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R-03-27 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH~ <br />VIRGINIA, AUTHORIZING THE ISSUANCE OF $17,010,000 AGGREGATE <br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF <br />FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS IN <br />THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; <br />AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO <br />TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE <br />ISSUANCE. SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE SUCH BONDS; AUTHORIZING THE ISSUANCE AND <br />SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE <br />ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS; AND <br />OTHERWISE PROVIDING DETAILS WITH RESPECT TO THE ISSUANCE OF SUCH <br />BONDS. <br /> <br />WHEREAS. in the judgment of the Cig¢ Council (the "City Council") of the City of <br /> <br />Portsmouth, Virginia i the "City"), it is desirable to authorize the ~ssuance of $17,010,000 <br /> <br />aggregate principal amount of general obligation public improvement bonds for the purpose of <br /> <br />providing funds to pay the costs of various public improvement projects to be located in the City <br /> <br />and provide for the issuance and sale of general obligation public improvement bond anticipation <br /> <br />notes: and <br /> <br />WHEREAS. a duly advertised and conducted public heating has been held with respect <br /> <br />to the adoption of this resolution on ApriI 22. 2003, as required by and in accordance with <br /> <br />Section 15.2-2606.A of the Code of Virginia of 1950, as amended; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> <br />CITY Ol~ PORTSMOUTH, VIRGINIA: <br /> <br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines <br /> <br />that it is advisable to contract a debt and to issue and sell general obligation bonds of the City m <br /> <br />the agg~regate principal amount nor to exceed St7,010,000 (the "Bonds"). The issuance of the <br /> <br />Bonds is hereby authorized, The proceeds from the issuance and sale of the Bonds shall be used <br /> <br /> <br />