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<br />f..~j1r~'l.'.~~~ ~lrr... ll.'O 201'3:-,19. <br />lif\Uli'lftlitl[ f ._"'--"~' <br /> <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF <br />PORTSMOUTH, VIRGINIA GENERAL OBLIGATION REFUNDING BONDS. <br /> <br />WHEREAS, on September 8, 2009, the Council of the City of Portsmouth, Virginia (the <br /> <br />"City Council"), adopted Resolution R-09-52 (the "2009 Resolution") authorizing the issuance of <br /> <br />up to $76,000,000 in general obligation bonds (the "Courthouse Bonds") and notes in <br /> <br />anticipation thereof in an amount not to exceed $76,000,000, for the purpose of financing the <br /> <br />costs of constructing a new courthouse (the "Courthouse Project"); <br /> <br />WHEREAS, in anticipation of the issuance of the Courthouse Bonds, an order to finance <br /> <br />the Courthouse Project the City issued (i) its $24,730,000 General Obligation Notes, Series <br /> <br />2010C (Tax-Exempt) (the "2010 Notes") and (ii) its $24,000,000 General Obligation Notes, <br /> <br />Series 2011 (the "2011 Notes" together with the 2010 Notes, the "Courthouse Notes"); and <br /> <br />WHEREAS, the City Council has determined that it is advisable to issue and sell general <br /> <br />obligation refunding bonds of the City (the "Refunding Bonds" and together with the Courthouse <br /> <br />Bonds, the "Bonds") in order to refund, redeem, or defease outstanding obligations of the City <br /> <br />(the "Prior Obligations") and to pay the costs of issuing the Refunding Bonds; and <br /> <br />WHEREAS, no public hearing is required for the issuance of the Bonds under Section <br /> <br />15.2-2606 of the Code of Virginia of 1950, as amended. <br /> <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, <br /> <br />Virginia: <br /> <br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby <br /> <br />determines that it is advisable to contract a debt and to issue and sell the Courthouse Bonds in an <br /> <br />aggregate principal amount not to exceed $52,000,000. The proceeds from the sale of the <br /> <br />Courthouse Bonds shall be used to refund, redeem and defease the Courthouse Notes and pay the <br /> <br />costs of issuing the Courthouse Bonds. The City Council hereby determines that it is advisable <br /> <br />-1- <br />