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-2- January 1, 1992 and maturing August 1, 2002 to August l, 2012. both inclusive (the "Callable 1992 Public Utility Bonds"), for the purpose of effecting debt service savings; and WHEREAS, the Council of the City of Portsmouth. Virginia. has determined that k would be desirable to advance refund a portion of or all of the Cky's $4.135,000 outstanding principal amount of Cky of Portsmouth, Virginia, General Obligation Public Improvement Refunding Bonds, Series 1992, dated April 1, 1992 and maturing November i, 2002 to November t, 2005, both inclusive (the "Callable 1992 Public Improvement Refunding Bonds"). for the purpose of effecting debt service savings; and WI41:.REAS, the Council of the City of Portsmouth, Virginia, has determined that k would be desirable m advance refund a portion of or all of the City's $1. 960.000 outstanding principal amount of Cky of Portsmouth, Virg-inia. General Obligation Public Utility Refunding Bonds, dated April l. 1992 and maturing November 1, 2002 to November 1, 2005, both inclusive (the "Callable 1992 Public Utility Refunding Bonds"), for the purpose of effecting debt service savings; and WHEREAS, the Council of the City of Portsmouth, Virginia, has determined to seek the approval of the State Council on Ix)cai Debt (the "State Council") of the issuance of the refunding bonds for the purpose of advance refunding a port/on of or all of the Callable 1992 Public Improvement Bonds, the Callable 1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds as required by Section 15.1-227.46 of the Code of Vir~,-~inia, 1950; NOW, T/q'I~REFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, as follows: SECTION 1. Approval of Refunding of Callable 1992 Public Improvement Bonds, Callable 1992 Public Utility Bonds, Callable 1992 Public Improvement Refunding Bonds and Callable 1992 Public Utility Refunding Bonds. The Council hereby authorizes the advance refunding of a portion of or ali of the Callable 1992 Public Improvement Bonds, the Callable 1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds. SECTION 2. State Council on Local Debt Approval. The Director of Finance and other appropriate officials of the City are hereby anthorized and directed to present a plan of refunding with respect to the advance refunding a portion of or all of the Callable 1992 Public Improvetuent Bonds, the Callable 1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds to the State Council and to seek the approval of the State Council of the issuance of advance refunding bonds pursuant to Section 15.1-227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on Local Debt on November 20, 1991. The City is hereby authorized to pay any fees and expenses of the State Council in connection therewith.