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56 <br /> <br />A RESOLUT!ON OFT ilECOUNCIL OF THE-CITY OFPORTSMOUTH, ~IRGINIA~ <br />APPROVING, RATIFYING AND'CONFIRMING THE ISSUANCE AND SALE OF <br />$3,400,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTI- <br />CIPATION NOTES OF SUCH CITY FOR THE PURPOSE OF PAYING THE COST <br />OF VARIOUS PUBLIC IMPROVEMENTPROJECTS IN ANTICIPATION OF THE <br />ISSUANCE<ANDRECEIPTOF 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 SUC~ ' <br />NOTES~ . ~ . <br /> <br /> WHEREAS, the Council of 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 TPIECITY 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 LIKE 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 CONFIRMING <br />THE ISSUANCE OF $2,050,000 PRINCIPAL ~OUNT OF SUCH GENERAL <br />OBLIGATION BOND ANTICIPATION NOTES" (the "Authorizing Reso- <br />Xfltion"); and <br /> <br /> WHERE~S, pursuant to and in accordance with paragraph <br />5 o~-the Authorizing ~esolution, 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 (10) <br />days of the date of such filing a notice with respect thereto <br />in Th~ Virginian pilot in substantially the form set forth <br />in paragraph 5 of the Authorizing Resolution; and <br /> <br /> ?~EREAS, paragraph 4 of the Authorizing Resolution <br />authorizes the issuance and sale of S10,754,837 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 <br />issued under the Authorizing Resolution and the receipt of~ <br />the proceeds thereof, provided the proceeds of the Notes <br />are ~pplied to the same purposes .and 'ih th~ same ~espective <br />amounts as gre spe~fiea ~n~a~r~p~ -3~of the Authorizing <br />Resolution with respect to the application of the proceeds <br />of such bonds~ and <br /> <br /> <br />