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<br />ORDINANCE HO.200S-113 <br /> <br />. <br /> <br />AN ORDINANCE TO REPROGRAM $1,078,799 WITHIN THE 2005-2006 <br />GENERAL FUND OPERATING BUDGET FOR DEBT SERVICE ON THE <br />CITY'S 2005 GENERAL OBLIGATION AND REFUNDING BONDS. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br />1, That the City's Department of Finance has determined that additional <br />funding in the amount of $1,338,799 is required for debt service payments due on April <br />1,2006 on the City's 2005 General Obligation and Refunding Bonds, Series A, B, and C, <br />sold and issued on October 18,2005, <br /> <br />2. That funds within the FY 2005-2006 General Fund Operating Budget and <br />identified on the attached Schedule have been determined as appropriate for <br />reprogramming to meet these debt service payment needs; and <br /> <br />3, . That reprogramming of the funds in the manner described above is in the <br />best interest of the City; and <br /> <br />. <br /> <br />4, That the reprogramming of funds totaling $1,078,799 within the 2005- <br />2006 General Fund Operating Budget for the purposes and in the manner described above <br />is hereby authorized pursuant to the requirements of Section 12-5 of the City Code. <br /> <br />5, That this ordinance 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 <br />on December 13,2005, <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />. <br /> <br />