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A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />AUTHORIZING THE ISSUANCE AND SALE IN THE MAXIMUM PRINCIPAL
<br />AMOUNT NOT TO EXCEED $20,000,000 OF CITY OF PORTSMOUTH, VIRGINIA
<br />GENERAL OBLIGATION REFUNDING BONDS, SERIES 2001; APPROVING THE
<br />FORM AND OTHER DETAILS OF SUCH BONDS; AUTHORIZING THE CITY
<br />MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS
<br />SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND
<br />DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE
<br />SUCH BONDS; AND OTHERWISE PROVIDING DETAILS WITH RESPECT TO THE
<br />ISSUANCE OF SUCH BONDS.
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<br /> WHEREAS, the Council of the City of Portsmouth. Virginia (the "City"] has determined
<br />that it is advisable to issue and sell general obligation refunding bonds of the City to refund all or
<br />a portion of the outstanding balance of the City's (i) $45,000,000 General Obligation Bonds.
<br />consisting of $35.000.000 General Obligation Public Improvement Bonds, Series 1991 and
<br />$10,000,000 General Obligation Public Utility Bonds, Series 1991; (ii) $30,650,000 General
<br />Obligation Bonds, consisting of $23,035,000 General Obligation Public Improvement Bonds,
<br />Series 1992 and $7,615,000 General Obligation Public Utility Bonds, Series 1992; (iii)
<br />S20,595,000 General Obligation Bonds, consisting of $9,965,000 Public Improvement
<br />Refunding Bonds, Series 1992 and $4,830,000 Public Utility Refunding Bonds, Series 1992; (iv)
<br />$57,905,000 General Obligation Bonds, consisting of $36,620,000 General Obligation Public
<br />hnprovement Refunding Bonds, Series 1993 and $21,285,000 General Obligation Public Utility
<br />Refunding Bonds, Series 1993; (v) $53,000,000 General Obligation Bonds, consisting of
<br />$40.000,000 General Obligation Public Improvement Bonds, Series 1996 and $13,000,000
<br />General Obligation Public Utility Bonds, Series 1996; and (vi) $49,145,000 General Obligation
<br />Bonds, consisting of $34,640,000 General Obligation Public Improvement and Refunding
<br />Bonds, Series 1997A and $4,200,000 General Obligation Public Utility Refunding Bonds, Series
<br />1997B.
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