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23 <br /> <br />Adoption Copy <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND <br />SALE OF TWENTY-ONE MYf,LION TWO HUNDRED <br />EIGHTY-FIVE THOUSAND DOLLARS ($21,285,000) <br />PR1NCIt'AL AMOUNT OF GENERAL OBLIGATION <br />PUBLIC UTII,ITY REFUNDING BONDS, SERIES t993, OF <br />TH-E CITY OF PORTSMOUTH, VIRGINIA, FOR THE <br />PURPOSE OF PROVIDING FUNDS TO REFUND IN <br />ADVANCE OF THEIR STATED MATURITIES AND <br />REDEEM CERTAIN PREVIOUSLY ISSUED AND <br />OUTSTANDING GENERAL OBLIGATION ~PUBLIC <br />UTILITY BONDS OF SUCH CITY; APPROVING THE SALE <br />OF SUCH BONDS AND AUTHORIZING ~ EXECUTION <br />AND DEI,IVERY OF A PURCHASE CONTRACT <br />REI,/kTING TO THW, SALE OF SUCH BONDS; FIXING THE <br />FORM OF SUCH BONDS; AUTHORIZING THE <br />EXECUTION OF AN OFFICIAL STATEMENT RELATING <br />TO SUCH BONDS; APPROVING TH-E FORM AND <br />AUTHORIZING ~ EXECUTION AND DEI,VVERY OF AN <br />ESCROW DEPOSIT AGR~ RELATING TO SUCH <br />REFUNDED PUBLIC UTILITY BONDS; APPOINTING AN <br />ESCROW AGENT; AND DESIGNATING SUCH REFUNDED <br />PUBLIC UTILITY BONDS FOR RF, DEMi°TION <br /> <br /> WI-IF. REAS, pursuant to an ordinance adopted by the Council (the "Council") of <br />the City of Portsmouth, Virginia (the "City"), on May 13, 1975, an election held in the City on <br />November 4, 1975 and resolutions adopted by the Council on May 27, 1980 and June 17,1980, <br />there were authorized, issued and sold $5,000,000 aggregate principal amount of the City's <br />General Obligation Public Utility Bonds, dated July 1, 1980 and maturing in varying principal <br />amounts on July 1 in each of the years 1981 to 2000, beth inclusive, and bearing interest <br />payable on January 1, 1981 and semiannually on each July 1 and January 1 thereafter (the "1980 <br />Public Utility Bonds"); and <br /> <br /> W-/:mREAS, the 1980 Public Utility Bonds maturing on and after luly 1, 1991 are <br />subject to redemption on or after July 1, 1990 upon the terms and at the redemption prices stated <br />in the 1980 Public Utility Bonds and in the aforementioned resolutions adopted by the Council <br />on May 27, 1980 and June 17, 1980; and <br /> <br /> WI:tRREAS, the City desires to issue the Bonds (as hereinafter defined), inter <br />a//a, to provide for the refunding prior [o their stated m. aturities and redemption on July 1, 1993 <br />of the 1980 Public Utility Bonds maturing on July 1 m each of the years 1994 to 2000, both <br />inclusive (the "Refunded 1980 Public Utility Bonds"); and <br /> <br />22706~2 <br /> <br /> <br />