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May 22, 2001
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<br /> WHEREAS, the City Council, on April 25, 2000, adopted a resolution authorizing
<br />the issuance of $5,640,000 principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Improvement Bonds, with respect to which a public hearing was duly
<br />advertised and conducted on May 22, 2001, for the purpose of providing funds to pay
<br />the costs of various public improvements to be located in the City, none of which has
<br />been issued (the "2000 Resolution"); and
<br />
<br /> WHEREAS, the City Council, on January 23, 2001, after a duly advertised and
<br />conducted public hearing, adopted a resolution authorizing the issuance of $11,500,000
<br />principal amount of City of Portsmouth, Virginia, General Obligation Financing for the
<br />purpose of providing funds to pay the costs of various economic development and
<br />redevelopment projects to be located in the City, none of which has been issued (the
<br />"2001A Resolution"); and
<br />
<br /> WHEREAS, the City Council on May 22, 2001, duly advertised and conducted a
<br />public hearing, adopted a resolution on the issuance of $4,240,000 principal amount of
<br />City of Portsmouth, Virginia General Obligation Public Improvement Bonds for the
<br />purpose of providing funds to pay the costs of various public improvements to be
<br />located in the City, as described in the notice of public hearing (the "Notice"); and
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<br /> WHEREAS, the City has determined to issue its General Obligation Public
<br />Improvement Bonds, Series 2001 and its Public Utility Bonds, Series 2001 in the
<br />aggregate principal amount of $56,335,000 (the "Bonds") for the following purposes: (i)
<br />to pay the 2001 Note at maturity, (ii) finance public utility improvements described in the
<br />1997 Ordinance, and (iii) finance public improvements described in the 1998
<br />Resolution, the 1999 Resolution, the 2000 Resolution, the 2001A Resolution and the
<br />Notice (the "Projects").
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA
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<br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby
<br />determines that it is advisable to contract a debt and to issue and sell general obligation
<br />bonds of the City in the aggregate principal amount not to exceed $56,335,000 (the
<br />"Bonds"), of which $34,035,000 will be issued as Public Utility Bonds pursuant to Article
<br />VII, Section 10(a)(2) of the Virginia Constitution and $22,300,000 will be issued as
<br />Public Improvement Bonds. The issuance of the Bonds is hereby authorized. The
<br />proceeds from the issuance and sale of the Bonds shall be used (i) to pay the principal
<br />of the 2001 Note at maturity and (ii) to pay all or a portion of the costs of the Projects,
<br />including costs associated with issuance of the Bonds, in such amounts as shall be
<br />determined by the City's Chief Financial Officer subject to the maximum amounts
<br />authorized by the 1997 Ordinance, 1998 Resolution, 1999 Resolution, 2000 Resolution,
<br />2001A Resolution and the Notice, respectively.
<br />
<br />2. Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby
<br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on
<br />the Bonds as the same become due and payable. The City Council shall levy an annual
<br />ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay
<br />the principal of, premium, if any, and interest on the Bonds as the same become due
<br />and payable unless other funds are lawfully available and appropriated for the timely
<br />payment thereof.
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<br />3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms
<br />established pursuant to this Resolution and upon such other terms as may be
<br />determined in the manner set forth in this Resolution. The Bonds shall be issued in fully
<br />registered form, shall be dated such date as the Chief Financial Officer may approve,
<br />shall be in denominations of $5,000 and integral multiples thereof and shall be
<br />numbered from R-1 upwards consecutively. The Bonds shall be issued in one or more
<br />series in such aggregate principal amount, and may be combined with other authorized
<br />general obligation bonds of the City, including refunding bonds, and shall mature on
<br />such dates and in such amounts as the Chief Financial Officer may approve, provided
<br />that the aggregate principal amount of the Bonds shall not exceed the amount set forth
<br />in paragraph 1 and the final maturity of the Bonds shall not be later than December 1,
<br />2027.
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