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A RESOLUTION AUTHORIZING THE ISSUANCE OF $3,217,964 OF GENERAL OBLIGATION BONDS OF THE CiTY OF PORTSMOUTH, VIRGINIA, FOR THE .PURPOSE OF PROVIDING-FUNDS TO-PAY THE COST OF CERTAIN-- CAPITAL IMPROVE~V~ENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF THE CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN AN- TICIPATION OF THE ISSUANCE A~ RECEIPT OF T}{E PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia (the "City~) to provide funds for various capital ~improvements,~extens~l~~dd~L~io~s~he.~ater~an - sewer system of the City as hereinafter set forth; and WHEREAS, there are no funds in the Tregsury of the City applicable to the payment of the costs of such projects and, accordingly, it is necessary to authorize the issuance of three million, two hundred seventee~ thousand, nine hundred sixty four dollars ($3~217,964) aggregate principal amount of general obligation bonds of the City to pay such co~%s and in anticipation thereof to authorize and provide for the issuance and ~ale of general obligation bond anticipation notes; NOW, THEREFORE~ BE IT RESOLVED b~ the Council of th~ 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 costs of public improvement projects of the City as set forth iq paragraph 3, there are hereby authorized to be issued' and ~old ~hree million, two hundred seventeen thousand., nine hundred sixty four dollars ($3,217,964) aggregate principal ~ount 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 time, at any time and the Bonds of each issue shall be in such form, be of such denominations, be payable a~ 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 .~%~,,~,~r co~te~o~@~s~-~L~h~t~er~g or with a~y general obligation ~ond anticipation notes of the City.