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R-03-44 A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA DETAILS OF SUCH B6~I~.~. *'T~"~-~--A~-R~O~G THE FORM AND OTHER ~, ~rto~aLll'~G THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE A2~D DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH BONDS; AND OTHERWISE PROVIDING DETAILS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") has determined that it is advisable to issue and sell general obligation refunding bonds of the City to refund all or a portion of the outstanding balance of thc City's (i) $57,905,000 General Obligation Bonds, consisting of $36,620,000 General Obligation Public Improvement Refunding Bonds, Series 1993, and $21,285,000 General Obligation Public Utility Refunding Bonds, Series 1993; (ii) $53,000,000 General Obligation Bonds, Series 1996, consisting of $40,000,000 General Obligation Public Improvement Bonds, Series 1996 and $13,000,000 General Obligation Public Utility Bonds, Series 1996; and (iii) $74,400,000 General Obligation Bonds, Series 2001, consisting of $37,875,000 General Obligation Public Improvement and Refunding Bonds, sbrics 200lA and $36,525,000 General Obligation Public Utility and Refunding Bonds, Series 200lB (collectively, the "Prior Bonds"). NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Use of Proceed.,;. The City Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation refunding bonds of the City in one or more series in the maximum aggregate principal amount of $49,000,000 (the "Bonds"). The issuance and sale ofihe Bonds are hereby authorized. The proceeds from the issuance and sale of the Bonds shall be used to refund all or a portion of the