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2 -72 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS <br />BY THE CITY OF PORTSMOUTH, VIRGINIA, AND ESTABLISHING THE TERMS, <br />DETAILS, AND PROVISIONS FOR THE PAYMENT THEREOF (WATER AND SEWER <br />REVENUE BONDS; TOTAL PRINCIPAL AMOUNT NOT TO EXCEED $27,700,00). <br />WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City Council ") has <br />determined that it is advisable to issue and sell water and sewer system revenue bonds (the "New <br />Money Bonds ") of the City of Portsmouth, Virginia (the "City ") to (1) finance, with respect to the <br />City's water and sewer sytem, certain costs of acquiring, constructing and equipping capital <br />improvements for which bond proceeds have been appropriated pursuant to the City's Capital <br />Improvement Program as City Council may amend it from time to time and (ii) pay the costs of <br />issuing the Bonds and capitalized interest on the New Money Bonds through April 1, 2023 <br />(collectively, the "Project "), and <br />WHEREAS, the City Council has determined that it is advisable to issue and sell water <br />and sewer system revenue bonds of the City (the "Refunding Bonds" and together with the New <br />Money Bonds, the "Bonds ") to finance the costs of refunding, redeeming and defeasing <br />outstanding obligations of the City that financed projects with respect to the City's water and sewer <br />sytem (the "Prior Obligations "); and <br />WHEREAS, a public hearing on the issuance of the New Money Bonds has been held, <br />after notice was published in accordance with the requirements of Section 15.2 -2606 of the Code <br />of Virginia of 1950, as amended ( "Virginia Code "); and <br />WHEREAS, the City has applied to the Virginia Resources Authority ( "VRA ") for the <br />purchase of the Bonds, and VRA, subject to credit approval, has indicated its willingness to <br />purchase such Bonds from the proceeds of one or more series of its Infrastructure and State Moral <br />Obligation Revenue Bonds (Virginia Pooled Financing Program) (collectively, the "VRA Bonds "), <br />in accordance with the terms of a Local Bond Sale and Financing Agreement (the "Financing <br />163781063.4 <br />