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<br />ORDINANCE NO. 2.006-43 <br /> <br />AN ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA <br />AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $29,500,000 <br />AGGREGATE PIUNCIPAL AMOUNT OF GENERAL OBLIGATION BONDS FOR THE <br />PliRPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC IMPROVEMENT <br />PROJECTS OF AND FOR THE CITY; AUTHORIZING THE ISSUANCE AND SALE OF <br />NOT TO EXCEED $38,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION REFUNDING BONDS; AUTHORIZING THE ISSUANCE AND SALE OF <br />NOT TO EXCEED S9,000,000 AGGREGATE PRINCIPAL AMOUNT OF TAXABLE <br />GENERAL OBLIGATION REFUNDING BONDS; AND AUTHORIZING THE <br />ISSUANCE AND SALE OF NOT TO EXCEED $7,000,000 GENERAL OBLIGATION <br />NOTES. <br /> <br />WHEREAS. the City Council (the "City Council") of the City of Portsmouth. Virginia <br /> <br />(th.: "City") has determined that it is advisable to authorize the issuance of $29.500.000 <br /> <br />aggr.:gat.: principal amount of general obligation bonds (the "General Obligation Bonds") for the <br /> <br />purpu,.: elf providing funds to pay the costs of various public improvements for the City: and <br /> <br />WHEREAS. the City has determined that it is advisable to issue and sell general <br /> <br />LlllligatilHl refunding bonds of the City, on a tax-exempt or taxable basis, (the "General <br /> <br />Obligation Refunding Bonds") to refund all of the outstanding balance of the Industrial <br /> <br />Dcvdopment Authority of the City of Portsmouth, Virginia's (the "Authority") $39,270.000 <br /> <br />R.:vcnue Bonds. S.:ries 1999 (Hotel, Conference Center and Parking Garage Project) (the "Hotel <br /> <br />Bunds"): and <br /> <br />WHEREAS. the General Obligation Bonds and the General Obligation Reflll1ding Bonds <br /> <br />shall b.: h.:reinatkr referred to as the "Series 2006A Bonds;" and <br /> <br />WHEREAS. a duly advertised and conducted public hearing has been held with respect <br /> <br />Il1 th.: issuance uf th.: Scries 2006A Bonds and the Series 2006C Notes (hereinafter defined) on <br /> <br />Ma) 23. 2lJU(,; and <br /> <br />WHEREAS. the City has determined that it is advisable to issu.: and sell taxable general <br /> <br />uhligatil1l1 rcllmding bonds of the City (the "Taxable General Obligation Refunding Bonds" or <br /> <br />-1- <br />