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WHEREAS, the Council of the City of Portsmouth, Virginia, has determined that it woulc[ be desirable to current refund the City's $5,800,000 outstanding principal amount of City of Portsmouth, Virginia, Port Improvement Bonds, Series of 1975, dated November 1, 1975 and maturing November 1, 1992 to-November 1, 2005, both inclusive (the "Refunded 1975 Port Improvement Bonds"), for the purpose of effecting debt service savings; and WHEREAS, the Council of the City of Portsmouth, Virginia, has determined to seek the approval of the State Council on Local Debt (the "State Council") of the issuance of the refunding bonds for the purpose of advance refunding the Refunded 1985 Public Improvement Bonds and the Refunded 1985 Public Utility Bonds, as required by Section 15.1-227.46 of the Code of Virginia, 1950; NOW, THEREFORE, BE 1T RESOLVED by the Council of the City of Portsmouth, Virginia, as follows: - - SECTION 1. ApprOval of Refunding of Refunded 1985 ~Public Improvement Bonds, Refunded !985 Public Utility Bonds and Refunded 1975 Port Improvement Bonds. The Council hereby authorizes the advance refunding of the Refunded 1985 Public Improvement Bonds and the Refunded 1985 Public Utility Bonds and the current refunding of Refunded 1975 Port Improvement Bonds. SECTION 2. State Council on Local Debt ApprovaL The Director of Finance and other appropriate officials of the City are hereby authorized and directed to present a plan of refunding with respect to the advance _refunding the Refunded 1985 Public Improvement Bonds and the Refunded 1985 Public Utility Bonds to the State Council and to seek the approval of theState Council of the issuance of advance refunding bonds pursuant to Section 15.1-227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on Local Debt on November 20, 1991. The City is hereby authorized to pay any fees and expenses of the State Council in connection therewith. SECTION 3. Effectiveness of Resolution. This resolution shall take effect upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on March 10, 1992. Tes~: City Clerk-