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~ ~° R-04-34 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF $2,530,000 GENERAL OBLIGATION NOTE (TAXABLE). WHEREAS, the Council of the City of Portsmouth, Virginia (the "City"), has determined that it is advisable to issue its general obligation note (the "Note") to finance the cost, in whole or in part, of the acquisition and installation of the replacement canopy for the NTELOS Pavilion at Harbor Center (the "Project") and to pay the costs of issuance; WHEREAS, the Note is to be issued on the terms set forth in this Resolution and a public heating has been held on June 8, 2004 on the issuance of the Note after due publication of notice in accordance with Section 15.2-2606 of the Code of Virginia of 1950, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Note and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Note and the issuance and sale of the Note are hereby authorized. The proceeds from the issuance and sale of the Note shall be used to pay the costs, in whole or in part, of the Project and to pay the costs of issuance. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Note as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Note as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Note. The Note shall be issued upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Note shall be issued in fully registered form, in one or more series, shall be dated the date of issuance and delivery (or such other date as the Chief Financial Officer of the City and the City Manager, or either of them, may approve) and shall be in the form of a single note in the denomination equal to its principal amount or the pnncipal amount of each series or, if approved by the Chief Financial Officer of the City and the City Manager, or either o£them, in one or more series in minimum denominations of $100,000. The Note shall be issued to such purchaser or purchasers, upon such other terms as may be approved by the Chief Financial Officer of the City and the City Manager, or either of them, including, but not limited to, the aggregate principal amount of the Note, the prepayment provisions, the sale price and interest rate on the Note, provided that the final principal payment on the Note shall be not more than approximately 25 years from its date, the prinmpal amount shall not exceed $2,530,000 and the interest cost of the Note shall not exceed 6%. 4. Form of Note. The Note shall be in substantially the form attached to this Resolution as Exhibit A, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Note such legend or text