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R-07-51 RESOLUTION OF THE CITY COUNCIL OF PORTSMOUTH APPROVING THE PROPOSED ISSUANCE OF CERTAIN REVENUE BONDS BY THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF VIRGINIA, A PORTION OF THE PROCEEDS OF THE BONDS TO BE USED TO FINANCE OR REFINANCE FACILITIES LOCA TED IN THE CITY. WHEREAS, the Southeastern Public Service Authority of Virginia (the "Authority") anticipates making certain capital improvements and intends to finance or refinance such capital improvements (the "Tax-Exempt Improvements") through the issuance of one or more issues of revenue bonds in an aggregate principal amount up to $31,500,000 (the "Tax-Exempt Bonds") which bonds will finance or refinance the facilities described in Exhibit A, all or a portion of which are or may be located within the City of Portsmouth (the "City"); WHEREAS, under the Internal Revenue Code of 1986, as amended, prior to the issuance of the Tax-Exempt Bonds, the Authority must hold a public hearing and receive governmental approval of the issuance of the Tax-Exempt Bonds; WHEREAS, such governmental approval can, by virtue of the location of certain of the Tax-Exempt Improvements within the City, be given as to such improvements by the City; WHEREAS, Section 15.2-4906 of the Code of Virginia, 1950, as amended (the "Local Approval Provision"), requires that, if certain authorities created pursuant to law in Virginia hold a public hearing in accordance with federal law as a prerequisite to undertaking a tax-exempt financing, such authorities must receive approval for the financing from the governing bodies of the localities in which the improvements to be financed are to be located; WHEREAS, the Authority is an authority subject to the Local Approval Provision; WHEREAS, on September 7, 2007, the Authority held a public hearing (the "Hearing") regarding the issuance of the Tax-Exempt Bonds pursuant to a notice of public hearing published twice, on August 25,2007 and September 1,2007, the last such date being not less than six days after the second publication of such notice; WHEREAS, the Authority has provided to the City Council the following: (i) a reasonably detailed summary of the comments, if any, expressed at the Hearing; (ii) a fiscal impact statement concerning the Tax-Exempt Bonds in the form specified in Section 15.2-4907 of the Code of Virginia; and (iii) the Authority's request and recommendation that the County Council approve the issuance of the Tax-Exempt Bonds; WHEREAS, failure of the City Council to adopt this Resolution may result in the Authority's issuance of taxable debt to finance the Tax-Exempt Improvements; and WHEREAS, the City Council has determined to approve the issuance of the Tax-Exempt Bonds; now, therefore, BE IT RESOLVED by the City Council of the City of Portsmouth, as follows: