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<br />. <br /> <br />WHEREAS, on November 14,2005, the Authority held a public hearing (the "Hearing") <br />regarding the reissuance of the Tax-Exempt Bonds pursuant to a notice of public hearing <br />published twice on October 31, 2005 and November 7, 2005, the last such date being not less <br />than six days after the second publication of such notice; and <br /> <br />WHEREAS, the Authority has provided to the City Council the following: (i) a <br />reasonably detailed summary of the comments, if any, expressed at the Hearing; (ii) a fiscal <br />impact statement'conceming the Tax-Exempt Bonds in the form specified in Section 15.2-4907 <br />of the Code of Virginia; and (iii) the Authority's request and recommendation that the City <br />Council approve the reissuance of the Tax-Exempt Bonds; and <br /> <br />WHEREAS, the City Council has determined to approve the reissuance of the Tax- <br />Exempt Bonds. <br /> <br />NOW THEREFORE BE IT RESOLVED by the City Council of the City of <br />Portsmouth as follows: <br /> <br />1, The City Council hereby approves the reissuance by the Authority of the Tax- <br />Exempt Bonds, <br /> <br />2. This Resolution shall take effect on the date of its adoption. <br /> <br />. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />December 13,2005. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />. <br /> <br />2 <br /> <br />