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March 13, 2001
<br />
<br /> Motion by Mr. Whitehurst, and seconded by Mr. Robinett, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />"A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AUTHORIZING THE ISSUANCE OF $28,000,000 AGGREGATE
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC UTILITY BOND
<br />ANTICIPATION NOTE, SERIES 2001 FOR THE PURPOSE OF REFINANCING
<br />$28,000,000 CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT AND PUBLIC UTILITY BOND ANTICIPATION NOTE, SERIES 2000
<br />DATED MARCH 29, 2000 AND MATURING ON MARCH 31, 2001.
<br />
<br /> WHEREAS, the Council (the "City Council") of the City of Portsmouth, Virginia
<br />(the "City"), on August 23, 1994 adopted an ordinance authorizing the issuance of
<br />$22,900,000 principal amount of City of Portsmouth, Virginia, General Obligation Public
<br />Utility Bonds for the purpose of providing funds to pay the costs of capital
<br />improvements, extensions and additions to the revenue-producing water and sewer
<br />system of the City and authorizing the issuance of a like principal amount of City of
<br />Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Notes in
<br />anticipation of the issuance of such bonds (the "1994 Ordinance"); and
<br />
<br /> WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2) of
<br />the Constitution of Virginia, 1971, the issuance of debt pursuant to the 1994 Ordinance
<br />was approved by the majority of the qualified voters of the City voting upon the question
<br />of their issuance at an election held on November 8, 1994; and
<br />
<br /> WHEREAS, of the $22,900,000 principal amount of City of Portsmouth, Virginia
<br />General Obligation Public Utility Bonds authorized for issuance under the 1994
<br />Ordinance, $13,000,000 principal amount of such bonds, dated January 1, 1996 and
<br />bearing the series designation "Series 1996", were issued on February 13, 1996, and a
<br />$9,900,000 principal amount of the City of Portsmouth, Virginia, General Obligation
<br />Public Utility Bond Anticipation Note, Series 1999 (the "1999 Note") was issued on
<br />August 16, 1999 in anticipation of the issuance of the bonds authorized by the 1994
<br />Ordinance; and
<br />
<br /> WHEREAS, on March 29, 2000, the City issued its $28,000,000 General
<br />Obligation Public Improvement and Public Utility Bond Anticipation Note, Series 2000
<br />(the "2000 Notes") a portion of the proceeds of which in the amount of $9,900,000 was
<br />used to refinance the 1999 Note; and
<br />
<br /> WHEREAS, the City Council, on December 9, 1997 adopted an ordinance
<br />authorizing the issuance of $24,135,000 principal amount of City of Portsmouth,
<br />Virginia, General Obligation Public Utility Bonds for the purpose of providing funds to
<br />pay the costs of capital improvements, extensions and additions to the revenue-
<br />producing water and sewer system of the City and authorizing the issuance of a like
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bond
<br />Anticipation Notes in anticipation of the issuance of such bonds (the "1997 Ordinance");
<br />and
<br />
<br /> WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2) of
<br />the Constitution of Virginia, 1971, the issuance of debt pursuant to the 1997 Ordinance
<br />was approved by the majority of the qualified voters of the City voting upon the question
<br />of their issuance at an election held on May 5, 1998; and
<br />
<br /> WHEREAS, of the $24,135,000 principal amount of City of Portsmouth, Virginia
<br />General Obligation Public Utility Bonds authorized for issuance under the 1997
<br />Ordinance, $10,100,000 principal amount was issued as part of the 2000 Notes in
<br />anticipation of the issuance of the bonds authorized by the 1997 Ordinance; and
<br />
<br /> WHEREAS, the City Council, on April 28, 1998, after a duly advertised and
<br />conducted public hearing, adopted a resolution authorizing the issuance of $3,720,000
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement
<br />Bonds for the purpose of providing funds to pay the costs of various public
<br />improvements to be located in the City and authorizing the issuance of a like principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bond
<br />Anticipation Notes in anticipation of the issuance of such bonds (the "1998 Resolution");
<br />and
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