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<t? U" 201:-6-13 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE. ISSUANCE AND SALE OF NOT TO EXCEED $58,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS. WHEREAS, on September 8, 2009, the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City") adopted a resolution authorizing the issuance of an aggregate principal amount not to exceed $76,000,000 of general obligation bonds of the City (the "Courthouse Bonds"), and notes in anticipation thereof (the "Courthouse Notes" and, together with the Courthouse Bonds, the "Courthouse Obligations"), in order to finance or refinance all or a portion of the City's payment obligations under the Revised Sale and Development Agreement among the City, Port Center One Associates, LLC, and Port Center Two, LLC; WHEREAS, on January 12,2010, the City Council adopted an ordinance authorizing the issuance of an aggregate principal amount not to exceed $30,000,000 of general obligation public utility bonds of the City (the "Public Utility Bonds"), and notes in anticipation thereof (the "Public Utility Notes" and, together with the Public Utility Bonds, the "Public Utility Obligations"), in order to finance the costs of the planning, design, acquisition, construction, and equipping of various water and sewer projects of the City and the costs of issuing the Public Utility Obligations; WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation public improvement bonds of the City (the "Bonds") in order to finance the costs of the planning, design, acquisition, construction, and equipping of various capital improvement projects of the City, including without limitation drainage and street facilities, educational facilities, industrial and economic development facilities, leisure services facilities, general -1-