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55 <br /> <br />A RESOLUTI6N AUTHORIZING THE ISSUANCEOF $5,281,814 OF <br />GE~ OBLIGATION BONDS. OF THE CITT OF PORTSMOUTH, VIRGIN~, <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF ~rARI S <br />IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING <br />WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN AN- <br />TICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF <br /> SALE OF SUCH BONDS. <br /> <br /> WHER~kS, 'it ~ ne~e~ EOr~ %h~(d~tY 'of ~o~tsmouth, <br /> Virgini&_(the "City") toprovide funds for the public improve- <br /> men~ pro~ects as hereinafter set forth _ <br /> <br /> WHEREAS, there are no funds in the Treasury of the City <br /> applicable to the payment of the costs of such projects and, <br /> accordingly, it is necessary to authorize the issuance of <br /> five million, two hundred eighty-one thousand, eight hundred <br /> fourteen dollars ($5,281,814) aggregate principal amount <br /> of general obligation bonds of the City to pay such costs <br /> and in anticipation thereof to authorize and provide for the <br /> issuance and sale of general obligation bond anticipation <br /> ~otes; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br /> ~ty of Portsmouth, Virginia: <br /> 1; Pursuant to'Chapter 5 of Title 15.1 of the Code of <br /> Virginia, t~e same being the Public Finance Act, and the <br /> Charter of the City~ for the purpose of providing funds to <br /> pay the costs of public improvement projects of the City as <br /> set forth in paragraph 3, there are hereby authorized to be <br /> issued and sold five million, two hundred eighty-one thousand, <br /> eight hundred.fourteen dollars ($5~281,B14) aggregate <br /> principal amount of general obligation bonds of the City (the <br /> "Bonds"). As determined by resolution of the Council, or <br /> determined by the Director of Finance of the City which <br /> determination shall be approved or ratified by resolution <br /> of the Council adopted prior to or at the time of sale of <br /> the particular Bonds: the Bonds may be sold in their entirety <br /> at one time, or in part from time to time, at any time and <br /> the Bonds of each issue shall be in such form, be of such <br /> denominations, be payable at such time or times not exceeding <br /> forty (40) years from their date, bear interest at a rate <br /> or ~tes no%- exceed_lng the ~X~um_r~a~ of'~intere~t authorized <br /> by !a~ at ~he time of t~'sale of such Bonds, -be sold in such <br /> manner and have such other details as are deemed necessary or <br /> advisab'i~?~The City may sell all or part of the Bonds alone <br /> or contemporaneously with any other general obligation bonds <br /> or with any general obligation.bond anticipation notes of <br /> the City..?/~ -~,~/~ <br /> <br /> <br />