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A ILESOLUTION AI/t~IO TI-Ilg ISSUANCE AND
<br />SALE OF TWF~NTY-ObrE'q~iI-~o'~LION TWO FFONDILED
<br />EIGttTY-FfVE THOUSAaND DOLLARS ($21,288,000)
<br />
<br /> Y4/-IE2LE4.$, pursumat to aa ordinance adopted by the Council (the "Council") of
<br />tho City of Portamouth, Virginia (the "City"), on May I3, 1975, an election held in the City on
<br />November 4, 1975 and resolutions adopted by the Council on May 27:1980 amd June i7,1980,
<br />them were authorized, issued and sold $5,000,000 aggregate principal amount of the City's
<br />Genera/Obligation Public Utliky Bonds. dated July L I980 and maturing ha vm'ying principal
<br />amounts on July I in each of the yem's 1981 to 2000, both inclusive, and bearing intere.~
<br />payable on January I 198I and semiannually on each July [ and Janum'~ i thereafter (the "I980
<br />Public UriHty Bonds"); and
<br />
<br /> 5YtlEKEAS, the i980 Public Utility Bonds maturing on and after 3ul7 i, !991 are
<br />subject to redemption on or after July 1, 1990 upon the terms and at the redemption ptice~ stated
<br />ha the 1980 Public Utility Bonds and in the aforementioned re~olulions adopted by the Council
<br />oa May 27, 1980 and June 17, 1980: and
<br />
<br /> WMiER.EAS, tho City de. sir~ to issue the Bonds (as hereiwaf-ter defined): inler
<br />alia. to provide for the refimding prior tu their stated mamfit/es and redemption on July t, 1993
<br />of the 1980 Publi¢ Utility Bonds maturing oa July 1 in eaCa of the year~ 1994 to 2000, beth
<br />inclusive (the 'Refunded 1980 Public Utility Bonds"); and
<br />
<br /> ~. pursuant to an ordinance adopted by the Coun¢/1 of the City on
<br />Au=~ust 28, I984, an elation held ha the City on November fi. I984 and msoinlions adopted by
<br />[be Council on April i4, 1987 and June 23. 1987, them were authorized, issued and sold
<br />814.800,000 aggregate prmmpal amount of the City's General Obligation Public Utility and
<br />Refunding Bonds, Series 1987. dated July 9, 1987 amd maturing in varying principal amounts
<br />on November i ha each oftbe ye2ars 1987 to 2003, beth inches/ye, and 2012, and beating interest
<br />payable on November 1', t987 and semiannually on ~ach May t and November i thereafter (the
<br />'I987 PubB¢ UliHty Bonds"); and
<br />
<br /> ~S, the 1987 Public Utility Bonds mateting on and a~er November ],
<br />1998 am subject to redemption on and ~ November ~, I999' upon the terms and at the
<br />redemplion price~ stated in the I987 Public Utility Bonds and in the aforementioned resolutions
<br />adopted by the Council on April 14:[987 and June 23, I987; and
<br />
<br /> ~S, the City deshes to issue the Bonds, inter aha. to provide for the
<br />refunding plier to their stated maturities and redemption on November 1, 1997 of the 1987
<br />Public Utility Bonds maturing on November [ in each of the year~ I998 to 2003, beth inclusive,
<br />and 2012 (tho "Refimded 1987 Public Utility Bonds); and
<br />
<br /> Wkt~.I~,~.AS, pomuan[ m an ordinanc~ adopted by th~ Council of the City on
<br />August 28, 1990, an election beM ha the City on November 8, 1990. and resolutions adopted
<br />Dy the Council on Janaa~7 7, 1991 and January 8, 1991, there were authormea, i~,vaed and sold
<br />$10,000,000 aggregate principal remount of the City's General Obligation Pubilc Utility Bonds,
<br />
<br /> 5~fl~iV. EAS, the 1991 Public Ut,'I/ty Bonds maturing on and after Augasr 1, 2001
<br />are subject to redemplion on and after August I, 2000 open the te~ms and at the ~nedemption
<br />mated in the 1991 Public Utility Bonds and in the aforementioned resolutions adopted by the
<br />
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