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A RESOLUTION ACCEPTING A PROPOSAL TO PURCHAS~ TWEN~f-~WO MILLION DOLLARS ($22,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS A_ND EIGHT MILLION DOLLARS ($8,000,000) PRINCIPAL ~OS-NT OF GENERAL OBLIGATION ~UBLIC UTiLilPI BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FIXING THE RATES OF INTEREST TO BE BORNE BY SUCH BONDS, ~PROVING AS~ AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SUCH ~.ONDSw AUTHORXZING T~E EXECUTION OF A CERTIFICATE RELATING TO SUC~ OFFICIAL ~ATEMENT AND RATIFYING CERTAIN ACTS IN ~ON~ECTION WI'T~ T~E SALE OF SUCH BONDS. 90 ~HEREAS, by a resolution adopted by this Council on November 9, 1982, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF TWENTY~TW0 MILLION DOLLARS ($22,000,000) PRINCIPAL AMOUNT OF GENE kAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF T~E CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF ~ND FOR SUCH CITY, FIXING THE FO~q OF SUCH BONDS, PROVtD][NG FOR THE SALE OF SUCH BONDS AND PROVIDING THE AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN L~EU OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS HERETOFORE AUTHORIZED", this Council authorized the issuance of twenty-two million dollars ($22,000,000) principal amount of General Obligation Public Improvement Bonds (%he ~Public Improvement Bonds") of the City of Portsmouth~ Virginia (the "City"); ~ ' b resolution adopted by this Council - W~EREAS~ y a on Novem~e~ 9; 1982~ entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF EIGHT MILLION DOLLARS ($8,000,000) PRINCIPAL AMOUNT OF GE]~ERAL OBLIGATION PUBLIC ~TILITY BONDS OF THE CiTY OF POR~S~OUTH, VIRGINIA, FOR THa PURPOSE OF MAKING CAPITAL-IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE ~ATER AND SEWER SYSTEM OF A}~D FOR SUCH CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF SUCH BONDS ~ND PROVIDING FOR THE SALE OF SUCH BONDS", this Council authorized the issuance of eight million dollars ($8,000,000) principal amoun5 of General Obligation Public Utility Bonds (the "Public Utility Bonds") of the~City~ W~HEREAS, each of such resolutions authorized the City Manager of the City to puo±!Sn and of Sale r~eiating to both the Public Improvement Bonds and the Public Utility Bonds (collectively, the "Bonds");