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R-09-72 A RESOLUTION DECLARING THE INTENT OF THE CITY OF PORTSMOUTH, VIRGINIA TO REIMBURSE ITSELF FROM THE PROCEEDS OF PUBLIC UTILITY GENERAL OBLIGA TION BONDS AND NOTES FOR EXPENDITURES IN CONNECTION WITH CERTAIN PUBLIC UTILITY CAPITAL IMPROVEMENT PROJECTS. WHEREAS, on May 12, 2009, the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City"), adopted Ordinance No. 2009-44, entitled "An Ordinance to Appropriate $22,139,999 in the FY 2009-2010 Capital Improvement Fund and $20,366,535 in the FY 2009-2010 Public Utilities Capital Improvement Fund" (the "Ordinance"); WHEREAS, in the Ordinance, the City Council declared (i) the intent of the City to reimburse itself for expenditures made with respect to the projects approved in the Ordinance (the "Projects"), which included drainage and street improvements, industrial and economic development, leisure services, municipal facilities, sewer, and water projects, and (ii) that the maximum projected amount of general obligation bonds and notes to be issued for the Projects was not expected to exceed $14,258,490; and WHEREAS, the City Council desires to declare that an amount of public utility general obligation bonds and notes not to exceed $17,660,000 are expected to be issued for the water and sewer projects encompassed by Projects (the "Public Utility Projects"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. That it is the intent of the City to make certain expenditures in connection with the planning, design, acquisition, construction, and equipping of the Public Utility Projects which the City reasonably expects to be reimbursed as permitted by Section 1.150-2 of the regulations pursuant to the Internal Revenue Code of 1986, as amended, from the proceeds of one or more issues of bonds issued to fund the Public Utility Projects. As of the date of this Resolution, the