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- 3 - "Bonds") of the City in an aggregat~ principal amount not to exceed TWenty Million One Hundred and Ninety Thousand Dollars ($20,~90,000) for the purpose of providing funds to refund in advance of their stated maturities and redeem the 1982 Refunded Public Utility Bonds and/or the 1985 Refunded Public Utility Bonds and to pay the costs of various additional public improvement projects of and for the City; ~OW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to the Constitution of Virginia (including Article VII, Section 10(a)(2) thereof), Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act, and the Charter of the City, and the aforementioned ordinance adopted by the Council on August 28, 1984 and the aforementioned election held in the City on November 6, 1984, for the purpose of providing funds (i) to refund in advance of their stated maturities and redeem the 1982 Refunded Public Utility Bonds and/or the 1985 Refunded Public Utility Bonds, and (ii) to pay the cost of additional capital improvements, extensions and additions to the City's revenue-producing water and sewerage system, there are hereby authorized to be issued and sold not to exceed Twenty Million One Hundred and Ninety Thousand Dollars ($20,190,000) principal amount of general obligation bonds of ~he City to be designated "Public Utility and Refunding Bonds, Series 1987" (hereinbefore defined as the "Bonds"). The Bonds shall be dated as of May 1, 1987; shall be n~mbered from R-1 consecutively upward in order of issuance; shall be issued the denomination of $5,000 each or any integral multiple thereof; shall bear interest payable on November 1, 1987 and semiannually on such November 1 and May 1 thereafter; and shall be issued in fully registered form. The City Manager is hereby authorized to sell the Bonds to Craigie Incorporated, Goldman, Sachs & Co. and Scott & Stringfeltow, Inc. (the "Underwriters") upon such terms and conditions as he shall determine at the time of sale thereof; provided, however, that the aggregate princi- pal amoun~ of the Bonds shall not exceed $20,190,000; the Bonds shall mature not later than forty years from their date; the Bonds shall be sold to the Underwriters for a price equal to not less than 98.8% of the principal amount thereof, plus the interest accrued on the Bonds from their date to the date of the delivery thereof and payment therefor; if the Bonds are to be subjec~ to redemption at the option of the City, the redemption price payable upon the redemption of any such Bond shall not exceed 102 1/2% of the principal amount thereof, together with the interest accrued thereon to the date fixed for the redemption thereof; and no Bond may bear interest at a rate greater than seven and one-half per centum (7 1/2%) per annum. The