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-2- Refunded 1985 Public Utility Bonds in accordance with Section 15.1-227.46 of the Code of Virginia, 1950, and Part II.A of the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on November 20, 1991 (the "Guidelines"); and WHEREAS, in the judgment of the Council, it is necessary and expedient to issue and sell General Obligation Public Utility Refunding Bonds, Series 1992, of the City in an aggregate principal amount of Four Million Eight Hundred Thirty Thousand Dollars ($4,830,000) for the purpose of providing funds to refund in advance of their stated maturities and redeem the Refunded 1985 Public Utility Bonds; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to the Constitution of Virginia, ChaPter 5.1 of Title 15.1 of the Code of Virginia, 1950, the same being the Public Finance Ac~ of 1991, and the Charter of the City, for the purpose of providing funds to refund in advance of their stated maturities and redeem the Refunded 1985 Public Utility Bonds, there are hereby authorized to be issued and sold Four Million Eight Hundred Thirty Thousand Dollars ($4,830,000) principal amount of general obligation bonds of the City to be designated "General Obligation Public Utility Refunding Bonds, Series 1992" (the "Series 1992 Bonds" or the "Bonds"). The Bonds shall be dated April 1, 1992; shall be numbered from PUR-92-1 consecutively upward in order of issuance; shall be issued fully registered form in the denomination of $_5,000 each or any integral multiple thereof; and shall bear interest payable on November 1, 1992 and semiannually on such May 1 and November 1 thereafter. The Bonds shall mature or become due and payable on November 1 in each of the years 1993 to 2005, both inclusive, in the principal amounts set forth opposite each such year below, with the Bonds maturing in each such year bearing interest at the rate per annum set forth opposite such year, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1993 $ 55,000 3.50% 2000 $ 20,000 5.75 1994 60,000 4.40 2001 515,000 5.90 1995 65,000 5.00 2002 510,000 6.00 1996 555,000 5.25 2003 505,000 6.10 1997 545,000 5.50 2004 500,000 6.20 1998 535,000 5.50 2005 445,000 6.30 1999 520,000 5.60 The Bonds maturing on and before November 1, 2001 shall not be subject to redemption prior to their stated maturities. The Bonds maturing on and after November 1, 2002 (or portions thereof in installments of $5,000) shall be subject to redemption at the