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<br />'" <br /> <br />~ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Authority of the City of Portsmouth (Virginia)'s $6,555,000 Variable Rate Demand Revenue <br /> <br /> <br />Bonds, Series 1997 A (Fairwood Homes Project) (the "Tax-Exempt Fairwood Bonds" and <br /> <br /> <br />together with the 1997A Bonds, the 1998 Bonds, the 2001A Bonds, the 2002 Tax-Exempt Note <br /> <br /> <br />and the 2005 Note, the "Prior Tax-Exempt Bonds"); <br /> <br /> <br />WHEREAS, the City has determined that it is advisable to issue and sell general <br /> <br /> <br />obligation public utility refunding bonds of the City (the "General Obligation Public Utility <br /> <br /> <br />Refunding Bonds") to refund all or a portion of the outstanding balance of the City's (i) <br /> <br />$13,000,000 General Obligation Public Utility Bonds (the "1996 Bonds") and (ii) $36,525,000 <br /> <br /> <br />General Obligation Public Utility and Refunding Bonds, Series 2001B (the "2001B Bonds" and <br /> <br /> <br />together with the 1996 Bonds, the "Prior Tax-Exempt Public Utility Bonds"); and <br /> <br /> <br />WHEREAS, the Prior Tax-Exempt Public Utility Bonds were issued in accordance with <br /> <br /> <br />the provisions of Article VII, Section 10(a)(2) of the Virginia Constitution; and <br /> <br /> <br />WHEREAS, the City has determined that it is advisable to issue and sell taxable general <br /> <br /> <br />obligation refunding bonds of the City (the "Taxable General Obligation Refunding Bonds") to <br /> <br /> <br />(a) refund all of the outstanding balance of the City's $2,000,000 Amended General Obligation <br /> <br /> <br />Public Improvement Bond Anticipation Note, Series 2002 (Taxable) (the "2002 Taxable Note" <br /> <br /> <br />or "Prior Taxable City Bonds"); (b) refund, on a taxable basis, all or a portion of the Industrial <br /> <br /> <br />Development Authority of the City of Portsmouth (Virginia)'s $6,555,000 Variable Rate Demand <br /> <br /> <br />Revenue Bonds, Series 1997A (Fairwood Homes Project) (the "Taxable Fairwood Bonds"); and <br /> <br /> <br />(c) refund all of the outstanding balance of the Industrial Development Authority of the City of <br /> <br />Portsmouth (Virginia)'s (i) $8,500,000 Taxable Variable Rate Demand Revenue Bonds, Series <br /> <br />1997B (Port Centre I Project) (the "PortCentre Bonds"); and (ii) $13,000,000 Taxable Variable <br /> <br />Rate Public Facility Revenue Bonds (Performing Arts Center Project), Series 2001 (the <br /> <br />