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- 2 - WHEREAS, the City desires to issue the Bonds (a~ hereinafter defined) to provide for the refunding prior to their stated maturities and redemption on a date as soon as practicable after Ehe sale of the Bonds, but not later than August 1, 1987, of the 1975 Port Improvement Bonds maturing on November 1 in each of the years 1987 to 2005, both inclusive (the same being hereinafter referred to as the "1975 Refunded Port Improvement Bonds"); and WHEREAS, on March 27, 1987, the Stat~ Council on Local Debt (the "State Council") approved the.~ssuance of the Bonds authorized hereby to refund the 1975 Refunded Port Improvement Bonds in accordance with Section 15.1-193 of the Code of Virginia, 1950, as amended, and Part II.A of the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on July 16, 1985 (the "Guidelines"); and WHEREAS, on the date hereof, there was held a public hearing on the issuance of the Series 1987 Bonds (as hereinafter defined), such public hearing having been held in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, following reasonable public notice published in accordance with the provisions thereof; and WHEREAS, in the judgment of the Council, it is necessary and expedient to issue and sell general obligation Port Improvement Refunding Bonds, Series 1987 (the "Series 1987 Bonds"), and Port Improvement Refunding Bonds, 1987 Taxable Series (the "1987 Taxable Series Bonds"), of the City in an aggregate principal amount not to exceed Seven Million One Hundred and Twenty-Five Thousand Dollars ($7,125,000) for the purpose of providing funds to refund in advance of their stated maturities and redeem the 1975 Refunded Port Improvement Bonds; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouthr 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 ~ended, the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to refund in advance of their stated maturities and redeem the 1975 Refunded Port Improvement Bonds (such bonds having been issued by the City for the purpose of acquiring certain port improvements and to construct certain additional port improvements, which port improvements constitute a revenue- producing undertaking of the City), there are hereby autho- rized to be issued and sold not to exceed Seven Million One Hundred and Twenty-Five Thousand Dollars ($7,125,000) principal amount of general obligation Port Improvement Refunding Bonds (referred to hereafter collectively as the