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<br />ORDIIIAIG II- 20~51 <br /> <br />AN ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA AMENDING ORDINANCE NO. 2006-43 THAT AUTHORIZED THE <br />ISSUANCE AND SALE OF NOT TO EXCEED $29,500,000 AGGREGATE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS FOR THE <br />PURPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC <br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; AUTHORIZED THE <br />ISSUANCE AND SALE OF NOT TO EXCEED $38,000,000 AGGREGATE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS; <br />AUTHORIZED THE ISSUANCE AND SALE OF NOT TO EXCEED $9,000,000 <br />AGGREGATE PRINCIPAL AMOUNT OF TAXABLE GENERAL OBLIGATION <br />REFUNDING BONDS; AND AUTHORIZED THE ISSUANCE AND SALE OF <br />NOT TO EXCEED $7,000,000 GENERAL OBLIGATION NOTES. <br /> <br />WHEREAS, on May 23, 2006 the City Council (the "City Council") of the City <br /> <br />of Portsmouth, Virginia (the "City") adopted Ordinance No. 2006-43 (the "Authorizing <br /> <br />Ordinance") that (i) authorized the issuance and sale of not to exceed $29,500,000 <br /> <br />aggregate principal amount of general obligation bonds (the "General Obligation Bonds") <br /> <br />for the purpose of financing the costs of various public improvement projects of and for <br /> <br />the City; (ii) authorized the issuance and sale of not to exceed $38,000,000 aggregate <br /> <br />principal amount of general obligation refunding bonds (the "General Obligation <br /> <br />Refunding Bonds"); (iii) authorized the issuance and sale of not to exceed $9,000,000 <br /> <br />aggregate principal amount of taxable general obligation refunding bonds (the "Taxable <br /> <br />General Obligation Refunding Bonds"); and (iv) authorized the issuance and sale of not <br /> <br />to exceed $7,000,000 general obligation notes (the "General Obligation Notes" or the <br /> <br />"Series 2006C Notes"); and <br /> <br />WHEREAS, duly advertised and conducted public hearings have been held with <br /> <br />respect to the issuance of the Series 2006C Notes on May 23, 2006 and June 27, 2006; <br /> <br />and <br /> <br />WHEREAS, the Authorizing Ordinance authorized, among other things, the <br /> <br />issuance and sale of Series 2006C Notes for the purpose of providing funds to pay a <br />