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JANUARY 1, 1992 AND MATURING ON AUGUST 1 IN EACH OF THE YEARS 2003 THROUGH 2012; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS $4,500,000) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY REFUNDING BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM ALL OR A PORTION OF THE OUTSTANDING CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS, SERIES 1992, DATED JANUARY 1, 1992 AND MATURING ON AUGUST 1 IN EACH OF THE YEARS 2003 THROUGH 2012; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED ELEVEN MILLION N1NE HUNDRED THOUSAND DOLLARS ($11,900,000) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, TAXABLE GENERAL OBLIGATION REFUNDING BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND AN EXISTING OBLIGATION OF THE CITY TO THE VIRGINIA RETIREMENT SYSTEM; FIXING THE FORMS, DENOMINATIONS AND OTHER FEATURES OF SUCH BONDS; APPROVING THE SALE OF SUCH BONDS TO CRAIGIE INCORPORATED, SCOTT & STRINGFELLOW, INC. AND WHEAT, FIRST SECURITIES, INC. AS UNDERWRITERS; AUTHORIZING THE CITY TO ENTER INTO PURCHASE CONTRACTS BY AND BETWEEN THE CITY AND SUCH UNDERWRITERS RELATING TO THE SALE OF SUCH BONDS AND AUTHORIZING THE CITY TO EXECUTE AND DELIVER SUCH PURCHASE CONTRACTS TO SUCH UNDERWRITERS; DELEGATING TO THE CITY MANAGER OR THE DEPUTY CITY MANAGER FOR FINANCE AUTHORITY TO APPROVE CERTAIN DETAILS OF SUCH BONDS AND TO TAKE OTHER ACTIONS WITH RESPECT TO THE ISSUANCE AND SALE OF SUCH BONDS; APPROVING AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND A FINAL OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE CITY TO EXECUTE AND DELIVER A CONTINUING DISCLOSURE CERTIFICATE OF SUCH CITY RELATING TO SUCH BONDS; AUTHORIZING THE CITY MANAGER OR THE DEPUTY CITY MANAGER FOR FINANCE TO APPOINT AN ESCROW AGENT FOR THE CITY WITH RESPECT TO THE BONDS TO BE REFUNDED FROM THE PROCEEDS OF SUCH REFUNDING BONDS; AUTHORIZING THE CITY TO ENTER INTO ESCROW DEPOSIT AGREEMENTS BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT RELATING TO THE REFUNDED BONDS AND TO EXECUTE AND DELIVER SUCH ESCROW DEPOSIT AGREEMENTS TO SUCH ESCROW AGENT; DESIGNATING THE REFUNDED BONDS FOR REDEMPTION; AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF THE CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS AUTHORIZED HEREBY;