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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 on <br />December 1, 1992 of the 1982 Public Improvemen~ Bonds <br />maturing on December 1 in each of the years 1993 to 2002, <br />both inclusive (the s~ne being hereinafter referred to as <br />the "1982 Refunded Public Improvement Bonds"); and <br /> <br /> ~HEREAS, pursuant to resolutions adopted by the <br />Council on October 1, 1985 and October 29, 1985, there were <br />authorized, issued and sold $20,150,000 aggregate principal <br />amount of the City's general obligation Public Improvement <br />Bonds, dated as of November 1, 1985 and maturing serially in <br />the principal amount of $1,005,000 on November 1 in each of <br />the years 1986 to 2004, both inclusive, and in the principal <br />amount of $1,055,000 on November 1 in the year 2005 and <br />bearing interest payable on May 1, 1986 and semiannually on <br />each May 1 and November 1 thereafter (the "1985 Public <br />Improvement Bonds"); and <br /> <br /> WHEREAS, the 1985 Public Improvement Bonds <br />maturing on and after November 1, 1996 are subject to <br />redemption on or after November 1, 1995 upon the terms and <br />at the redemption prices stated in the 1985 Public <br />Improvement Bonds and in the aforementioned resolutions <br />adopted by the Council on October 1, 1985 and October 29, <br />1985; and <br /> <br /> WHEREAS, the City desires to issue the Bonds, <br />among other things, to provide for the refunding prior to <br />their stated maturities and redemption on November 1,~ 1995 <br />of the 1985 Public Improvement Bonds maturing on November 1 <br />in each of the years 1996 to 2005, both inclusive (the "1985 <br />Refunded Public Improvemen~ Bonds"); and <br /> <br /> WHEREAS, on October 14, 1986 and on November 25, <br />the Council adopted resolutions, entitled "A RESOLUTION <br />AUTHORIZING THE ISSUANCE OF $5,470,000 OF GENERAL OBLIGATION <br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF <br />PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT <br />PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH <br />RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT <br />OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPA- <br />TION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF <br />SUCH BONDS" and "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$1,665~000 OF GENERAL OBLIGATION BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO <br />PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY <br />AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE <br />AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND <br />RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS", <br />respectively, authorizing the issuance of general obligation <br />Public Improvement Bonds to pay the costs of various public <br /> <br /> <br />