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58
<br />
<br />A RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH. VIRGINIA, APPROVING THE ADVANCE
<br />~ING A PORTION OF OR ALL OF THE CITY'S
<br />$12,685.000 OUTSTANDING PRINCIPAL AMOUNT OF CITY
<br />OF PORTSMOUTH. VIRGINIA. GENF_ILA.L OBLIGATION
<br />PUBLIC IMPROVE[~LENT BONDS. SERIES 1992. DATED
<br />JANUARY 1. 1992 AND MATURIxNG AUGUST 1, 2002 TO
<br />AUGUST 1, 2012, BOTH INCLUSIVE, THE CITY'S $4,195,000
<br />OUTSTANDING PRINCIPAL AMOUNT OF CITY OF
<br />PORTSMOUTH, VERGINtA. GF_~NERAL OBLIGATION PUBLIC
<br />U'I'ILITY BONDS. SERIES 1992, DATED JANUARY 1. 1992
<br />AND MATURING AUGUST 1, 2002 TO AUGUST 1. 2012,
<br />BOTH INCLUSIVE, THE CITY'S $4, t35,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, GENERAL OBLIGATION PUBLIC
<br />LMPROVEMENT REFLrNDING BONDS: SERIFS 1992, DA'I'k~D
<br />APRIL 1, 1992 AND MATLrRING NOVEMBER 1, 2002 TO
<br />NOVEMBER 1, 2005, BOTH INCLUSIVE, AND THE CITY'S
<br />$1,960,000 OUTSTANDING PRINCIPAL AMOUNT OF CITY
<br />OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION
<br />PUBLIC UTILITY REFUNDING BONDS. SF_i~:S t992,
<br />DATED APRIL 1, 1992 AND MATUR~G NOVEMBER 1, 2002
<br />TO NOVEMBER 1, 2005, BOTH INCLUSIVE, AND
<br />AUTHOPJTING Tt-IE DI]RECTOR OF FINANCE AND
<br /> CITY OFFICIALS TO S~ THE APPROVAL OF THE STATE
<br /> COUNCIL ON LOCAL DEBT WITH RESPECT TO TH]E
<br /> ISSUANCE OF "REFU2q-DING BONDS" FOR THE PURPOSE
<br /> OF ADVANCE REFUNDING A PORTION OF OR ALL OF
<br /> TI-IE AFOREMF. NTIONED BONDS PU'RSUANT TO SECTION
<br /> 15.1-227.46 OF TI-ZE CODE OF VIRGINIA 1950. AND TI-IE
<br /> "GUID'~I_INES FOR APPROVAL OF REFUNDING BONDS BY
<br /> THE STATE COUNCZL ON LOCAL DEBT" )dDOPTED BY
<br /> TI-IE STA'I'B COUNCIL ON LOCAL DEBT Ti:IEP,.EUNDER
<br />
<br /> ~S, the Council of the City of Portsmouth, Virgima, has determined that
<br />k would be desirable to advance refund a portion of or all of the City's $12,685,000 outstanding
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement
<br />Bonds, Series 1992, dated January 1, 1992 and maturing August i, 2002 ro August 1, 2012,
<br />both inclusive (the "Callable 1992 Public Improvement Bonds"), for the purpose of effecting
<br />debt service savings; and
<br />
<br /> Wl-I.k;REAS, the Council of the City of Portsmouth, Virghfia, has determined that
<br />it would be desirable to advance refund a portion of or all of the City's $4,195,000 outstanding
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds, dated
<br />
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