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4. That it is the intent of the City to make certain expenditures in connection with <br />the planning, design, acquisition, construction and equipping of the projects herein approved <br />which the City reasonably expects to be reimbursed as permitted by Section 1.150 -2 of the <br />regulations pursuant to the Internal Revenue Code of 1986, as amended, from the proceeds of <br />one or more issues of bonds issued to fund the projects. As of the date of this ordinance, the <br />maximum projected amount of general obligation bonds and notes to be issued is not expected to <br />exceed $10,913,000. As of the date of this ordinance, the maximum projected amount of revenue <br />bonds and notes to be issued is not expected to exceed $25,290,000. <br />5. That the City Manager and her designee, in their discretion, shall have authority <br />to deauthorize budgeted funding and expenditures in individual Capital Improvement Fund <br />projects, to the extent the said projects are or were to be funded from the proceeds of bonds that <br />are no longer anticipated to be issued. The purpose of the grant of authority in this section is to <br />attempt to ensure that the budget for each project accurately reflects actual and anticipated <br />funding levels, as the same may be modified from time to time. <br />6. That the City Manager is hereby authorized and directed to do all things necessary <br />to implement the FY 2024 -2028 Capital Improvement Program. <br />7. That this ordinance shall take effect on July 1, 2023. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />May 9, 2023. <br />Teste: <br />City Clerk <br />