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29
<br />
<br />A RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, APPROVING THE ADVANCE
<br />REFUNDING OF THE CITY'S $9,095,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, PUBLIC IMPROVEMENT BONDS, DATED
<br />NOVEMBER I, 1985 AND M~TURING NOVEMBER 1,
<br />1996 TO NOVEMBER 1, 1999, BOTH INCLUSIVE, AND
<br />NOVEMBER 1, 2001 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND THE CITY'S $4,405,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, PUBLIC UTILITY BONDS, DATED
<br />NOVEMBER 1, 1985 AND MATURING NOVEMBER 1,
<br />1996 TO NOVEMBER 1, 1999, BOTH INCLUSIVE, AND
<br />NOVEMBER 1, 2001 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND APPROVING THE CURRENT
<br />REFUNDING OF TIKE CITY'S $5,800,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, PORT IMPROVEMENT BONDS, SERIES OF
<br />1975, DATED NOVEMBER 1, 1975 AND MATURING
<br />NOVEMBER 1, 1992 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND AUTHORIZING THE DIRECTOR OF
<br />FINANCE AND OTHER CITY OFFICIALS TO SEEK THE
<br />APPROVAL OF THE STATE COUNCIL ON LOCAL DEBT
<br />WITH RESPECT TO THE ISSUANCE OF "REFUNDING
<br />BONDS" FOR THE PURPOSE OF ADVANCE
<br />REFUNDING THE AFOREMENTIONED PUBLIC
<br />IMPROVEMENT BONDS AND PUBLIC UTILITY BONDS
<br />PURSUANT TO SECTION 15.1-227.46 OF THE CODE OF
<br />VIRGINIA 1950, AND THE "GUIDELINES FOR
<br />APPROVAL OF REFUNDING BONDS BY THE STATE
<br />COUNCIL ON LOCAL DEBT' ADOPTED BY THE STATE
<br />COUNCIL ON LOCAL DEBT THEREUNDER
<br />
<br /> WHEREAS, the Counc';l of the City of Portsmouth, Virginia, has determined
<br />that it would be desirable to advance refund the City's $9,095,000 outstanding principal
<br />mount of City of Portsmouth, Virginia, Public Improvement Bonds, dated November 1,
<br />1985 and maturing November 1, 1996 to November 1, 1999, both inclusive, and November
<br />1, 2001 to November 1, 2005, both inclusive (the "Refunded 1985 Public Improvement
<br />Bonds"), for the purpose of effecting debt service savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, has determined
<br />that it would be desirable to advance refund the City's $4,405,000 outstanding principal
<br />amount of City of Portsmouth, Virginia, Public Utility Bonds, dated November 1, 1985 and
<br />maturing November 1, 1996 to November 1, 1999, both inclusive, and November 1, 2001 to
<br />November 1, 2005, both inclusive (the "Refunded 1985 Public Utility Bonds"), for the
<br />purpose of effecting debt service savings; and
<br />
<br />
<br />
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