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iii) The Council desires to authorize the issuance and sale of an issue of general obligation public utility refunding bonds to provide for the refunding in advance of their stated maturities and redemption on August !, 2001 of all or a portion of the 1992 Public Utility Bonds maturing on August 1 in each of the years 2003 to 2012, both inclusive (the "Refunded 1992 Public Utility Bonds"). (iv) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000) aggregate principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Refunding Bonds (the "Public Utility Refunding Bonds"), for the purpose ,of providing funds to refund in advance of their stated maturities and redeem the Refunded 1992 Public utility Bonds and to pay the costs of issuing the Public Utility Refunding Bonds. (v) The Public Utility Refunding Bonds shall be designated as "City of Portsmouth, Virginia, General Obligation Public Utility Refunding Bonds, Series 1997B" (the "Series 1997B Bonds"), and shall be offered and sold contemporaneously with the Series 1997A Bonds. (d) (i) The Public Finance Act of 1991 provides for the issuance of "bonds" by cities, counties and towns. (ii) Pursuant to Article 5 of the Public Finance Act of 1991, Sections 15.1-227.44 through 15.1-227.51 of the Virginia Code, the City is authorized to issue refunding bonds to refund any or all bonds of the City now or hereafter outstanding and for the purpose of paying the cost of issuing the refunding bonds, whether the City created the indebtedness or assumed or became liable for it. (iii) Section 15.1-227.47 of the Virginia Code provides that no refunding bonds shall be issued in a principal amount exceeding the principal amount necessary to amortize the principal of and premium, if any, on the bonds to be refunded and pay all expenses reasonably incurred in the issuance of the refunding bonds less the amount then in any sinking, escrow and other funds which are available for the payment of the principal, premium, if any or interest on the bonds to be refunded. (iv) Section 15.1-227.3 of the Virginia Code defines the term "bonds" to mean any obligations of the City for the payment of money.