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<br /> WHEREAS, in the judgment of the Council, it is necessary and expedient to
<br />issue and sell General Obligation Port Improvement Refunding Bonds, ~eries t992, of the
<br />City in an aggregate principal amount of Five Million Eight Hundred Thousand Dollars
<br />($5,800,000) for the purpose of providing funds to refund in advance of their stated
<br />maturities and redeem the 1975 Refunded Port Improvement Bonds;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virgin/a:
<br />
<br /> 1. Pursuant to the Constitution of Virginia, Chapter 5.1 of Title 15.1 of
<br />the Code of Virginia, 1950, the same being the Public Finance Act of 1991, and the Charter
<br />of the City, for the purpose of providing funds to refund in advance of their stated maturities
<br />and redeem the Refunded 1975 Port Improvement Bonds, there are hereby author/zed to
<br />be issued and sold Five Million Eight Hundred Thousand Dollars ($5,800,000) principal
<br />amount of General Obligation Port Improvement Refunding Bonds, Series 1992 (the "Series
<br />1992 Bonds or "the "Bonds"). The 1992 Bonds shall be dated April I, 1992; shall be
<br />numbered from POR-92-1 consecutively upward in order of issuance; shall be issued in fully
<br />registered form in the denomination of $5,000 each or any integral multiple thereof; and
<br />shall bear interest payable on November 1, 1992 and semiannually on each May 1 and
<br />November 1 thereafter.
<br />
<br /> The Bonds shall mature or become due and payable on November 1 in each
<br />of the years 1992 to 2005, both inclusive, in the principal amounts set forth opposite each
<br />such year below, w/th the Bonds maturing in each such year bearing interest at the rate per
<br />annum set forth opposite such year, as follows:
<br />
<br /> Principal Interest Principal Interest
<br />..Year . Amount Rate ~'ear Amount Rate
<br />
<br />1992 $265,000 3.00% 1999 $410.000 5.85%
<br />1993 305,000 3.50 2000 440,000 6.00
<br />1994 320,000 4.40 2001 465,000 6.15
<br />1995 330,000 5.00 2002 490,000 6.25
<br />1996 345,000 5.25 2003 525,000 6.40
<br />1997 370,000 5.50 2004 555,000 6.50
<br />1998 390,000 5.70 2005 590,000 6.60
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<br /> The Bonds maturing on and before November 1, 2001 shall not be subject to
<br />redemption prior to their stated maturities. The Bonds maturing on and after November
<br />1, 2002 (or portions thereof in installments of $5,000) shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after November 1, 2001, in whole
<br />at any time, or in part from time to time on any interest payment date in any order
<br />determined~ by the City (except that if less than all of the Bonds of a given maturity of either
<br />issue are called for redemption, the particular Bonds or portions thereof in installments of
<br />$5,000 of such maturity of such issue to be redeemed shall be selected by lot), upoa payment
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