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,j 36 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF N.OT TO <br />EXCEED SEVEN MILLION ONE HUNDRED AND TWENTY-FIVE THOUSAND <br />DOLLARS ($7,125,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />PORT IMPROVEMENT REFUNDING BONDS OF THE CITY. OF PORTSMOUTH, <br />VIRGINIA, CONSISTING OF GENERAL OBLIGATION'PORT IMPROVEMENT <br />REFUNDING BONDS, SERIES 1987, AND GENERAL OBLIGATION PORT <br />IMPROVEMENT REFUNDING BONDS, 1987 TAXABLE SERIES, FOR THE <br />PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR <br />STATED MATURITIES AND REDEEM CERTAIN PREVIOUSLY ISSUED AND <br />OUTSTANDING PORT IMPROVEMENT BONDS, SERIES OF 1975, OF SUCH <br />CITY, AUTHORIZING THE SALE OF SUCH BONDS BY THE CITY MANAGER <br />AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE <br />AGREEMENT RELATING TO THE SALE OF SUCH BONDS, FIXING THE FORM <br />OF SUCH BONDS, AUTHORIZING THE EXECUTION OF AN OFFICIAL <br />STATEMENT RELATING TO SUCH BONDS, APPROVING THE FORM AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT <br />AGREEMENT RELATING TO SUCH REFUNDED PORT IMPROVEMENT BONDS <br />AND AUTHORIZING THE CITY MANAGER TO DESIGNATE SUCH REFUNDED <br />PORT IMPROVEMENT BONDS FOR REDEMPTION AND APPROVING THE <br />ISSUANCE OF SUCH PORT IMPROVEMENT REFUNDING BONDS, SERIES <br />1987, UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. <br /> <br /> WHEREAS, pursuant to an ordinance adopted by the Council <br />(the "Council") of the City of Portsmouth, Virginia (the <br />"City"), on September 29, 1970, an election held in the City <br />on November 3, 1970 and a resolution adopted by the Council <br />on October 10, 1975, there were authorized, issued and sold <br />$8,200,000 aggregate principal amount of !the City's general <br />obligation Port Improvement Bonds, Series of 1975, dated as <br />of October 15, 1975 and maturing serially in varying <br />principal amounts on November 1 in each of the years 1976 to <br />2005, both inclusive, and bearing interest payable on May 1, <br />1976 and semiannually on each May 1 and November 1 thereafter <br />(the "1975 Port Improvement Bonds"); and <br /> <br /> WHEREAS, the 1975 Port Improvement Bonds maturing on and <br />after November 1, 1986 are subject to redemption at the <br />option of the City on or after November 1, 1985 upon the <br />terms and at the redemption prices stated in the 1975 Port <br />Improvement Bonds and in the aforementioned resolution <br />adopted by the Council on October 10, 1975; and <br /> <br /> <br />