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36 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />FOUR M~I J .ION EIGHT HUNDRED THIRTY THOUSAND <br />DOLLARS ($4,830,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC UTILITY REFUNDING <br />BONDS. SERIES 1992, OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS <br />TO REFUND IN ADVANCE OF THEIR STATED <br />MATURITIES AND REDEEM CERTAIN PREVIOUSLY <br />ISSUED AND OUTSTANDING GENERAL OBLIGATION <br />PUBLIC UTILITY BONDS OF SUCH CITY: APPROVING <br />THE SALE OF SUCH BONDS AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A PURCHASE <br />CONTRACT RELATING TO THE SALE OF SUCH BONDS; <br />FIXING THE FORM OF SUCH BONDS; AUTHORIZING <br />THE EXECUTION OF AN OFFICIAL STATEMENT <br />RELATING TO SUCH BONDS; APPROVING THE FORM <br />AND AUTHORIZING THE EXECUTION AND DELIVERY <br />OF AN ESCROW DEPOSIT AGREEMENT RELATING TO <br />SUCH REFUNDED PUBLIC UTILITY BONDS; AND <br />DESIGNATING SUCH REFUNDED PUBLIC UTILITY <br />BONDS FOR REDEMPTION <br /> <br /> WHEREAS, pursuant to an ordinance adopted by the Council (the "Council") <br />of the City of Portsmouth, Virginia (the "City"), on August 24, 1982, an election held in the <br />City on November 2, 1982 and resolutions adopted by the Council on October I, 1985 and <br />October 29, 1985, there were authorized, issued and sold $9,850,000 aggregate principal <br />amount of the City's General Obligation Public Utility Bonds, dated November 1, 1985 and <br />maturing serially in the principal amount of $495,000 on November 1 in each of the years <br />1986-to 2004, both inclusive, and in the pri_ncipat amount of $445,000 on November 1 in the <br />year 2005 and bearing interest payable on May 1', 1986 and semiannually on each May 1 and <br />November 1 thereafter (the "1985 Public Utility Bonds"); and <br /> <br /> WHEREAS, the 1985 Public Utility Bonds maturing on and after November <br />1, 1996 are subject to redemption on or after November 1, 1995 upon the terms and at the <br />redemption prices stated in the 1985 Public Utility Bonds and in the aforementioned <br />resolutions adopted by the Council on October 1, 1985 and October 29, 1985; and <br /> <br /> WHEREAS, the City desires to issue the Bonds (as hereinafter defined) to <br />prov/de for the refunding prior to their stated maturities and redemption on November 1, <br />1995 of the 1985 Public Utility Bonds maturing on November 1 in each of the years 1996 <br />to 1999 and 2001 to 2005, both inclusive (the "Refunded 1985 Public Utility 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 />