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<br />
<br />RESOLUTION OF THE coUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />AUTHORIZING THE IsSUAI~CE AITD SALE OF $40,000,000-00 PRINCIPAL
<br />AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA GENERAL OBLIGATION
<br />PUBLIC IMPROVEMENT BONDS, SERIES 1996, AND $13,000,000.00
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA GENERAL
<br />OBLIGATION pUBLIC UTILITY BONDS, SERIES 1996; ACCEPTING A
<br />PROPOSAL TO PURCHASE SUCH BONDS; FIXING THE RATES OF INTEREST
<br />TO BE BOPR~-E BY SUCH BONDS; FIXING THE FORM OF SUCH BONDS;
<br />APPROVING AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL
<br />STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE EXECUTION OF
<br />CERTIFICATES RELATING TO SUCH OFFICIAL STATEMENT; AUTHORIZING
<br />THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE
<br />CERTIFICATE RELATING TO SUCH BONDS; AND RATIFYING CERTAIN ACTS
<br />IN CONNECTION WITH THE SALE OF SUCH BONDS
<br />
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA:
<br /> SECTION 1. (a) Pursuant to a resolution adopted by
<br />
<br />this Council on November 28, 1995, ennitled "A RESOLUTION
<br />AUTHORIZING THE ISSUANCE OF $52,325,000.00 OF GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF
<br />VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY;
<br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE
<br />OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND
<br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT
<br />OF THE PROCEEDS' OF SALE OF SUCH BONDS; AND RESCINDING
<br />$52,325,000.00 OF PREVIOUSLY APPROVED GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BOND AUTHORIZATIONS", this Council authorized the
<br />issuance of $52,325,000.00 principal amoun~ of General
<br />Obliganion public Improvement Bonds (the "Public Improvement
<br />Bonds") of the City of Portsmouth, Virginia (the "City")-
<br /> (b) Pursuann to an ordinance adopted by this Council
<br /> on Augusn 23, 1994, entitled "AN ORDINANCE TO AUTHORIZE THE
<br /> CITY OF PORTSMOUTH, VIRGINIA, TO CONTRACT A DEBT AND ISSUE
<br /> ~22,900,000-00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br /> vIRGINIA, GENEPJkL OBLIGATION PUBLIC UTILITY BONDS TO FINANCE
<br /> THE COSTS OF CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO
<br /> THE REVENUE-PRODUCING WATER AND SEWER SYSTEM OF SUCH CITY,
<br /> UNDER ~ PURSUANT TO ARTICLE VII, SECTION 10 (a) (2) OF THE
<br /> CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1
<br /> OF THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING
<br /> WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL
<br /> AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION
<br /> PUBLIC UTILITY BOND ANTICIPATION NOTES IN ANTICIPATION OF THE
<br /> ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS",
<br /> this Council authorized the issuance of $22,900,000.00
<br /> principal amount of General Obligation Public utility Bonds
<br /> (the "Public utility Bonds") of the City. The issuance of the
<br /> Public utility Bonds was thereafter approved by a majority of
<br /> the qualified voters of the City voting at an election held in
<br /> the City on November 8, 1994.
<br /> (c) In the -udgment of the Council it is necessary
<br /> and expedienn to issue and sell General Obligation Bonds of the
<br /> City in an aggregane principal amounn of $53,000,000.00
<br /> consisting of $40,000,000.00 principal amounu General
<br /> Obligation Public Improvemenn Bonds and $13,000,000.00
<br /> principal amounm General Obligation Public Utility Bonds.
<br /> (d) The City Manager caused a Summary Notice of Sale
<br /> (the "Summary Notice of Sale") of both the Public Improvement
<br /> Bonds and the Public utility Bonds (collectively, the "Bonds")
<br /> to be published on January 16, 1996, in The Bond Buyer, a
<br /> financial journal published in the City of New York, New York
<br /> and caused a Preliminary official Statemenu of the City
<br /> relating to the Bonds, dated January 16, 1996 (the ,,Preliminary
<br /> official Statement"), a Detailed Notice of Sale of the Bonds,
<br /> dated January 16, 1996 (the ,,Detailed Notice of Sale"), and an
<br /> official Proposal Form relating to the Bonds (the ,,Official
<br /> Proposal Form"), to be prepared and distributed to prospective
<br /> purchasers of the Bonds. _.
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