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34 <br /> <br />4/1/92 <br /> <br />A RESOLU~ON AUTHORIZING THE ISSUANCE AND SAI.~. <br />OF FIVE Mll.l .ION EIGHT HUNDRF. D THOUSAND DOI J.ARS <br />($5,800,000) PR~ICIPAL AMOUNT OF GENERAL OBLIGATION <br />PORT IMPROVEMENT RI~.b-qJNDING BONDS, SERIES 1992, OF <br />THE CTrY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE <br />OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR <br />STATED MATIJRITIF~ AND REDF. I~.M CERTAIN PREVIOUSLY <br />ISSUED AND OUTSTANDING GEN-~ OBLIGATION PORT <br />IMPROVEM~.NT BONDS, SERFS OF 1975, OF SUCH CITY; <br />APPROVING THE SA1-1~- OF SUCH BONDS AND AUTHORIZING <br />THE EXECUTION AND D~I.IVERY OF A PURCHASE <br />CONTRACT RI~.IATING TO THE SAI.I~. OF SUCH BONDS; <br />FIXING THE FORM OF SUCH BONDS; AUTHORIZING THE <br />EXECI. YrlON OF AN OFFICIAL STATEMR. NT RFJ ATING TO <br />SUCH BONDS; APPROVING THE FORM AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT <br />AGRF. F.M~.NT RELATING TO SUCH RF. VLINDED PORT <br />IMPROVEMF. NT BONDS; AND DESIGNATING SUCH <br />REFUNDED PORT IMPROVEMENT BONDS FOR <br />I~F-DEMPTION <br /> <br /> WHEREAS, pursuant to an ordinance adopted by the Council (the "Council") <br />of the City of Portsmouth, Virginia (the "City"), on September 29, 1970, an election held in <br />the City on November 3, 1970 and resolutions adopted by the Council on September 29, <br />1970 and October 10, 1975, there were authorized, issued and sold $8,200,000 aggregate <br />principal amount of the City's General Obligation Port Improvement Bonds, dated October <br />15, 1975 and maturing serially in vm3ring principal amounts an November 1 in each of the <br />years 1976 to 2005, both inclusive, and bearing interest payable on May 1, 1976 and <br />semiannually on each May 1 and November 1 thereafter (the "1975 Port Improvement <br />Bonds"); and <br /> <br /> WHEREAS, the 1975 Port Improvement Bonds maturing on and after <br />November 1, 1986 are subject to redemption at the option of the City on or after November <br />1, 1985 upon the terms and at the redemption prices stated in the 1975 Port Improvement <br />Bonds and in the aforementioned resolutions adopted by the Council on September 29, 1970 <br />and October 10, 1975; and <br /> <br /> WHEREAS, the City desires to ~ssue the Bonds (as hereinafter defined) to <br />provide for the refunding prior to their stated maturities and redemption on May 8, 1992 <br />of the 1975 Port Improvement Bonds maturing on November 1 in each of the years 1992 <br />to 2005, both inclusive (the same being hereinafter referred to as the "Refunded' 1975 Port <br />Improvement Bonds"); and <br /> <br /> <br />