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*.,1910-02 ......,"~."...,~'-P"\':y...., AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $30,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY 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 public utility bonds of the City (the "Bonds") in order to finance the costs of the planning, design, acquisition, construction, and equipping of various water and sewer projects of the City (the "Projects"); and WHEREAS, a public hearing on the issuance of the Bonds has been held after notice was published in accordance with the requirements of Section 15.2-2606 of the Code of Virginia of 1950, as amended (the "Virginia Code"). 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 $30,000,000. The proceeds from the sale of the Bonds shall be used to finance the costs of the planning, design, acquisition, construction, and equipping of the Projects and 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 tax upon all property in the City subject to local taxation sufficient to pay the principal of, -1-