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UiUjiN CE AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $45,000,000.00 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS. WHEREAS, the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City") has determined that it is advisable to issue and sell general obligation refunding bonds of the City (the "Bonds"), on a tax-exempt or taxable basis, in order to refund all or a portion of the outstanding balances of the Economic Development Authority of the City of Portsmouth, Virginia Lease Revenue Bond (City of Portsmouth, Virginia Capital Project), Series 2004 (the "Prior EDA Bond"), and the City's following bond issues (the "Prior City Bonds" and, collectively with the Prior EDA Bond, the "Prior Bonds"): (i) General Obligation Public Improvement and Refunding Bonds, Series 1997 A, (ii) General Obligation Public Utility Refunding Bonds, Series 1997B, (iii) Taxable General Obligation Refunding Bonds, Series 1997C, (iv) General Obligation Public Improvement and Refunding Bonds, Series 2001A, (v) General Obligation Public Utility and Refunding Bonds, Series 2001B, (vi) General Obligation Refunding Bonds, Series 2003, (vii) General Obligation and Refunding Bonds, Series 2005A, (viii) Taxable General Obligation Refunding Bonds, Series 2005C, (ix) General Obligation and Refunding Bonds, Series 2006A, (x) Taxable General Obligation Refunding Bonds, Series 2006B, and (xi) General Obligation Notes, Series 2006C; and WHEREAS, no public hearing is required in order for the City to issue the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Bonds, on a tax-exempt -1-