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35 <br /> <br />4/1/92 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND <br />SALE OF NINE MILLION NINE HUNDRED SIXTY-FIVE <br />THOUSAND DOLLARS ($9,965,000) PRINCIPALAMOUNT <br />OF GENERAL OBLIGATION PUBLIC IMPROVEMENT <br />REFUNDING BONDS, SERIES 1992, OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF <br />PROVIDING FUNDS TO REFUND IN ADVANCE OF <br />THEIR STATED MATURITIES AND REDEEM CERTAIN <br />PREVIOUSLY ISSUED AND OUTSTANDING GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF SUCH <br />CITY; APPROVING THE SALE OF SUCH BONDS AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF <br />A PURCHASE CONTRACT RELATING TO THE SALE OF <br />SUCH BONDS; FIXING THE FORM OF SUCH BONDS; <br />AUTHORIZING THE EXECUTION OF AN OFFICIAL <br />STATEMENT RELATING TO SUCHBONDS: APPROVING <br />THE FORM AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF AN ESCROW DEPOSIT AGREEMENT <br />RELATING TO SUCH REFUNDED PUBLIC <br />IMPROVEMENT BONDS; AND DESIGNATING SUCH <br />REFUNDED PUBLIC IMPROVEMENT BONDS FOR <br />REDEMPTION <br /> <br /> WHEREAS, pursuant to resolutions adopted by the Council (the "Council") <br />of the City of Portsmouth, Virginia (the "City"), on October 1, 1985 and October 29, 1985, <br />there were authorized, issued and sold $20,150,000 aggregate principal amount of the City's <br />General Obligation Public Improvement Bonds, dated as of November 1, 1985 and maturing <br />serially in the principal amount of $1,005,000 on November 1 in each of the years 1986 to <br />2004, both inclusive, and in the principal amount of $1,055,000 on November i in the year <br />2005 and bearing interest payable on May 1, 1986 and semiannually on each May 1 and <br />November 1 thereafter (the "1985 Public Improvement Bonds"); and <br /> <br /> WHEREAS, the 1985 Public Improvement Bonds maturing on and after <br />November 1, 1996 are subject to redemption on or after November 1, 1995 upon the terms <br />and at the redemption prices stated in the 1985 Public Improvement Bonds and in the <br />aforementioned resolutions adopted by the Council on October 1, 1985 and October 29, <br />1985; and <br /> <br /> WHEREAS, the City desires to issue the Bonds (as hereinafter defined) to <br />provide for the refunding prior to their stated maturities and redemption on November 1, <br />1995 of th~1985 Public Improvement Bonds maturing on November 1 in each of the years <br />1996 to 1999 and 2001 to 2005, both inclusive (the "Refunded 1985 Public Improvement <br />Bonds"); and <br /> <br /> WHEREAS, on March 18, 1992, the State Council on Local Debt (the "State <br />Council") approved the issuance of a portion of the Bonds authorized hereby to refund the <br /> <br /> <br />