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November ~1993 <br /> <br /> WHEREAS, a public hearing has been held to-receive public <br />comments on the five year Capital improvement Plan and on the <br />one year Capital Improvement Program; and <br /> <br /> WHEREAS, the Council has considered the five year Capital <br />Improvement Plan and the one year Capital Improvement Program <br />and finds them to be in the proper form and expressive of <br />Council policies in regard to necessary capital improvements. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia that the aforesaid Capital Improvement <br />Plan for the years 1993-94 through 1997-98, and the one year <br />Capital Improvement Program for 1993-94 are approved subject to <br />later appropriation in the ordinary course of business of the <br />City." <br /> <br />Ayes: Clemons, Epperson, Griffin, King, Pitts, Webb <br />Nays: Hawks <br /> <br /> (B) Resolution authorizing the issuance of $11,200,000 of <br />General Obligation Bonds of the City of Portsmouth, Virginia <br />the purpose of providing funds to pay the cost of various <br />improvement projects of such City and authorizing and providing <br />with respect to the issuance and sale of a like principal amount <br />of General Obligation Bond Anticipation Notes an anticipation of <br />the issuance and receipt of the proceeds of sale of such bonds. <br /> <br /> Motion by Mr. King, and seconded by Mr. Epperson, to adopt <br />the following resolution and was adopted by the following vote: <br /> <br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF $11,200,000 OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY <br />THE COSTS OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND <br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE <br />OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />iMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE <br />ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. <br /> <br /> WHEREAS, it is necessary for the City of Portsmouth, <br />Virginia (the "City") to provide funds for the public <br />· mprovement projects as hereinafter set forth; and <br /> <br /> WHEREAS, there are no funds in the treasury of the City <br />applicable to the payment of the costs of such projects and, <br />accordingly, it is necessary to authorize the issuance of Eleven <br />Million Two Hundred Thousand Dollars ($11,200,000) aggregate <br />principal amount of general obligation public improvement bonds <br />of the City to pay such costs and in anticipation thereof to <br />authorize and provide for the issuance and sale of general <br />obligation public improvement bond anticipation notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to the <br />adoption of this Resolution on November 9, 1993, as required by <br />and in accordance with Section 15.1-227.8 of the Code of <br />Virginia, 1950, as amended. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> <br />