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A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />APPROVING, RATIFYING AND CONFIRMING THE ISSUANCE AND SALE OF <br />$7,650,000 PRINCIPAL AMOUNT OF GENERAL OBLI~AT!ON BOND ANTI- <br />CIPATION NOTES OF SUCH CITY FOR THE PURPOSE OF PAYING THE COST <br />OF VARIOUS PUBLIC IMPROVEMENT PROJECTS IN ANTICIPATION OF THE <br />iSSUANCE AND RECEIPT OF THE PROCEEDS OF SALE!OF GENERAL <br />OBLIGATION BONDS OF SUCH CITY FOR SUCH PURPOSES AND APPROVING, <br />RATIFYING AND CONFIRMING THE FORM AND OTHER DETAILS OF SUCH <br />NOTES. <br /> <br /> WHEREAS, the Council ~f the City of Portsmouth, Virginia <br />(the "City"), on January 13, 1981 adopted a resolution en- <br />titled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,754,837 <br />OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS <br />IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING <br />WITH RESPECT TO THE ISSUANCE AND SALE OF A ~KE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN <br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS <br />OF SALE OF SUCH BONDS AND APPROVING, RATIFYING AND CONFI~qING <br />THE iSSUANCE OF $2,050,000 PRINCIPAL AMOUNT OF SUCH GENERAL <br />OBLIGATION BOND ANTICIPATION NOTES" (the "Authorizing Reso- <br />lution''); and <br /> <br /> WHEREAS, pursuant to and mn accordance with paragraph <br />5 of the Authorizing Resolution, the City Attorney filed a <br />copy of the Authorizing Resolution, certified by the City <br />Clerk to be a true copy thereof, with the Circuit Court <br />of the City, and such City Clerk published within ten (tO) <br />days of the date of such filing a notice with respect thereto <br />in The Virginian pilot in substantially the form set forth <br />in paragraph 5 of the Authorizing Resolution; and <br /> <br /> WHEREAS, paragraph 4 of the Authorizing Resolution <br />authorizes the issuance and sale of $10,754,837 aggregate <br />principal amount of general obligation bond anticipation <br />notes of the City (the "Notes") in anticipation of the <br />issuance of general obligation bonds authorized to be issued <br />under the Authorizing Resolution and the receipt of the <br />proceeds thereof, provided the proceeds of the Notes are <br />applied to the same purposes and in the same respective <br />amounts as are specified in paragraph 3 of the Authorizing <br />Resolution with respect to the applicatmon of the proceeds <br />of such bonds; and <br /> <br /> <br />