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WHEREAS, the City has heretofore issued $8,000,000 of <br />its Public Utility 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 $6,400,000 (the "1982 Public <br />Utility Bonds"); and <br /> <br /> WHEREAS, the City has heretofore issued $20,150,000 of <br />its Public Improvement Bonds, dated November 1, 1985 and <br />maturing on November 1 in each of the years 1986 to 2005, <br />both inclusive, which are outstanding on the date hereof in <br />the principal amount of $19,145,000 (the "1985 Public <br />Improvement Bonds"); and <br /> <br /> WHEREAS, the City has heretofore issued S9,850,000 of <br />its Public utility Bonds, Series 1985, dated November 1, <br />1985 and maturing on November 1 in each of the years 1986 <br />to 2005, both inclusive, which are outstanding on the date <br />hereof in the principal amount of $9,355,000 (the "1985 <br />Public Utility Bonds"); and <br /> <br /> WHEREAS, the Council of the City (the "Council") <br />desires to authorize the City Manager, the Director of <br />Finance and other officials and employees of the City to <br />take appropriate action with respect to the issuance of one <br />or more issues of refunding bonds of the City (the <br />"Refunding Bonds") for the purpose of providing moneys to <br />refund all or a portion of the 1975 Port Improvement Bonds, <br />the 1980 Public Improvement Bonds, the 1980 Public Utility <br />Bonds, the 1982 Public Improvement Bonds, the 1982 Public <br />Utility Bonds, the 1985 Public Improvement Bonds, and the <br />1985 Public Utility Bonds (referred to hereinafter <br />collectively as the "Refunded Bonds"), including the <br />preparation and submission of a Plan of Refunding (the <br />~Plan of Refunding") to the State Council on Local Debt <br />(the "State Council") in orde~ tb obtain the approval of <br />the State Council of the issuance of the Refunding Bonds as <br />required by Section 15.1-193 of the Code of Virginia, 1950; <br />and <br /> <br /> WREREAS, the Council further desires to authorize the <br />City Manager, the Director of Finance and other officials <br />and employees of the City to take appropriate action with <br />respect to the issuance and sale of $7,135,000 principal <br />amount of general obligation Public Improvement Bonds <br />heretofore authorized by resolutions adopted by this <br />Council but unissued as of the date hereof (referred to <br />hereinafter as the "1987 Public Improvement Bonds"); and <br /> <br /> <br />