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58 ARESOLUTiON AUTHORIZING THE ISSUANCE OF $2,320,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR TEE PURPOSE OF PROVIDING-FUNDS TO PAY THE COST OF VARIOUS IMPROVE- M/ENT PROJECTS OF SUCH C~TY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SA~E OF A LIKE PRINCIPAL AMOUNT OF GENE~R~AL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREA'S, Virginia (the ment projects it is necessary for the City of Portsmouth, "City") to provide funds for the public improve- as hereinafter set forth; and WHER~AS, 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 two mil!ion, three hundred twenty thousand dollars ($2,320,000) aggregate principal amount of general obligation 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 Title 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 co~ts of public improvement projects of the City as set forth i~ paragraph 3, there are hereby authorized to be issued and sold two million, three hundred twenty thousand dollars ($2,320,000) 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 particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to %~e, 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 maximum 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.