|
with Section 15.1-227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of
<br />Refunding Bonds by the State Council on Local Debt" adopted by the State Council on
<br />November 20, 1991 (the "Guidelines"); and
<br />
<br /> WI-~REAS, in the judgment of the Council, it is necessary and expedient to issue
<br />and sell General Obligation Public Utility Refunding Bonds, Series 1993, of the City m an
<br />aggregate principal amount of Twenty-One Million Two Hundred Eighty-Five Thousand Doil~s
<br />($21,285,000) for the purpose of providing funds to refund in advance of their stated maturities
<br />and redeem the Refunded Public Utility Bonds;
<br />
<br /> NOW, ~ORE, BE IT RF_3OL~ by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to the Constitution of Virginia, Chapter 5.1 of Title 15.1 of the
<br />Code of Virginia, 1950, the same being the Public Finance Act of 1991, and the Charter of the
<br />City, for the purpose of providing funds to refund in advance of their stated maturities and
<br />redeem the Refunded Public Utility Bonds, there are hereby authorized to be issued and sold
<br />Twenty-One Million Two Hundred Eighty-Five Thousand Dollars ($21¢285,000) principal
<br />amount of general obligation bonds of the City to be designated "General Obligation Public
<br />Utility Refunding Bonds, Series 1993" (the "Series 1993 Bonds" or the "Bonds"). The Bonds
<br />shall be dated April 1, 1993; shall be numbered from pLrR-93-1 consecutively upward in order
<br />of issuance; shall be issued fully registered form in the denomination of $5,000 each or any
<br />integral multiple thereof; and shall bear interest payable on August 1, 1993 and semiannually
<br />on such February 1 and August 1 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, 2013 and 2019, in the principal mounts set forth opposite
<br />each such year below, with the Bonds maturing in each such year bearing interest at the rote 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 $ 495,000 3.00% 2003 $ 760,000 5.10%
<br />1995 495,000 3.60 2004 745,000 5.25
<br />1996 495,000 3.90 2005 760,000 5.35
<br />1997 500,000 4.25 2006 775,000 5.40
<br />1998 1,410,000 4.35 2007 790,000 5.45
<br />1999 1,240,000 4.50 2008 805,000 5.45
<br />2000 1,775,000 4.75 2009 825,000 5.45
<br />2001 1,210,000 4.85 2013 3,050,000 5.50
<br />2002 1,105,000 5.00 2019 4,050,000 5.50
<br />
<br />
<br />
|