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R-97-55 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, AUTHORIZING THE ISSUANCE AND SALE OF TWENTY-TWO <br />MILLION FORTY-FIVE THOUSAND DOLLARS ($22,045,000} PRINCIPAL <br />AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION <br />PUBLIC IMPROVEMENT BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO <br />PAY THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR <br />THE CITY; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED <br />THIRTEEN MILLION SIX HUNDRED THOUSAND DOLLARS ($13,600,000) <br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS, FOR THE PURPOSE <br />OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED <br />MATURITIES AND REDEEM ALL OR A PORTION OF THE OUTSTANDING CITY <br />OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT <br />BONDS, SERIES 1992, DATED. JANUARY 1, 1992 AND MATURING ON <br />AUGUST 1 IN EACH OF THE YEARS 2003 THROUGH 2012; AUTHORIZING <br />THE ISSUANCE AND SALE OF NOT TO EXCEED FOUR MILLION FIVE <br />HUNDRED THOUSAND DOLLARS ($4,500,000) PRINCIPAL AMOUNT OF CITY <br />OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY <br />REFUNDING BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND <br />IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM ALL OR A <br />PORTION OF THE OUTSTANDING CITY OF PORTSMOUTH, VIRGINIA, <br />GENERAL OBLIGATION PUBLIC UTILITY BONDS, SERIES 1992, DATED <br />JANUARY 1, 1992 AND MATURING ON AUGUST 1 IN EACH OF THE YEARS <br />2003 THROUGH 2012; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO <br />EXCEED ELEVEN MILLION NINE HUNDRED THOUSAND DOLLARS <br />($11,900,000) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, <br />TAXABLE GENERAL OBLIGATION REFUNDING BONDS, FOR THE PURPOSE OF <br />PROVIDING FUNDS TO REFUND AN EXISTING OBLIGATION OF THE CITY TO <br />THE VIRGINIA RETIREMENT SYSTEM; FIXING THE FORMS, DENOMINATIONS <br />AND OTHER FEATURES OF SUCH BONDS; APPROVING THE SALE OF SUCH <br />BONDS TO CRAIGIE INCORPORATED, SCOTT & STRINGFELLOW, INC. AND <br />WHEAT, FIRST SECURITIES, INC. AS UNDERWRITERS; AUTHORIZING THE <br />CITY TO ENTER INT0 PURCHASE CONTRACTS BY AND BETWEEN THE CITY <br />AND SUCH UNDERWRITERS RELATING TO THE SALE OF SUCH BONDS AND <br />AUTHORIZING THE CITY TO EXECUTE AND DELIVER SUCH PURCHASE <br />CONTRACTS TO SUCH UNDERWRITERS; DELEGATING TO THE CITY MANAGER <br />OR THE DEPUTY CITY MANAGER FOR FINANCE AUTHORITY TO APPROVE <br />CERTAIN DETAILS OF SUCH BONDS AND TO TAKE OTHER ACTIONS WITH <br />RESPECT TO THE ISSUANCE AND SALE OF SUCH BONDS; APPROVING AND <br />AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL <br />STATEMENT AND A FINAL OFFICIAL STATEMENT RELATING TO SUCH <br />BONDS; AUTHORIZING THE CITY TO EXECUTE AND DELIVER A CONTINUING <br />DISCLOSURE CERTIFICATE OF SUCH CITY RELATING TO SUCH BONDS; <br />AUTHORIZING THE CITY MANAGER OR THE DEPUTY CITY MANAGER FOR <br />FINANCE TO APPOINT AM ESCROW AGENT FOR THE CITY WITH RESPECT TO <br />THE BONDS TO BE REFUNDED FROM THE PROCEEDS OF SUCH REFUNDING <br />BONDS; AUTHORIZING THE CITY TO ENTER INTO ESCROW DEPOSIT <br /> <br /> <br />