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ORDINAM 11L �9-4 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION BONDS. WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation bonds of the City (the "New Money Bonds ") to finance the costs of the City's Capital Improvement Program as City Council may amend it from time to time and to pay the costs of issuing the Bonds (the "New Money Project "); and WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation bonds of the City (the "Refunding Bonds ") to finance the costs of refunding, redeeming and defeasing outstanding obligations of the City (the "Prior Obligations "); and WHEREAS, a public hearing on the issuance of the New Money 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 ( "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 and will benefit the inhabitants of the City through the promotion of their safety, health, welfare and prosperity to contract a debt and to issue and sell the New Money Bonds and the Refunding Bonds (collectively, the "Bonds "). 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 New Money Bonds shall be used to finance the New Money Project. The proceeds from the sale of the Refunding Bonds shall be used to finance the refunding of 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 Bonds