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R-03-59 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA AUTHORIZING GENERAL OBLIGATION FINANCING FOR <br />REDEVELOPMENT PURPOSES IN A MAXIMUM PRINCIPAL AMOUNT OF <br />$5,450,000. <br /> <br /> WHEREAS, the Council of the City of Portsmouth, Virginia (the "City") has detm'mined <br />that it is advisable to issue a maximum amount of $5,450,000 general obligation notes or other <br />general obligation financing to finance the cost of certain redevelopment and economic <br />development projects consisting primarily of the acquisition of property known as the Mid-City <br />Shopping Center and the demolition of existing buildings located on such property for the <br />purpose of promoting redevelopment and economic development (the "Project"); and <br /> <br />WltEREAS, the City held a public heating on such financing on September 23, 2003. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF PORTSMOUTH, VIRGINIA: <br /> <br /> 1. Authorization of Financing and Use of Proceeds. The City Council hereby <br /> <br />determines that it is advisable to contract a debt and to issue and sell its general obligation notes <br />or other general obligation financing of the City in the maximum principal amount of $5,450,000 <br />(the "Financing"). The issuance of the Financing is hereby authorized. The Financing may be <br />issued as one or more general obligation notes of the City (the "Note") or in the form of one or <br />more financing agreements or support agreements (collectively, the "Support Agreement") <br />securing revenue bonds to be issued on behalf of the City. The proceeds from the issuance and <br />sale of the Financing shall be used to pay all or a portion of the costs of the Project, including <br />costs associated with issuance of the Financing, in such amounts as shall be determined by the <br />City's Chief Financial Officer. <br /> <br /> <br />