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WI-IF. REAS, in the judgment of the Council, it is necessary and expedient to issue
<br />and sell General Obligation Public Improvement Refunding Bonds, Series 1993, of the City/n
<br />an aggregate principal amount of Thirty-Six Million Six Hundred Twenty Thousand Dollars
<br />($36,620,000) for the purpose of providing funds to refund the Refunded Public Improvement
<br />Bonds;
<br />
<br /> NOW, THEREFORE, BB IT RF_~OLX/Eo by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. Pursuant m Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the
<br />same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of
<br />providing funds to refund in advance of their stated maturities and redeem the Refunded Public
<br />Improvement Bonds, there are hereby authorized to be issued and sold Thirty-Six Million Six
<br />Hundred Twenty Thousand Dollars ($36,620,000) principal amount of general obligation bonds
<br />of the City to be designated "General Obligation Public Improvement Refunding Bonds, Series
<br />1993" (the "Series 1993 Bonds" or the "Bonds"). The Bonds shall be dated April 1, 1993; shall
<br />be numbered from PIR,93-1 consecutively upward in order of issuance; shall be issued in fully
<br />registered form in the denomination of $5,000 each or any integral multiple thereof; and shall
<br />bear interest payable on August 1, 1993 and semiannually on each February 1 and August 1
<br />thereafter.
<br />
<br /> The Bonds shall mature or become due and payable on August 1 in each of the
<br />years 1994 to 2009, both inclusive, and 2013, in the principal amounts set forth opposite each
<br />such year below, with the Bonds maturing in each such Dear bearing interest at the rate per
<br />anmml set forth opposite such year, as follows:
<br />
<br /> Principal Interest Principal . Interest
<br />Year Amount Rate Year Amount Rate
<br />
<br />1994 $ 695,000 3.00% 2003 $2,260,000 5.10%
<br />1995 695,000 3.60 2004 2,265,000 5.25
<br />1996 695,000 3.90 2005 2,240,000 5.35
<br />1997 700,000 4.25 2006 2,215,000 5.40
<br />1998 1,980,000 4.35 2007 2,195,000 5.45
<br />1999 2,085,000 4.50 2008 2,175,000 5.45
<br />2000 2,965,000 4.75 2009 2,145,000 5.45
<br />2001 3,310,000 4.85 2013 4,655,000 5.50
<br />2002 3,345,000 5.00
<br />
<br /> The Bonds maturing on and before August 1, 2003 shall not be subject to
<br />redemption prior to their stated maturities. The Bonds maturing on and after August 1, 2004
<br />(or poztiorts thereof in installments of $5,000) shall be subject to redemption at the option of the
<br />
<br />227O2.2
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