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.. ORDINANCE .~~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS AND GENERAL OBLIGATION REFUNDING BONDS IN.AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000. WHEREAS, on December 9, 2008, the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City") adopted an ordinance (the "2008 Ordinance") authorizing the issuance of an aggregate principal amount not to exceed $30,000,000 of general obligation bonds of the City (the "New Money Bonds"), and notes in anticipation thereof, for the purpose of providing funds to finance or refinance various capital improvement projects (the "Projects"); WHEREAS, on December 18, 2008, the City issued its General Obligation Bond Anticipation Note, Series 2008 (the "2008 BAN"), in the principal amount of $29,935,000, in anticipation of the issuance of the New Money Bonds, in order to finance or refinance the Projects; and WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation refunding bonds of the City (the "Refunding Bonds" and together with the New Money Bonds, the "Bonds") in order to refund, redeem, and/or defease outstanding obligations of the City (the "Prior Obligations") and to pay the costs of issuing the Refunding Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE 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 New Money Bonds in an aggregate principal amount not to exceed $30,000,000. The proceeds from the sale of the New Money Bonds shall be used to refund, redeem, and/or defease the 2008 BAN and to pay the costs of issuing the New Money Bonds. -1-