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WHEREAS, the City desires to issue the Bonds (as
<br />hereinafter defined), among other things, to provide for the
<br />refunding prior to their stated maturities and redemption
<br />December 1, 1992 of the 1982 Public Utility Bonds maturing
<br />on December 1 in each of the years 1993 to 2002, both
<br />inclusive (the same being hereinafter referred to as the
<br />"1982 Refunded Public Utility Bonds"); and
<br />
<br /> . WHEREAS, pursuant ~o an ordinance adopted by the
<br />Council on August 24, 1982, an election held in the City on
<br />November 2, 1982 and resolutions adopted by the Council on
<br />October 1, 1985 and October 29, 1985, there were authorized,
<br />issued and sold $9,850,000 aggregate principal amount of the
<br />City's general obligation Public Utility Bonds, dated as of
<br />Nov~nber 1, 1985 and maturing serially in the principal
<br />amount of $495,000 on November 1 in each of the years 1986
<br />to 20~4, both inclusive, and in the principal amoun~ of
<br />$445,000 on November 1 in the year 2005 and bearing interest
<br />payable on May 1, 1986 and semiannually on each May 1 and
<br />November 1 thereafter (the "1985 Public Utility Bonds"); and
<br />
<br /> WHEREAS, the 1985 Public Utility Bonds maturing oa
<br />and after November 1, 1996 are subjec~ to redemption on or
<br />after November 1, 1995 upon the terms and a~ the redemption
<br />prices stated in the 1985 Public Utility Bonds and in the
<br />aforementioned resolutions adopted by the Council on October
<br />1, 1985 and October 29, 1985; and
<br />
<br /> WHEREAS, the City desires to issue the Bonds,
<br />~ong other things, to provide for the refunding prior to
<br />their stated maturities and redemption on November 1, 1995
<br />of the t985 Public Utility Bonds maturing on Nova mber 1 in
<br />each of the years 1996 to 2005, both incluslve (the "1985
<br />Refunded Public Utility Bonds"); and
<br />
<br /> WHEREAS, pursuant to an ordinance adopted by the
<br />Council on August 28, 1984 and an election held in the City
<br />on November 6, 1984, there were authorized for issuance
<br />$9,750,000 principal amoun~ of general obligation Public
<br />Utility Bonds of the City; and
<br />
<br /> WHEREAS, on March 27, 1987, the State Council on
<br />Local Debt (the "State Council") approved the issuance of a
<br />portion of the Bonds authorized hereby to refund the 1982
<br />Refunded Public Utility Bonds and the 1985 Refunded Public
<br />Utility Bonds in accordance with Section 15.1-193
<br />of the Code of Virginia, 1950, as amended, and Part II.A of
<br />the "Guidelines for Approval of Refunding Bonds by the State
<br />Council on Local Debt" adopted by the State Council on July
<br />16, 1985 (the "Guidelines"); and
<br />
<br /> WHEREAS, in the judgment of the Council, it is
<br />necessary and expedient to issue and sell general obligation
<br />Public Utility and Refunding Bonds, Series 1987 (the
<br />
<br />
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