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<br />R-OS-44 <br /> <br />. <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />AUTHORIZING THE ISSUANCE OF $3,600,000 GENERAL OBLIGATION PUBLIC <br />UTILITY BONDS AND A BOND ANTICIPATION NOTE. <br /> <br />WHEREAS, the Council of the City of Portsmouth, Virginia (the "City Council"), has <br />determined that it is advisable to issue up to $3,600,000 of its general obligation bonds (the <br />"Bonds") to finance the cost, in whole or in part, of various public utility improvements (the <br />IIProject"); <br /> <br />WHEREAS, the issuance of the Bonds for the Project was included in the Capital <br />Improvement Plan approved by City Council for Fiscal Year 2006; and <br /> <br />WHEREAS, the Bonds are to be issued on the terms set forth in this Resolution and a <br />subsequent resolution of City Council and a public hearing has been held on August 23, 2005 on <br />the issuance of the Bonds and a bond anticipation note in anticipation of the issuance and sale of <br />the Bonds (the "Note") after due publication of notice in accordance with Section 15.2-2606 of <br />the Code of Virginia of 1950, as amended. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA: <br /> <br />. <br /> <br />. <br /> <br />I. <br /> <br />Authorization of Bonds and Note; Use of Proceeds. The City Council <br />hereby determines that it is advisable to contract a debt and to issue the <br />Bonds to finance the Project. The City Council further determines that it <br />is advisable to contract a debt and to issue the Note in anticipation of the <br />issuance of the Bonds. The issuance of the Bonds and the issuance and <br />sale of the Note are hereby authorized. The proceeds from the issuance <br />and sale of the Note and the Bonds shall be used to pay the costs, in whole <br />or in part, of the Project. <br /> <br />2. Pledge of Full Faith and Credit. The full faith and credit of the City are <br />hereby irrevocably pledged for the payment of the principal of, premiwn, <br />if any, and interest on the Bonds and Note as the same become due and <br />payable. The City Council shall levy an annual ad valorem tax upon all <br />property in the City, subject to local taxation, sufficient to pay the <br />principal of, premiwn, if any, and interest on the Bonds and Note as the <br />same shall become due for payment unless other funds are lawfully <br />available and appropriated for the timely payment thereof. <br /> <br />3. <br /> <br />Details and Sale of Note. The Note shall be issued upon the terms <br />established pursuant to this Resolution and upon such other terms as may <br />be determined in the manner set forth in this Resolution. The Note shall <br />be issued in fully registered form, shall be dated its date of issuance and <br />delivery (or such other date as the City Manager and the Chief Financial <br />Officer, or either of them, may approve) and shall be in a single <br />denomination equal to its principal amount, or, if approved by the City <br />Manager and the Chief Financial Officer, or either of them, in <br />