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<br />Refunded 1985 Public Improvement Bonds in accordance with Section 15.1-227.46 of the
<br />Code of Virginia, 1950, as amended, and Part II.A of the "Guidelines for Approval of
<br />Refunding Bonds by the State Council on Local Debt" adopted by the State Council on
<br />November 20, 1991 (the "Guidelines"); and
<br />
<br /> WHEREAS, in the judgment of the Council, it is necessary and expedient to
<br />issue and sell General Obligation Public Improvement Refunding Bonds, Series 1992. of the
<br />City in an aggregate principal amount of Nine Million Nine Hundred Sixty-Five Thousand
<br />Dollars ($9,965,000) for the purpose of providing funds to refund the Refunded 1985 Public
<br />Improvement Bonds;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the
<br />same being the Public Finance Act of 1991, and the Charter of t}ie City, for the purpose of
<br />providing funds to refund in advance of their stated maturities and redeem the Refunded
<br />1985 Public Improvement Bonds, there are hereby authorized to be issued and sold Nine
<br />Million Nine Hundred Sixty-Five Thousand Dollars ($9,965,000) principal amount of general
<br />obligation bonds of the City to be designated "General Obligation Public Improvement
<br />Refunding Bonds, Series 1992' (the '-'Series 1992 Bonds" or the "Bonds"). The Bonds shall
<br />be dated April 1, I992; shall be numbered from PIR-92-1 consecutively upward in order of
<br />issuance; shall be issued in fully registered form in the denomination of $5,000 each or any
<br />integral multiple thereof; and shall bear interest payable on November 1, 1992 and
<br />semiannually on each May 1 and November 1 thereafter.
<br />
<br /> The Bonds shall mature or become due and payable on November 1 in each
<br />of the years 1993 to 2005, both inclusive, in the principal amounts set forth opposite each
<br />such year below, with the Bonds maturing i_n 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 Year Amount Rate
<br />
<br />1993 $ 70,000 3.50% 2000 $ 50,000 5.75%
<br />1994 130,000 4.40 2001 1,050,000 5.90
<br />1995 135,000 5.00 2002 1,040,000 6.00
<br />1996 _ 1,130,000 5.25 2003 1,025,000 6.10
<br />1997 1,110,000 5.50 2004 1,015,000 6.20
<br />1998 1,090,000 5.50 2005 1,055,000 6.30
<br />1999 1,065,000 5.60
<br />
<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
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