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<br />y <br /> <br />."" <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />"Performing Arts Center Bonds" and together with the Taxable Fairwood Bonds and the <br /> <br /> <br />PortCentre Bonds, the "Prior Taxable Authority Bonds"); and <br /> <br /> <br />WHEREAS, the Prior Taxable City Bonds and the Prior Taxable Authority Bonds shall <br /> <br /> <br />be hereinafter referred to as the "Prior Taxable Bonds;" and <br /> <br /> <br />WHEREAS, the Prior Tax-Exempt Bonds, the Prior Tax-Exempt Public Utility Bonds <br /> <br /> <br />and the Prior Taxable Bonds shall be hereinafter referred to as the "Prior Bonds;" and <br /> <br /> <br />WHEREAS, the General Obligation Refunding Bonds, the General Obligation Public <br />Utility Refunding Bonds and the Taxable General Obligation Refunding Bonds shall be <br />hereinafter referred to as the "Refunding Bonds;" and <br />WHEREAS, no public hearing is required for the Refunding Bonds. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA: <br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby <br />determines that it is advisable to contract a debt and to issue and sell (i) General Obligation <br />Bonds in an original principal amount not to exceed $48,230,000; (ii) General Obligation <br />Refunding Bonds of the City in an original principal amount not to exceed $39,395,000; (iii) <br />General Obligation Public Utility Refunding Bonds of the City in an original principal amount <br />not to exceed $18,275,000; and (iv) Taxable General Obligation Refunding Bonds of the City in <br />an original principal amount not to exceed $22,470,000 (all of which together shall hereinafter be <br />referred to as the "Bonds"). <br /> <br />The proceeds from the sale of the General Obligation Bonds shall be used (i) to pay the <br /> <br /> <br />costs of various public improvements projects, including one or more of the following: public <br /> <br />