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ORDINANCE HO~20~O~~.~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $13,250,000 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") in order to refund all or a portion of the outstanding balances of the City's following bond issues (the "Prior Bonds"): (i) General Obligation Public Improvement and Refunding Bonds, Series 1997 A, (ii) General Obligation Public Improvement and Refunding Bonds, Series 2001A, and (iii) General Obligation Public Utility and Refunding Bonds, Series 2001B; 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 in an aggregate principal amount not to exceed $13,250,000. The proceeds from the sale of the Bonds shall be used (i) to refund all or a portion of the outstanding balances of the Prior Bonds and (ii) to pay the costs of issuing the Bonds. The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance are authorized. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem -1-