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ORDINANCE IO~~~~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $5,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS IN CONNECTION WITH THE PRENTIS PARK WATERLINE REPLACEMENT PROJECT. 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 a general obligation bond or general obligation bonds of the City (the "Bonds") to Virginia Resources Authority ("VRA"), as Administrator of Virginia Drinking Water Supply Revolving Fund (the "DWSRF"), in order to finance the acquistion, construction and equipping of a replacement waterline to serve the Prentis Park section of the City (the "Project"); and WHEREAS, pursuant to the provisions of the American Recovery and Reinvestment Act of 2009 ("AARA"), the Environmental Protection Agency shall award and administer a State Revolving Fund Capitalization Grant to the Commonwealth of Virginia in connection with the DWSRF program (the "EP A Grant"). WHEREAS, the City and VRA have been advised by the Virginia Department of Health ("VDH") that the Project is eligible for finanicial assistance through the DWSRF program in connection with the EP A Grant. WHEREAS, the total financial assistance awarded to the City by VDH shall include two components, with a portion of such funds being provided under a Funding Agreement for principal forgiveness between VRA and the City (the "Funding Agreement"), and the other portion being provided under a Financing Agreement between VRA and the City for a 0% interest rate loan from VRA, as Administrator of the DWSRF, for a term up to thirty (30) years (the "Financing Agreement").