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NOW, T/-IERHFORE, BE IT .~EBOLVED by the Council of the City of
<br />Portsmouth. Vir~n/a:
<br />
<br /> I. Purmaanr t° the Consdthtion of Vir~trfia, Chapter S l of Tiile lS. l of the
<br /> Code of Virgin/a. 1950, the mime Ming the Public Finance Act of i99l, and :he Cbener of the
<br />City, for the purpose of providing funds to refund in advance ~f their smte~ maturities and
<br />redeem me Refunded Public UtHky Moods, there are bemby author/zed to be issued and sold
<br />Twenty-One Million Two Hundred Eighty-Five Thousand Dollars ($21,285,000) prklcipa/
<br />amount of general obllgulion bonds of the City to be designated 'General Obtigulion Public
<br />Utility Re~nding Bonds, Series 1993" (the 'Series 1993 Bonds" or the '~BondsD. The Bonds
<br />shall bo dated April 1, t993; studl be numbered from pLrR-93~1 consecutively upward in order
<br />o[ issuance; shall be i~ued fully registered form in the denominalion of $5,000 each or any
<br />ituegml multiple thereo[; and shall bear rarere.~ payable on August I i993 amd semiannually
<br />
<br /> Principal Inmres[ Principal /nture~
<br /> Year Amount - R~_ - Yegf Amoun[ - _Rate
<br /> i994 $ 495,000 3.00% 2003 $ 760,000 5.i0%
<br /> 1995 495,0~0 3.60 2004. 745,000 5.25
<br /> 1996 ¢95, 0~0 3.90 2005 760,000 5.35
<br /> I997 500,000 4.25 2006 775,000 5.40
<br /> 1998 1,410,000 4.35 2007 790,000 5.45
<br /> [999 1,240.000 4.50 21308 805,000 5,45
<br /> 2000 1.775,000 4.75 2009 825,000 5.45
<br /> 200I 1,210,000 4.85 2013 3,050,000 5.50
<br /> 2002 I,I05,000 5.00 2019 4,050,000 5.50
<br /> The Bonds maturing on and before Angust i, 2003 shall nor be subject to
<br /> redemption prior to their ~rated maturities. The Bonds maturing on and after August i, 2004
<br /> (Or portions thereo[in burailmen~s of $5,000) shall be subject to redemption at the option of the
<br /> City prior to their smre. d matunlies on or after August i, 2003. in whole a[ any time, or/n pan
<br /> from time to time on any interest oayment date in any order de, ermined by the City (except that
<br />if less man all '. .
<br /> ~f the Boed~ of a giYen maturity are ¢zd/ed for redemption, the pardcular Bonds
<br />or pordons thereof in insm/bncna of $5,000 Of suet mamtity to be redeemed shall be selected
<br />by lot), upon payment of the following redemption pri¢.-..~ [expressed as a percentage of principal
<br />amount of Bonds ro be reaeemed), together with the interes~ acc,reed on the principal amount
<br />to he redeemed to the dam f~xed [or the redemption ~ereof:
<br />
<br />Redemption Dat~
<br />
<br />August 1, 2003 to fuly 31, 2004
<br />August 1, 2004 to July 31, 2005
<br />August 1, 2005 and ~hereaftur
<br />
<br />Redemption Pric. e~
<br />('Percentage
<br />~I Amonn. t~
<br />
<br /> i01
<br /> 100
<br />
<br /> The Bond~ maturing on August I, 2013 shall be mojecr tu mandazory sinking fund
<br />redemption on Augu~ I, 2010 and on August i of ~ach year thereafter ~o mathrity in the
<br />
<br />
<br />
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