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R-96-12
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<br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />APPROVING THE ADVANCE REFUNDING OF A PORTION OF OR ALL OF THE
<br />CITY'S $12,685,000 OUTSTANDING PRINCIPAL AMOUNT OF CITY OF
<br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br />BONDS, SERIES 1992, DATED JANUARY 1, 1992 AND MATURING AUGUST 1, 2002 TO
<br />AUGUST 1, 2012, BOTH INCLUSIVE, THE CITY'S $4,195,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC UTILITY BONDS, SERIES 1992, DATED JANUARY 1, 1992 AND
<br />MATURING AUGUST 1, 2002 TO AUGUST 1, 2012, BOTH INCLUSIVE, THE CITY'S
<br />$4,135,000 OUTSTANDING PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS,
<br />SERIES 1992, DATED APRIL 1, 1992 AND MATURING NOVEMBER 1, 2002 TO
<br />NOVEMBER 1, 2005, BOTH INCLUSIVE, AND THE CITY'S $1,960,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL
<br />OBLIGATION PUBLIC UTILITY REFUNDING BONDS, SERIES 1992, DATED APRIL
<br />1, 1992 AND MATURING NOVEMBER 1, 2002 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND AUTHORIZING THE CITY TO SEEK THE APPROVAL OF THE
<br />STATE COUNCIL ON LOCAL DEBT WITH RESPECT TO THE ISSUANCE OF
<br />"REFUNDING BONDS" FOR THE PURPOSE OF ADVANCE REFUNDING A PORTION
<br />OF OR ALL OF THE AFOREMENTIONED BONDS PURSUANT TO SECTION 15.1-
<br />227.46 OF THE CODE OF VIRGINIA 1950, AND THE "GUIDELINES FOR APPROVAL
<br />OF REFUNDING BONDS BY THE STATE COUNCIL ON LOCAL DEBT" ADOPTED BY
<br />THE STATE COUNCIL ON LOCAL DEBT THEREUNDER
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, has determined that it would
<br />be desirable to advance refund a portion of or all of the City's $12,685,000 outstanding principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, Series
<br />1992, dated January 1, 1992 and maturing August 1, 2002 to August 1, 2012, both inclusive (the
<br />"Callable 1992 Public Improvement Bonds"), for the purpose of effecting debt service savings;
<br />and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth. Virginia, has determined that it would
<br />be desirable to advance refund a portion of or all of the City' s $4,195,000 outstanding principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds, Series 1992,
<br />dated January 1, 1992 and maturing August 1, 2002 to August 1, 2012, both inclusive (the
<br />"Callable 1992 Public Utility Bonds"), for the purpose of effecting debt service savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, has determined that it would
<br />be desirable to advance refund a portion of or all of the City's $4,135,000 outstanding principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Improvement Refunding
<br />Bonds, Series 1992, dated April 1, 1992 and maturing November 1, 2002 to November 1, 2005,
<br />both inclusive (the "Callable 1992 Public Improvement Refunding Bonds"), for the purpose of
<br />effecting debt service savings; and
<br />
<br />
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