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WHEREAS, the Council further desires to authorize the City Manager, the Director of Finance and other officials and employees of the City to take action with respect to the issuance and sale of the $9,750,000 principal amount of the Public Utility Bonds approved by the voters of the City at an election held on November 6, 1984 (referred to hereinafter as the "1987 Public Utility Bonds"); and WHEREAS, the Council desires to authorize the City Manager, the Director of Finance and other officials and employees of the City to initiate the preparation of a preliminary official statement and an official statement relating to the Refunding Bonds, the 1987 Public Improvement Bonds and the 1987 Public Utility Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, as follows: SECTION 1. Authorization of Action With Respect to Issuance of Refunding Bonds For the Purpose of Refundinq the Refunded Bonds. The City Manager, the Director of Finance and other officials and employees of the City are hereby authorized and directed to take all such appropriate action as they may deem to be necessary or desirable in connection with the issuance of one or more issues of Refunding Bonds~for the purpose of refunding all or a portion of the Refunded Bonds, including, without limitation, (i) reviewing the feasibility of refunding any or all of the Refunded Bonds, (ii) preparing and submitting the Plan of Refunding to the State Council to obtain its approval of the issuance of the Refunding Bonds in accordance with Section 15.1-193 of the Code of Virginia, 1950, and (iii) applying to Moody's Investors Service and Standard & Poor's Corporation for ratings on the Refunding Bonds. ~ SECTION 2. Approval of Action With Respect to Issuance of 1987 Public Improvement Bonds and 1987 Public Utility Bonds. The City Manager, the Director of Finance and other officials and employees of the City are hereby authorized to take all such appropriate action as they may deem to be necessary or desirable in connection with the issuance of the 1987 Public Improvement Bonds and the 1987 Public Utility Bonds, including applying to Moody's Investors Service and Standard & Poor's Corporation for ratings on the 1987 Public Improvement Bonds and the 1987 Public Utility Bonds. SECTION 3. Authorization of Preparation of Preliminary Official Statement and Official Statement Relating to Refunding Bonds, 1987 Public Improvement Bonds and 1987 Public Utility Bonds. The City Manager, the Director of Finance and other officials and employees of the City are hereby authorized and directed to prepare, or