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R-02-47 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $2,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PORTSMQUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF CERTAIN IMPROVEMENTS IN THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH BONDS; AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS; AND OTHERWISE PROVIDING FOR THE DETAILS WITH RESPECT TO THE SALE AND ISSUANCE OF SUCH NOTES. WHEREAS, in the judgment of the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City"), it is desirable to authorize the issuance of $2,000,000 aggregate pnncipal amount of general obligation public improvement bonds for the purpose of providing funds to pay the costs of infrastructure associated with the Victory Crossing project (the "Project") and provide for the issuance and sale of general obligation public improvement bond anticipation notes; and WHEREAS, a duly advertised and conducted public hearing has been held with respect to the adoption of this resoluuon on August 13 2002, as required by and in accordance with Section 15.2-2606.A of the Code of Virginia of 1950, as amended; and NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation bonds of the City in the aggregate pnncipal amount not to exceed $2,000,000 (the "Bonds"). The issuance