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R-03-52 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA <br />AUTHORIZING TIlE ISSUANCE AND SALE OF GENERAL OBLIGATION <br />REFUNDING BONDS. <br /> <br /> WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") by a <br />Resolution adopted on August 12, 2003 (the "Resolution") authorized the issuance of certain <br />general obligation refunding bonds to refund certain outstanding bonds of the City as described <br />in the Resolution. <br /> <br /> WHEREAS, the City Council has determined that it is advisable to authorize the issuance <br /> and sale of general obligation refunding bonds of the City to refund the outstanding balance of <br /> the City's $5,800,000 General Obligation Port Improvement Refunding Bonds, Series 1992 (the <br /> "Prior Bonds"). <br /> <br /> WHEREAS, the City Council has determined that it is advisable to ~ssue and sell general <br /> obligation bonds of the City in the principal amount of $7,500,000 to pay the principal of the <br /> City's $7,500,000 Amended General Obligadon Parking Note, Series 2001 (the "Note"). <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF TIlE CITY OF <br /> PORTSMOUTH, VIRGINIA: <br /> <br /> 1. Authorization of Bunds and Use of Proceeds. The City Council hereby <br /> <br /> determines that it is advisable to contract a debt and to issue and sell general obligation bonds of <br /> the City (the "Bonds") (i) in the maximum principal amount of $1,500,000 to refund the Prior <br /> Bonds and (ii) in the principal amount of $7,500,000 to pay the principal of the Note. The <br /> issuance and sale of the Bonds are hereby authorized. The proceeds from the issuance and sale <br /> <br /> <br />