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<br />ORDINANCE NO .~ 0~g"S:l~4 l< <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED <br />$30,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />BONDS FOR THE PURPOSE OF FINANCING OR REFINANCING VARIOUS <br />CAPITAL IMPROVEMENT PROJECTS. <br />WHEREAS, the City Council (the "City Council") of the City of Portsmouth, Virginia <br />(the "City"), has determined that it is advisable to authorize the issuance of $30,000,000 <br />aggregate principal amount of general obligation bonds (the "Bonds") for the purpose of <br />providing funds to finance or refinance various capital improvement projects which may include <br />one or more of the following: public utility improvements, drainage and street improvements, <br />education/school improvements, economic development projects, leisure services improvements, <br />public safety improvements, parking facilities improvements, and municipal facilities <br />improvements; and <br />WHEREAS, a duly advertised and conducted public hearing has been held with respect <br />to the issuance of the Bonds on December 9,2008; and <br />WHEREAS, Davenport & Company LLC, the City's Financial Advisor (the "Financial <br />Advisor"), has requested proposals from financial institutions on behalf of the City for the <br />purchase of a short-term note of the City (the "BAN") to be issued and sold by private sale in <br />anticipation of the issuance of the Bonds pursuant to Section 15.2-2628 of the Code of Virginia <br />of 1950, as amended, and has recommended that the City sell the BAN to Wachovia Bank, <br />National Assocation (the "Bank"), pursuant to the terms of a proposal sent by the Bank to the <br />City's Chief Financial Officer dated October 28, 2008 (the "Proposal") and presented at this <br />meeting. <br />-1- <br />