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Obligatien P~blic Improvement Bends, Series 1991, dated JanRary 1, 1991 and maturing A~g~st 1, 2001 te A~g~st 1, 2011, beth inclusive (the "Callable 1991P~blic Imprsvement Bends"), f~r the purpese sf effecting debt service savings; and WHEREAS, the Ce~ncil ef the City ef Pertsmouth, Virginia, has determined that it ws~ld be desirable ts advance refund a pertien ef er all ef the City's $8,520,000 o~tstanding principal ameunt of City of Pertsmo~th, Virginia, General Obligation P~blic Utility Bends, dated January 1, 1991 and maturing A~gast 1, 2001 to ASg~st 1, 2011, b~th inclusive, and August 1, 2019 (the "Callable 1991P~blic Utility Bends"), fer the p~rpose sf effecting debt service savings; and ~EREAS, the Co%ncil ~f the City sf Portsme~th, Virginia, has determined ts seek the approval ~f the State Ce~ncil sn ~ecal Debt (the "State Ce~ncil") ~f the issuance ef the refunding bonds fer the purpose ef advance ref~ndin~ a perti~n ef er all ef the Callable 1987 P~blic Improvement Bends, the Callable 1987 P~blic Utility Bends, the Callable 1991 P~blic Imprevement Bends and the Callable 1991 Public Utility Bends as required by Section 15.1-227.46 ef the Cede of Virginia, 1950. NOW, THEREFORE, BE IT RESOLVED by the Ce~ncil ef the City PortsmoUth, Virginia, as fellows: Section 1. Appreval ef Refunding ~f Callable 1987 Public Imprevement Bonds, Callable 1987 P~blic Utility Bsnds, Callable 1991 Public Imprevement Bends and Callable 1991 P~blic Utility Bsnds. The Ce~ncil hereby a~therizes the advance refunding ef the Callable 1987 P~blic Improvement Bends, the Callable 1987 P~blic Utility Bends~ the Callable 1991 P~blic Improvement Bends and the Callable 1991 Public Utility Bonds. Section 2. State C~ncil en Lecal Debt Apprsval. The Director ~f Finance and ether apprepriate sfficials ~f the City are hereby autherized and directed t¢ present a plan sf refunding with respect to the advance refunding efa pertion ef ~r all ~f the Callable 1987 Public Imprevement Bends, the Callable 1987 P~blic Utility Bonds, the Callable 1991P~blic Imprevement Bonds and the Callable 199t P~blic Utility Bends te the State Council and to seek the approval ef the State Council ~f the issuance of advance refunding bends p~rsuant Sectien 15.1-227.46 ef the Cede ef Virginia, 1950, and the "Guidelines fer Approval ef Refunding Bends by the State Cs~ncil en Lecal Debt~ ad~pted by the State Ce~ncil en Lecal Debt en Nsvember 20, 1991. The City is hereby a~therized tm pay any fees and expenses ef the State Council in cennectien therewith. t~