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ORDIN. E tIO~12,-O_~__. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS. WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation refunding bonds of the City (the "Refunding 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; and WHEREAS, no public hearing is required for the issuance of the Refunding Bonds under Section 15.2-2606 of the Code of Virginia of 1950, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Refunding Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Refunding Bonds. The issuance and sale of the Refunding Bonds in one or more series from time to time in accordance with this Ordinance are authorized. The proceeds from the sale of the Refunding Bonds shall be used to refund, redeem, and/or defease the Prior Obligations and to pay the costs of issuing the Refunding Bonds. 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 Refunding 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, premium, if any, and interest on the Refunding Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. -1-