amount being attached hereto as Exhibit A; and WHEREAS, the Council of the City desires to approve, ratify and confirm the action of the City Clerk, the City Manager, the City Treasurer, and the Director of Finance in issuing, selling, executing and delivering such Notes and the form and details thereof, all in accordance with paragraph 4 of the Authorizing Resolution; and WHEREAS, the Council of the City of Portsmouth, Virginia (the "City"), on July 14, 1981 adopted a resolution entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,281,814 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING 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" (the"July 14, 1981 Authorizing Resolution"); and WHEREAS, pursuant to and in accordance with paragraph 5 of the July 14, 1981 Authorizing Resolution, the City Attorney filed a copy of the Authorizing Resolution, certified by the City Clerk to be a true copy thereof, with the Circuit Court of the City, and such City Clerk published within ten (10) days of the date of such filing a notice with respect thereto in The Virginian Pilot in substantially the form set forth in paragraph 5 of the July 14, 1981 Authorizing Resolution; WHEREAS, paragraph 4 of the July 14, 1981 Authorizing Resolution authorizes the issuance and sale of S5,281,814 a~gregate principal amoun~ of general obligation bond anti- cipatlon notes of the City (the "Notes") in anticipation of the issuance of general obligation bonds authorized to be issued under the July 14, 1981 Authorizing Resolution and the receio~ of the ~roceeds thereof, ~rovided the proceeds cf the Notes are applied ~o the same purposes and in the same respective amounts as are specified in paragraph 3 of ~he July 14, !981 Authorizing Resolution with respect ~o The application of the proceeds of such bonds; and