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<br />
<br /> ~S, pursuant to an ordinance adopted by the Council of the City on
<br />August 28, 1984, an election held in the City on November 6, 1984 and resolutions adopted by
<br />the Council on April 14, 1987 and June 23, 1987, there were authorized, 'issued and sold
<br />$1z[,800,000 aggregate principal amoum of the City's General Obligation Public Utility and
<br />Refunding Bonds, Series 1987, dated July 9, 1987 and maturing in varying principal mounts
<br />on November 1 in each of the years 1987 to 2003, both inclusive, and 2012, and bearing interest
<br />payable on November 1-, 1987 and semiannually on each May 1 and November 1 thereafter (the
<br />#1987 Public Utility Bonds"); and
<br />
<br /> WI-IF. REAS, the 1987 Public Utility Bonds maturing on and after November 1,
<br />1998 are subject to redemption on and after November I, 1997 upon the terms and at the
<br />redemption prices stated in the 1987 Public Utility Bonds and in the aforementioned resolutions
<br />adopted by the Council on April 14, 1987 and June 23, 1987; and
<br />
<br /> WI-II~EAS, the City desires to issue the Bonds, inter alia, to provide for the
<br />refunding prior to their stated maturities and redemption on November 1, 1997 of the 1987
<br />Public Utility Bonds maturing on November 1 in each of the years 1998 to 2003, both inclusive,
<br />and 2012 (the "Refunded 1987 Public Utility Bonds); and
<br />
<br /> WHEREAS, pursuant to an ordinance adopted by the Council of the City on
<br />August 28, 1990, an election held in the City on November 6, 1990, and resolutions adopted
<br />by the Council on January 7, 1991 and January 8, 1991, there were authorized, issued and sold
<br />$i0,000,000 aggregate principal amount of the City's General Obligation Public Utility Bonds,
<br />Series 1991, dated January I, 1991 and maturing in varying principal amounts on August 1 in
<br />each of the years 1992 to 2011, both inclusive, and 2019, and bearing interest payable on August
<br />1, 1991 and semiannually on each February I and August 1 thereafter (the "1991 Public Utility
<br />Bonds"); and
<br />
<br /> ~, the 1991 Public Utility Bonds maturing on and after August 1, 2001
<br />are subject to redemption on and after August 1, 2000 upon the terms and at the redemption
<br />stated in the 1991 Public Utility Bonds and in the aforementioned resolutions adopted by the
<br />Council on January 7, 1991 and January 8, 1991; and
<br />
<br /> ~S, the City desires to issue the Bonds, inter a//a, to provide for the
<br />refunding prior to their stated maturities and redemption on August 1, 2000 of the 1991 Public
<br />Utility Bonds maturing on August 1 in each of the years 2001 to 2011, both inclusive, and 2019
<br />(the "Refunded 1991 Public Utility Bonds and, collectively with the Refunded 1980 Public
<br />Utility Bonds and the Refunded 1987 Public Utility Bonds, the "Refunded Public Utility
<br />Bonds"); and
<br />
<br /> WHEREAS, on March 17, 1993, the State Council on Local Debt (the "State
<br />Council") approved the issuance of a portion of the Bonds authorized hereby to refund the
<br />Refunded 1987 Public Utility Bonds and the Refunded 1991 Public Utility Bonds in accordance
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