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R-02-29 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $15,869,648 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENTS PROJECTS IN THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; AUTHORIZNG 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 DETAILS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS. 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 $15,869,648 aggregate principal amount of general obligation public improvement bonds for the purpose of providing funds to pay the costs of various public improvements to be located in the City 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 resolution on April 9. 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 CITY 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 principal amount not to exceed $15,869,648 (the "Bonds"). The