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35 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br />TWENTY MILLION ONE HUNDRED AND NINETY THOUSAND DOLLARS <br />($20,190~000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />UTILITY AND REFUNDING BONDS, SERIES 1987, OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO <br />REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM <br />CERTAIN PREVIOUSLY ISSUED AND OUTSTANDING PUBLIC UTILITY <br />BONDS OF SUCH CITY AND TO PAY THE COSTS OF ADDITIONAL CAPITAL <br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER <br />SYSTEM OF SUCH CITY, PURSUANT TO ARTICLE VII, SECTION 10Ia) <br />(2), OF THE CONSTITUTION OF VIRGINIA, AUTHORIZING THE SALE OF <br />SUCH BONDS BY THE CITY MANAGER AND AUTHORIZING THE EXECUTION <br />AND DELIVERY OF A BOND PURCHASE AGREEMENT RELATING TO THE <br />SALE OF SUCH BONDS, FIXING THE FORM OF SUCH BONDS, <br />AUTHORIZING THE EXECUTION OF AN OFFICIAL STATEMENT RELATING <br />TO SUCH BONDS, APPROVING THE FORM AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT <br />RELATING TO SUCH REFUNDED PUBLIC UTILITY BONDS AND <br />AUTHORIZING THE CITY MANAGER TO DESIGNATE SUCH REFUNDED <br />PUBLIC UTILITY BONDS FOR REDEMPTION. <br /> <br /> WHEREAS, pursuant to an ordinance adopted by the Council <br />(the "Council") of the City of Portsmouth, Virginia (the <br />"City"), on June 21, 1979, an election held in the City on <br />November 6, 1979 and resolutions adopted by the Council on <br />November 9, 1982 and November 23, 1982, there were <br />authorized, issued and sold $8,000,000 aggregate principal <br />amount of the City's general obligation Public Utility Bonds, <br />dated as of December 1, 1982 and maturing serially in the <br />principal amount of $400,000 on December 1 in each of the <br />years 1983 to 2002, both inclusive, and bearing interest <br />payable on June 1, 1983 and semiannually on each June 1 and <br />December 1 thereafter (the "1982 Public Utility Bonds"); and <br /> <br /> WHEREAS, the 1982 Public Utility Bonds maturing on and <br />after December 1, 1993 are subject to redemption at the <br />option of the City on or after December 1, 1992 upon the <br />terms and at the redemption prices stated in the 1982 Public <br />Utility Bonds and in the aforementioned resolutions adopted <br />by the Council on November 9, 1982 and November 23, 1982; and <br /> <br /> <br />