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RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AUTHORIZING THE TAKING OF APPROPRIATE ACTION WITH
<br />RESPECT TO THE PROPOSED REFUNDING OF ALL OR A PORTION OF
<br />THE CITY'S PORT IMPROVEMENT BONDS, SERIES OF 1975, DATED
<br />OCTOBER 15, 1975, PUBLIC IMPROVEMENT BONDS AND PUBLIC
<br />UTILITY BONDS, EACH DATED JULY 1, 1980, PUBLIC IMPROVEMENT
<br />BONDS AND PUBLIC UTILITY BONDS, EACH DATED DECEMBER 1,
<br />1982, AND PUBLIC IMPROVEMENT BONDS AND PUBLIC UTILITY
<br />BONDS, EACH DATED NOVEMBER 1, 1985; AUTHORIZING THE
<br />PREPARATION AND SUBMISSION OF A PLAN OF REFUNDING TO THE
<br />STATE COUNCIL ON LOCAL DEBT AND REQUESTING THE STATE
<br />COUNCIL'S APPROVAL OF THE ISSUANCE OF REFUNDING BONDS TO BE
<br />ISSUED FOR THE PURPOSE OF REFUNDING ALL OR A PORTION OF
<br />SUCH PRIOR ISSUES OF BONDS; AND AUTHORIZING THE PREPARATION
<br />OF A PRELIMINARY CFFICIAL STATEMENT AND AN OFFICIAL
<br />STATEMENT RELATING TO SUCH REFUNDING BONDS AND RELATING TO
<br />$7,135,000 PRINCIPAL AMOUNT OF PUBLIC IMPROVEMENT BONDS AND
<br />$9,750,000 PRINCIPAL AMOUNT OF PUBLIC UTILITY BONDS OF THE
<br />CITY TO BE ISSUED FOR THE PURPOSE OF PROVIDING MONEYS TO
<br />PAY THE COSTS OF CAPITAL IMPROVEMENT PROJECTS OF AND FOR
<br />THE CITY
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia (the "City")
<br />has heretofore issued $8,200,000 of its Port Improvement
<br />Bonds, Series o~ 1975, dated October 15, 1975 and maturing
<br />on November 1 in each of the years 1976 to 2005, both
<br />inclusive, which are outstanding on the date hereof in the
<br />principal amount of $6,805,000 (the ~'1975 Port Improvement
<br />Bonds"); and
<br />
<br /> WHEREAS, the City has heretcfore issued $7,000,000 of
<br />its Public Improvement Bonds, dated July 1, 1980 and
<br />maturing on July 1 in each of the years 1981 to 2000, both
<br />inclusive, which are outstanding on the date hereof in the
<br />principal amount of S4,900,000 (the "1980 Public
<br />Improvemen~ Bonds"); and
<br />
<br /> WHEREAS, the City has heretofore issued $5,000,000 of
<br />its Public utility Bonds, dated July 1, 1980 and maturing
<br />on July 1 in each of the years 1981 to 2000, both
<br />inclusive, which are outstanding on the date hereof in the
<br />principal amount of $3,500,000 (the "1980 Public utility
<br />Bonds"); and
<br />
<br /> WHEREAS, the City has heretofore issued $22,000,000 of
<br />its Public Improvement Bonds, dated December 1, 1982 and
<br />maturing on December 1 in each of the years 1983 to 2002,
<br />both inclusive, which are outstanding on the date hereof in
<br />the principal amount of $17,600,000 (the "1982 Public
<br />Improvement Bonds"); and
<br />
<br />
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