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(ii) The 1992 Public Improvement Bonds maturing on and after August 1, 2002 are subject to redemption on or after August 1, 2001 upon the terms and at the redemption prices stated in the 1992 Public Improvement Bonds and in the aforementioned resolutions adopted by the Council on January 14, 1992 and January 28, 1992. (iii) The Council desires no authorize the issuance and sale of an issue of general obligation public improvement refunding bonds to provide for the refunding advance of their stated maturities and redemptions on August 1, 2001 of all or a portion of the 1992 Public Improvement Bonds maturing on August 1 in each of the years 2003 to 2012, both inclusive (the "Refunded 1992 Public Improvement Bonds"). (iv) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Thirteen Million Six Hundred Thousand Dollars ($13,600,000) aggregate principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement Refunding Bonds (the "Public Improvement Refunding Bonds"), for the purpose of providing funds to refund in advance of their stated maturities and redeem the Refunded 1992 Public Improvement Bonds and to pay the costs of issuing the Public Improvement Refunding Bonds. (v) The Public Improvement Refunding Bonds shall be sold, together with the Public Improvement Bonds, as a combined issue in an aggregate principal amount of not to exceed Thirty-Five Million Six Hundred Forty-Five Thousand Dollars ($35,645,000) to be designated as "City of Portsmouth, Virginia, General Obligation Public Improvement and Refunding Bonds, Series 1997A" (the "Series 1997A Bonds"). (c) (i) Pursuant to an ordinance adopted by the Council on August 28, 1990, an election held in the City on November 6, 1990 and resolutions adopted by the Council on January 14, 1992 and January 28, 1992, there were authorized, issued and sold $7,615,000 aggregate principal amount of the City of Portsmouth, Virginia, General Obligation Public Utility Bonds, Series 1992, dated January 1, 1992 and maturing in varying principal amounts on August 1 in each of the years 1993 to 2012, both inclusive, and bearing interest payable on August 1, 1992 and semiannually on each February 1 and August 1 thereafter (the "1992 Public Utility Bonds";. (ii) The 1992 Public Utility Bonds maturing on and after August 1, 2002 are subject to redemption on or after August 1, 2001 upon the terms and as the redemption prices stated in the 1992 Public Utility Bonds and in the aforementioned resolutions adopted by the Council on January 14, 1992 and January 28, 1992.