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<br /> (ix) The Taxable General Obligation Refunding Bonds shall be
<br />· designated as "City of Portsmouth, Virginia, Taxable General Obligation
<br />Refunding Bonds, Series 1997C" (the "Series 1997C Bonds"), and shall be
<br />offered and sold contemporaneously with the Series 1997A Bonds and the Series
<br />1997B Bonds.
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<br /> SECTION 2. Authorization of Issuance of Bonrl-~. (a) Pursuant to
<br />Chapter 5.1 of Title 15.1 of the Virginia Code, recodified effective December '1,
<br />1997 as Chapter 26 of Title 15.2 of the Virginia Code, the same being the Public
<br />Finance Act of 1991, and the Charter of the City, there are hereby authorized to
<br />be issued and sold Twenty-Two Million Forty-Five Thousand Dollars
<br />($22,045,000) principal amount of general obligation bonds of the City to be
<br />designated as "City of Portsmouth, Virgihia, General Obligation Public
<br />Improvement Bonds" (the "Public Improvement Bonds"), for the purpose of
<br />providing funds to pay the costs of the various public improvement projects of
<br />and for the City set forth in Section 7 hereof, including the costs of issuing the
<br />Public Improvement Bonds, which costs may include any premium for municipal
<br />bond insurance or the cost of any alternative credit enhancement for the Public
<br />Improvement Bonds.
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<br /> (b) Pursuant to the Public Finance Act of 1991 and the Charter of
<br />the City, there are hereby authorized to be issued and sold not to exceed Thirteen
<br />Million Six Hundred Thousand Dollars ($13,600,000) aggregate principal amount
<br />of general obligation refunding bonds of the City to be designated as "City of
<br />Portsmouth, Virginia, General Obligation Public Improvement Refunding Bonds"
<br />(the "Public Improvement Refunding Bonds"), for the purpose of providing funds
<br />to refund in advance of their stated maturities and redeem the Refunded 1992
<br />Public Improvement Bonds and to pay the costs of issuing the Public
<br />Improvement Refunding Bonds, including any premium for municipal bond
<br />insurance or the cost of any alternative credit enhancement for the Public
<br />Improvement Refunding Bonds. The Public Improvement Refunding B. onds shall
<br />be sold, together with the Public Improvement Bonds, as a combined wssue in an
<br />aggregate principal amount of not to exceed Thirty-Five Million Six Hundred
<br />Forty-Five Thousand Dollars ($35,645,000) to be deeignated as "City of
<br />Portsmouth, Virginia, General Obligation Public Improvement and Refunding
<br />Bonds, Series 1997A" (the "Series 1997A Bonds").
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<br /> (c) Pursuant to the Public Finance Act of 1991 and the Charter of
<br />the City, there are hereby authorized to be issued and sold not to exceed Four
<br />Million Five Hundred Thousand Dollars ($4,500,000) aggregate princi pal amount
<br />of general obligation refunding bonds of the City to be designated "City of
<br />Portsmouth, Virginia, General Obligation Public Utility Refunding Bonds, Series
<br />1997B" (the "Series 1997B Bonds"), for the purpose of providing funds to refund
<br />in advance of their stated maturities and redeem the Refunded 1992 Public Utility
<br />Bonds and to pay the costs of issuing the Series 1997B Bonds, including any
<br />premium for municipal bond insurance or the cost of any alternative credit
<br />enhancement for the Series 1997B Bonds.
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<br /> (d) Pursuant to the Public Finance Act of 1991 and the Charter of
<br />the City, there are hereby authorized to be issued not to exceed Eleven Million
<br />Nine Hundred Thousand Dollars ($11,900,000) principal amount of taxable
<br />general obligation refunding bonds of the City to be designated "City of
<br />Portsmouth, Virginia, Taxable General Obligation Refunding Bonds, Series
<br />1997C" (the "Series 1997C Bonds"), for the purpose of providing funds to refund
<br />the Existing VRS Obligation and to pay the costs of issuing the Series 1997C
<br />Bonds, including any premium for municipal bond insurance or the cost of any
<br />alternative credit enhancement for the Series 1997C Bonds. The Series 1997A
<br />Bonds, the Series 1997B Bonds and the Series ~997C Bonds shall be referred to
<br />in this resolution collectively as the "Bonds".
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