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March 28, 2000
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<br /> WHEREAS, the Council (the "Council") of the City of Portsmouth, Virginia (the
<br />"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, Section 2 of the 1994 Ordinance authorizes the City to issue and
<br />sell general obligation public utility bond anticipation notes of the City in an aggregate
<br />principal amount equal to the principal amount of the Bonds authorized for issuance
<br />thereunder, the sale of any such general obligation public utility bond anticipation notes
<br />and the form and other details thereof to be approved, ratified and confirmed by the
<br />Council; and
<br />
<br /> WHEREAS, the Council, on December 9, 1997 adopted an ordinance authorizing
<br />the issuance of $24,135,000 principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Utility Bonds for the purpose of providing funds to pay the costs of
<br />capital improvements, extensions and additions to the revenue-producing water and
<br />sewer system of the City and authorizing the issuance of a like principal amount of City
<br />of Portsmouth, Virginia, General Obligation Public Utility Bond Anticipation Notes in
<br />anticipation of the issuance of such Bonds (the "1997 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 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, $24,135,000 principal amount of such Bonds remains authorized but
<br />unissued as of the date hereof; and
<br />
<br /> WHEREAS, Section 2 of the 1997 Ordinance authorizes the City to issue and
<br />sell general obligation public utility bond anticipation notes of the City in an aggregate
<br />principal amount equal to the principal amount of the Bonds authorized for issuance
<br />thereunder, the sale of any such general obligation public utility bond anticipation notes
<br />and the form and other details thereof to be approved, ratified and confirmed by the
<br />Council; and
<br />
<br /> WHEREAS, the 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
<br />
<br /> WHEREAS, of the $3,720,000 principal amount of City of Portsmouth, Virginia
<br />General Obligation Public Improvement Bonds authorized for issuance under the 1998
<br />Resolution, $3,720,000 principal amount of such Bonds remains authorized but
<br />unissued as of the date hereof; and
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