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A RESOLUTI©N AUTHORIZING THE ISSUANCE OF SEVEN ~4tLLION DOLLARS ($7,000,000.) PRINCIPAL AMOUNT OF GENERAL OBLIGATiO~ BONDS OF T~E CITY OF PORTS~IOUTH, VIRGINIA, FOR ThqE~ PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOUS PUBLIC IliPROVE~iENT PROJECTS OF SAID CITY, FIXING THE FOPS! OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS. WHEREAS, in the judgment of The Council of the City of Portsmouth, Virginia, it is necessary and expedient to issue and sell General Obligation Bonds of the City of Portsmouth (the "City") in the principal amount of Seven Million Dollars ($7,000,000) for the purpose of providing funds to pay the costs of various public improvement projects of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: !. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act, for the purpose of providing funds to pay the cost of various public improvement projects of t~e City as set out in Section 4 hereof, there are hereby authorized to be issued Seven Million Dollars ($7,000,000.) principal amount of general obligation bonds of the City to be designated "General Obliga- tion Bonds" (the "Bonds"). The Bonds shall be dated as of November 1, 1977; shall be numbered from one (1) consecutively up~ard in order of maturity (earlier maturities first); shall be of the denomination of $5,000. each; shall bear interest payable July 1, 1978, and semi-annually thereafter on January 1 and July 1 of each year, at such rate or rates per annum as shall be determined by resolution of this Council upon the sale of the Bonds; shall mature serially in numerical order $350,000. principal amount of Bonds on January ! in each of the years 1979 to 1998, both inclusive; and s~all be issued as coupon bonds registrable as to principal only or as to both principal and interest. The Bonds maturing on and after January 1, 1989, shall be subject to redemption at the option of the City prior to their stated maturities on or after January 1, 1988, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a maturity are called for redemption, the particular Bonds of such maturity to be redeemed shall be select- ed by lot), upon payment of ~he principal amount of the Bonds to