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WNW a LI-qsb-Loo <br />AN ORDINANCE APPROPRIATING THE SUM OF $6,548,276 IN SAVINGS <br />FROM THE PENSION OBLIGATION BOND REFUNDING TO THE FY 2020 <br />DEBT SERVICE FUND AND TRANSFERRING (1) $1,466,723 OF SAID AMOUNT <br />TO THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM AND (2) <br />$5,081,553 OF SAID AMOUNT TO THE PORTSMOUTH FIRE AND POLICE <br />RETIREMENT SYSTEM. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it appropriates the sum of S6,548,276 in savings from the Pension <br />Obligation Bond refunding to the FY 2020 Debt Service Fund. <br />2. That it transfers S1,466,723 of said amount from the FY 2020 Debt Service <br />Fund to the Portsmouth Supplemental Retirement System. <br />3. That it transfers S5,081,553 of said amount from the FY 2020 Debt Service <br />Fund to the Portsmouth Fire and Police Retirement System. <br />4. That Revenues and Expenditures in the FY 2020 Debt Service Fund <br />Budget are appropriated in accordance with Section I as follows: <br />Debt Service Fund Budget <br />Revenue Expenditure <br />DS -POB Principal $ (5,500,000) <br />DS -POB Interest S (1,048,276) <br />Benefit — FPRS S 6,548,276 <br />5. That Revenues and Expenditures in the FY 2020 Retirement Fund Budget <br />are increased in accordance with Sections 2 and 3 as follows: <br />Retirement Fund Budget <br />Transfer from Debt Service <br />Benefit — PSRS <br />Benefit — FPRS <br />Revenue Expenditure <br />$6,548,276 <br />S1,466,723 <br />$5,081,553 <br />6. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meetinj held <br />on December 10, 2019. <br />Teste: <br />City Clerk <br />