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<br />WHEREAS, a duly advertised and conducted public hearing has been held with respect <br /> <br />to the issuance of the Bonds on October 13,2009. <br /> <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br /> <br /> <br />CITY OF PORTSMOUTH, VIRGINIA: <br /> <br /> <br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby <br /> <br /> <br />determines that it is advisable to contract a debt and to issue and sell the Bonds in an aggregate <br /> <br /> <br />principal amount not to exceed $5,000,000. The proceeds from the sale of the Bonds shall be <br /> <br /> <br />used to finance the Project. <br /> <br />The issuance and sale of the Bonds in one or more series from time to time in accordance <br /> <br />with this Ordinance are authorized. <br /> <br />2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby <br /> <br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on the <br /> <br />Bonds as the same become due and payable. The City Council shall levy an annual ad valorem <br /> <br />tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, <br /> <br />premium, if any, and interest on the Bonds as the same shall become due for payment unless <br /> <br />other funds are lawfully available and appropriated for the timely payment thereof. <br /> <br />3. Designation of City Representative. For the purposes set forth in this Ordinance, <br /> <br />the term "City Representative" shall mean the City Manager and the Chief Financial Officer, <br />either of whom may act. <br /> <br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br />established pursuant to this Ordinance and upon such other terms as may be determined in the <br /> <br />manner set forth in this Ordinance. The City Representative is authorized and directed to <br />