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A RESOLUTION AD~i~HORiZING THE ~ORROWING OF $3,000,000.00 ~ ~ I~UANCE OF ~ ~ICIPATION ~ OF ~ Ci~f OF ~RTS~ ~R P~G ~ ISSU~NCE ~ S~ OF '~R~S ~ ~Y A~O~ Bb~ t~ ISSU~ OR ~; F~NG T~ ~, 'l'~ ~ ~ OF ~ST ~R SA~ N~; ~ AP~O~G ~ ~ OF S~ ~ ~ION ~ OF ~ ~ICIPATION N~. WHEREAS, by Ordinance No. 1968-87, adopted December 17, 1968, the City of Portsmouth was authorized to issue $5,500,000 General Obligation Bonds for the puurpose of providing funds for the construction of schools, certain other public buildings, and streets, for urbau renewal purposes, and to pay certain annexa- tion costs pursuant to the order entered in the Circuit Court of the City of Chesapeake on October 2, 1967, annexing certain territory of the City of Portsmouth, effective January 1, 1968; and ~.~RFAS, the bonds authorized by the aforesaid ordinance have not been issued or sold; and ~EREAS, it is necessary to borrow, pendir~ the ~ssuance and sale of such bonds, the money necessary to meet the City's obligations in cormec~on with the ptc~pose for which the said bonds were authorized; and VfHEREAS, the City ~nagar of the City of Portsmouth bas received a proposal for the purchase of ~nree Million Dollars of Bond Anticipation Notes from The Chase M~nhattan Bm~k, National Association, New York, New York, and the Council deems said offer to be the best offer for the purchase of said notes, and the City ~n~ager has recommended that the said offer be approved, NOW, THEREFORE, BE IT RESOLVED by the Com~cil of the City of Portsmouth, Virginia: SECTION 1. Pending the issuance and sale of the bonds ~r~ed by Ordinance~"~. ~o~-o~, adopted Dece~er 17, i~o, full power and authority is hereby given the City ~m~er of the City of Portsmouth to prepare and issue BondAnticipation Notes in the form hereinafter prescribed ~nd for the sum of $~,000,000 in the aggregate, in anticipatio~ of the issumnce of a like principal ~motunt of general obligation bonds authorized ~o be issued by said Ordim~nce No. 1968-87. Said rmtes shaml be da~edMay 1, 196~, be entitled "Bond Anticipation Note", be of the denomination of $100,000 each, ~ature M~rch 2, 1970 and be~_r interest at the raze of four and seventy-five h,undredths per cent~m ~4.75%) per m~mum. Both principal of ~nd interest on the notes shall be payable at the maturity thereof. The full faith and credit of the City of Portsmouth sb~!l 'be, and hereby are, pmed~ed to the pa)~ent of