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~ ~ 22 <br /> <br />Adoption Copy <br /> <br />A RESOLUTION AUTHORIZING ~ ISSUANCE AND <br />SALE OF TITgRTY-SIX 1WFLLION SIX ]t-UNDRED TWENTY <br />THOUSAND DOI.I.ARS ($36,620,000) PRINCEPAL AMOUNT <br />OF GENERAL OBLIGATION PUBLIC IMPROVEMENT <br />REFUNDING BONDS, SERrE. S 1993, OF THE CITY OF <br />PORTSMOIZI~, VIRGINIA, FOR T1TE PURPOSE OF <br />PROVIDING FUNDS TO REFUND IN ADVANCE OF TEIEIR <br />STATED MATURITI~ AND RL-T~EEM CERTAIN <br />PREVIOUSLY ISSUED AND OUTSTANDING GENERAL <br />OBLIGATION PUBLIC IM2PROVEMENT BONDS OF SUCH <br />CITY; APPROVING TIlE SALE OF SUCff BONDS A~ND <br />ALvI~ORIZING ~ EXECUTION' AND DELIVERY OF A <br />PURCI~akSE CONTRACT RELATING TO ~ SALE OF <br />SUCH BONDS; FIXING ~ FORM OF SUCH BONDS; <br />AUTHORIZING T~. EXECUTION OF AN-OFFICIAL <br />STATEMENT REI.&TING TO SUC~ BONDS; APPROVING <br />TmV~ FORM AND AUTHORIZING ~ EXECETI~ON AND <br />DELIVERY OF AN ESCROW DEPOSIT AGREEME~ <br />RELATING TO SUCH REFUNDED PUBLIC <br />IMPROVEMENT BONDS; APPOINTING AN ESCROW <br />AGENT; AND DESIGNATING SUCH REFUNDED PLVBLIC <br />IMPROVEMENT BONDS FOR RL'~EMPTION <br /> <br /> WHEREAS, pursuant to resolutions adopted by the Council (the "Council") of <br />the City of Portsmouth, Virginia (the "City"), on May 27, 1980 and June 17, 1980, there were <br />authorized, issued and sold $7,000,000 aggregate principal amount of the City's General <br />Obligation Public Improvement Bonds, dated July 1, 1980 and maturing in varying principal <br />amounts on July 1 in each of the years 1981 to 2000, both inclusive, and bearing interest <br />payable on January 1, 1981 and semiannually on each January 1 and luly 1 thereafter (the "1980 <br />Public Improvement Bonds"); and <br /> <br /> Wlq~P. EAS, the 1980 Public Improvement Bonds maturing on and after July 1, <br />1991 are subject to redemption on or after July 1, 1990 upon the terms and at the redemption <br />prices stated in the 1980 Public Improvement Bonds and in the aforementioned resolutions <br />adopted by the Council on May 27, 1980 and June 17, 1980; and <br /> <br /> ~S, the City desires to issue the Bonds (as hereinafter defined), inter <br />a//a. to provide for the refunding prior to their stated maturities and redemption on July 1. 1993 <br />of the 1980 Public Improvement Bonds maturing on July 1 in each of the years 1994 to 2000. <br />both inclusive (the "Refunded 1980 Public Improvement Bonds"); and <br /> <br /> ~, pursuant to resolutions adopted by the Council of the City, on April <br />14, 1987 and June 23. 1987, them were authorized, issued and sold $20,620,000 aggregate <br /> <br /> <br />