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R-02-60 A RESOLUTION AUTHORIZING AN AMENDMENT TO A $7,500,000 GENERAL OBLIGATION PARKING NOTE THAT WAS PREVIOUSLY AUTHORIZED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, on November 28, 2001, the City of Portsmouth, Virginia (the "City") issued its $7,500,000 General Obligation Parking Note, Series 2001 (the "Note,') to provide interim financing for the acquisition of a parking garage known as the Middle Street Parking Garage (the "Project"); and WHEREAS, the City Council of the City (the "City Council") has held a public hearing, after due publication of notice, in accordance with Section 15.2,2606 of the Code of Virginia of 1950, as amended, on November 13, 2001 on the issuance of the Note; and WHEREAS, the issuance of the Note was authorized by a resolution adopted by the City Council on November 13, 2001 (the "2001 Note Resolution"); and WHEREAS. the Note matures on November 28.2002; and WHEREAS, the City Council has determined that it is in the best interests of the City to amend the Note to extend the maturity of the Note. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Amended Note. The City Council hereby determines that it is best interests of the City to amend the Note and extend the maturity of the Note. The extension of the maturity of the Note is hereby authorized and such extension shall be evidenced by an amendment to the Note (the "Amended Note" }. The Amended Note is hereby authorized, provided that the Amended Note shall mature not later than November 28, 2003. 2. Form of Note. The Amended Note shall be in substantially the form attached to this Resolution as Exhibit A. with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Amended Note such legend or text as may be necessary or appropriate to conform to any applicable files and regulations of any governmental authority or any usage or requirement of law with respect thereto. 3. Execution of Note. The Mayor and the City Manager, or either of them, are authorized and directed to execute and deliver an appropriate Amended Note or Notes and the Clerk is authorized to affix the seal of the City thereto and to attest the same. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if all of the signatures are by facsimile, the Amended Note shall not be valid until signed at the foot thereof by the manual signature of the Note Registrar. 4. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action as they deem necessary regarding the Amended Note and all actions