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37 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF NOT TO <br />EXCEED THIRTY ONE MILLION NINE HUNDRED AND FIVE THOUSAND <br />($31.,905,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT 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 IMPROVEMENT <br />BONDS OF SUCH CITY AND TO PAY THE COSTS OF VARIOUS ADDITIONAL <br />PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY, AUTHORIZING <br />THE SALE OF SUCH BONDS BY THE CITY MANAGER AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT <br />RELATING TO THE SALE OF SUCH BONDS, FIXING THE FORM OF SUCH <br />BONDS, AUTHORIZING THE EXECUTION OF AN OFFICIAL STATEMENT <br />RELATING TO SUCH BONDS, APPROVING THE FORM AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT <br />RELATING TO SUCH REFUNDED PUBLIC IMPROVEMENT BONDS AND <br />AUTHORIZING THE CITY MANAGER TO DESIGNATE SUCH REFUNDED <br />PUBLIC IMPROVEMENT BONDS FOR REDEMPTION AND PROVIDING THE <br />AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU OF <br />CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS <br />HERETOFORE AUTHORIZED. <br /> <br /> WHEREAS, pursuant to resolutions adopted by the Council <br />(the "Council") o~ the City of Portsmouth, Virginia (the <br />"City") on November 9, 1982 and November 23, 1982, there were <br />authorized, issued and sold $22,000,000 aggregate principal <br />amount of the City's general obligation Public Improvement <br />Bonds, dated as of December 1, 1982 and maturing serially in <br />the principal amount of $1,100,0~00~on December 1 in each of <br />the 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 Improvement Bonds"); <br />and <br /> <br /> WHEREAS, the 1982 Public Improvement Bonds maturing on <br />and 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 />Improvement Bonds and in the aforementioned resolutions <br />adopted by the Council on November 9, 1982 and November 23, <br />1982; and <br /> <br /> <br />