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R-96-17 RESOLUTION IN CONNECTION WITH THE ISSUANCE AND SALE OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS, GENERAL OBLIGATION PUBLIC UTILITY REFUNDING BONDS AND TAXABLE GENERAL OBLIGATION REFUNDING BONDS; APPROVING THE PREPARATION AND PUBLICATION OR DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT, A SUMMARY NOTICE OF SALE, DETAILED NOTICES OF SALE AND OFFICIAL PROPOSAL FORMS IN CONNECTION THEREWITH: AND AUTHORIZING THE TAKING OF OTHER ACTION IN CONNECTION WITH THE ISSUANCE AND SALE OF SUCH BONDS. WHEREAS, the Council (the "Council") of the City of Portsmouth, Virginia (the "City"), on March 12, 1996 adopted a resolution authorizing the City to submit an application to the State Council on Local Debt for approval pursuant to Section 15.1-227.46 of the Code of Virginia, 1950, and the "State Council on Local Debt Guidelines for Approval of Refunding Bonds" promulgated on November 20, 1991, to issue its General Obligation Public Improvement Refunding Bonds and General Obligation Public Utility Refunding Bonds (the "Tax-Exempt Refunding Bonds"), for the purpose of refunding in advance of their stated maturities the City's outstanding General Obligation Public Improvement Bonds and General Obligation Public Utility Bonds, Series 1992, dated January 1, 1992 and maturing on August 1. 2002 to August 1, 2012, both inclusive, and the City's outstanding General Obligation Public Improvement Refunding Bonds and General Obligation Public Utility Refunding Bonds, Series 1992, dated April 1. 1992 and maturing on November 1, 2002 through November 1, 2005, both inclusive; and WHEREAS, the Council has determined to authorize the City to issue its Taxable General Obligation Refunding Bonds (the "Taxable Refunding Bonds" and, collectively with the Tax- Exempt Refunding Bonds, the "Refunding Bonds") for the purpose of effecting a current refunding of an obligation of the City to the Virginia Retirement System in connection with an early retirement program for former employees of the Portsmouth City School System; and WHEREAS, the Council has determined to proceed with the issuance and sale of the Refunding Bonds; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1 The Council hereby authorizes the City Manager and the Deputy City Manager for Finance of the City to proceed with the sale of the Refunding Bonds referred to in the preambles hereto. The Refunding Bonds shall be sold at public sale on such date as shall be determined by the City Manager and the Deputy City Manager for Finance. 2. The City Manager and the Deputy City Manager for Finance are hereby authorized and directed to prepare and publish or distribute, or to cause to be prepared and published or distributed, to prospective purchasers of the Refund'mg Bonds a Preliminary Official Statement,