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principal amount of the City's Gener~I Obligation Publin impmv~m~t ~d ~nd~g Bonds, Series 1987. dat~ July 9, i987 ~d mam~g ~ v~g p~p~ ~oun~ on Norther I ~ Yvi-L~IiEAS_ pursuant to resolutions adopted by the Council of tbe City, on Januax7 7, 1991 and lanuary 8, i991, them were author/zed, issued and sold $35.000.000 WHEREAS, the Cit~ demirem to issue the Bonds, imer alia. to provide for the refuuding prior to their stated maturities and redemption ou Augu~ 1, 2000 of tbe 1991 Public Improvement Bonds maturing on ^uguat 1 in each'of the year~ 2001 to 2011, both incinsive (the 'Refunded I991 Public Improvement Bonds" and. collec'dvely with the Refunded 1980 Public Wtim~LEAS. on Mm'ch 17, 1993, the State Council on Lac. al Deb~ (the "State Council") approved the issn~nc~ of a portion of the Bonds authonked hereby to refund the Refunded 1987 Public Improvement Bonds and the Refunded 199I Pubil¢ Improvement Bonds in accordance with S<iloa 15.t-227.46 of the Code of Virginia, t950, a~ amended, and the ~Guidelinea for Approval of Re,riding Bonds by the State Council on Local Debt~ adopted by the Stato Council on November 20, I991 (the 'Guidelines"); and 1. Pursuant to Chapter 5.I of Title 15.1 of the Code of VLr~inia, 1950, the being the Public Financ~ Act of 1991. and the Charter of the City, for the purpos~ of