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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" and no bonds have heretofore been issued pursuant to such resolution; and WHEREAS, on July 13, 1982 the Council passed a resolution entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $2,320,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT 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 ISSUANGE AND RECEIPT OF 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: !o 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 Section 4, there are hereby authorized to be i.ssued Twenty-two Million Dollars ~($22,000,000) 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 December 1, 1982; shall be numbered from one (1) consecutively upward in order of maturity (earlier maturities first); shall be of the denomination of $5,000 each; shall be~r interest payable June 1, 1983 and semiannually thereafter on December 1 and June 1, of each year, 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 in numerical order, $1,100,000 principal amount of Bonds maturing on December t in each of the years 1983 to 2002, both inclusive; and shall be issued ~s coupon bonds registrable as to principal only or as to both principal and interest. The Bonds maturing on and after December 1, 1993 shall be subjec~ to rede~p~ion at the option of the City prior to their stated maturities on or after December 1, 1992, 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 maturity are called for redemption, the particular Bonds of such maturity to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be redeemed 2