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improvement projects of and for the City, and no bonds have heretofore been issued pursuant to such resolutions; and WHEREAS, in the judgment of the Council it is desirable to consolidate and restate the bond authorizations provided in the above-referenced resolutions adopted by the Council on October 14, 1986 and November 25, 1986; and WHEREAS, on March 27, 1987, the St~e Council on Local Debt (the "State Council") approved the issuance of a portion of the Bonds authorized hereby to refund the 1982 Refunded Public Improvemen~ Bonds and the 1985 Refunded Public Improvement Bonds in accordance with Section 15.1-193 of the Code of Virglnla, 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, in the judgment of the Council, it is necessary and expedient to issue and sell general obligation Public Improvemen~ and Refunding Bonds, Series 1987 (the "Bonds") of the City in an aggregate principal amount not to exceed Thirty One Million Nine Hundred and Five Thousand Dollars ($31,905,000) for the purpose of providing funds to refund in advance of their stated maturities and redeem the 1982 Refunded Public Improvemen~ Bonds and/or the 1985 Refunded Public Improvement Bonds and to pay the costs of various additional public improvement projects of and for the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuan5 to 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, for the purpose of providing funds (i) to refund in advance of their stated maturities and redeem the 1982 Refunded Public Improvement Bonds and/or the 1985 Refunded Public Improvement Bonds, and (ii) to pay the cost of various additional public improvement projects of and for the City as set forth in paragraph 12 hereof, there are hereby authorized to be issued and sold not to exceed Thirty One Million Nine Hundred and Five Thousand Dollars ($31,905,000) principal amount of general obligation bonds of the City to be designated "Public Improvement and Refunding Bonds, Series 1987" (hereinbefore defined as the "Bonds"). The Bonds shall be dated as of May 1, 1987; shall be numbered from R-1 consecutively upward in order of issuance; shall be issued in the denomination of $5,000 each or any integral multiple thereof; shall bear interest payable on November 1, 1987 and semiannually on each May 1 and November 1 there- after; and shall be issued in fully registered form.