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<br />
<br />A RESOLUTION OF THE COUNCIL OF £HE CITY OF PORTSMOUTH,
<br />VIRGINIA, APPROVING THE ADVANCE REFUNDING OF A PORTION OF OR
<br />ALL OF THE CITY'S $10,660,000 OUTSTANDING PRINCIPAL ~MOUNT OF
<br />CITY OF PORTSMOUTH, VIRGINIA, PUBLIC IMPROVEMENT AND REFUNDING
<br />BONDS, SERIES 1987, DATED JULY 9, 1987 AND MATURING NOVEMBER
<br />1, 1998 TO NOVEMBER 1, 2003, BOTH INCLUSIVE, AND NOVEMBER 1,
<br />2012, THE CITY'S $8,300,000 OUTSTANDING PRINCIPAL AMOUNT OF
<br />CITY OF PORTSMOUTH, VIRGINIA, PUBLIC UTILITY AND REFUNDING
<br />BONDS, SERIES 1987, DATED JULY 9, 1987 AND MATURING NOVEMBER
<br />1, 1998 %O NOVEMBER t, 2003, BOTH INCLUSIVE, AND NOVEMBER 1,
<br />2012, THE CITY'S $19,250,000 OUTSTANDING PRINCIPAL AMOUNT OF
<br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS, SERIES 1991, DATED JANUARY t, 1991 AND
<br />MATURING AUGUST 1, 2001 TO AUGUST t, 2011, BOTH INCLUSIVE, AND
<br />THE CITY'S $8,520,000 OUTSTANDING PRINCIPAL AMOUNT OF CI£Y OF
<br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS,
<br />SERIES 1991, DATED JANUARY 1, 1991 AND MATURING AUGUST 1, 2001
<br />TO AUGUST 1, 2011, BOTH INCLUSIVE, AND AUGUST 1, 2019, AND
<br />AUTHORIZING THE DIRECTOR OF FINANCE AND OTHER CITY OFFICIALS
<br />TO SEEK THE APPROVAL OF THE STATE COUNCIL ON LOCAL DEBT WITH
<br />RESPECT TO %HE ISSUANCE OF "REFUNDING BONDS" FOR THE PURPOSE
<br />OF ADVANCE REFUNDING A PORTION OF OR ALL OF THE AFOREMENTIONED
<br />BONDS PURSUANT TO SECTION 15.1-227.46 OF THE CODE OF VIRGINIA
<br />1950, AND THE "GUIDELINES FOR APPROVAL OF REFUNDING BONDS BY
<br />THE STATE COUNCIL ON LOCAL DEBT" ADOPTED BY THE STATE COUNCIL
<br />ON LOCAL DEBT THEREUNDER.
<br />
<br /> WHEREAS, the CeRncil ~f the City ~f Pertsme~th, Virginia,
<br />has determined that it weald be desirable te advance refund a
<br />psrtien sf er all ef the City's $10,660,000 ~ststanding
<br />principal amsUnt sf City ef Pertsm~th, Virginia, Public
<br />Imprevement and RefUnding Bends, Series 1987, dated Jnly 9,
<br />1987, and maturing Nsvember 1, 1998 t~ Nsvember 1, 2003, bsth
<br />inctnsive, and N~vember 1, 2012 (the "Callable 1987 P~blic
<br />Improvement Bsnds"), f~r the pnrp~se ~f effecting debt service
<br />savings; and
<br />
<br /> WHEREAS, the C~ncil ~f the City sf Psrtsme~th, Virginia,
<br />has determined that it wsRld be desirable t~ advance refund a
<br />psrtien ef er all sf the City's $8,300,000 e~tstanding
<br />principal am@~nt ef City ef Psrtsms~th, Virginia, P~blic
<br />Utility and RefRnding B~nds, dated July 9, 1987 and maturing
<br />Nevember 1, 1998 ts N~vember 1, 2003, b~th incl5sive, and
<br />Nevember 1, 2012 (the "Callable 1987 P~blic Utility B~nds"),
<br />fer the psrpsse sf effecting debt service savings; and
<br />
<br /> WHEREAS, the Cs~ncil ~f the City ef P~rtsmmsth, Virginia,
<br />has determined that it wsRld be desirable ts advance refund a
<br />perti~n ef er all ®f the City's $19,250,000 sRtstanding
<br />principal ame~nt ef City ~f Psrtsme~th, Virginia, General
<br />
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