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ORDh~ "n2'~ RU--. ~. . AN ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $3,900,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT 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 bonds of the City (the "Bonds") in order to finance the costs of the planning, design, acquisition, construction, and equipping of various public improvement 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 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 $3,900,000. The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance are authorized. 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 Projects are expected to include, without limitation and subject to change in accordance with the City's capital expenditure cash flow needs and Virginia law, various drainage and street improvements, various economic development projects including the City Gateways projects, various parks and recreational projects, the renovation and improvement to various municipal facilities, and various improvements to the City's parking garages and other parking facilities. -1-