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,2.55
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<br /> _~v.e,~.b_er 25 1997_
<br />
<br /> (ii) with respect to the adoption of this
<br />resolution was held by the COuncil on November 25, 1997, as required by and in
<br />accordance with Section 15.1-227.8.A of the Virginia Code.
<br />
<br /> (b)(i} Pursuant to resolutions adopted by the Council on January
<br />14, 1992 and January 28, 1992, there were authorized, issued and sold
<br />$23,035,000 aggregate principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Improvement Bonds, dated January 1, 1992 and maturing in
<br />varying principal amounts on August 1 in each of the years 1993 to 2012, both
<br />inclusive, and bearing interest payable on August 1, 1992 and semiannually on
<br />each February 1 andAugust 1 thereafter (the "1992 Public Improvement Bonds").
<br />
<br /> (ii) The 1992 Public Improvement Bonds maturing on and after
<br />August 1, 2002 are subject to redemption on or after August 1, 2001 upon the
<br />terms and at the redemption prices stated in the 1992 Public Improvement Bonds
<br />and in the aforementioned resolutions adopted by the Council on January 14,
<br />1992 and January 28, 1992.
<br />
<br /> (iii) The Council desires to authorize the issuance and sale of an
<br />issue of general obligation public improvement refunding bonds to provide for
<br />the refunding in advance of their stated maturities and redemption on August 1,
<br />2001 of all or a portion of the 1992 Public Improvement Bonds maturing on
<br />August 1 in each of the years 2003 to 2012, both inclusive (the "Refunded 1992
<br />Public Improvement Bonds").
<br />
<br /> (iv) In the judgment of the Council, it is necessary and expedient
<br />to issue and sell not to exceed Th irteen Million Six Hundred Thousand Dollars
<br />($13,600,000) aggregate principal amount of City of Portsmouth, Virginia, General
<br />Obligation Public Improvement Refunding Bonds (the "Public Improvement
<br />Refunding Bonds"), for the purpose of providing funds to refund in advance of
<br />their stated maturities and redeem the Refunded 1992 Public Improvement Bonds
<br />and tO pay the costs of issuing the Public Improvement Refunding Bonds.
<br />
<br /> (v) The Public Improvement Refunding Bonds shall be sold,
<br />together with the Public Improvement Bonds, as a combined issue in an
<br />aggregate principal amount of not to exceed Thirty-Five Mil lion Six Hundred
<br />Forty-Five Thousand Dollars [$35,645,000) to be designated as "City of
<br />Portsmouth, Virginia, General Obligation Public Improvement and Refunding
<br />Bonds, Series 1997A" (the "Series 1997A Bonds").
<br />
<br /> (c)(i) Pursuant to an ordinance adopted by the Council on
<br />August 28, 1990, an election held in the City on November 6, 1990 and
<br />resolutions adopted by the Council on January 14, 1992 and January 28, 1992,
<br />there were authorized, issued and sold $7,615,000 aggregate principal amount of
<br />the City of Portsmouth, Virginia, General Obligation Public Utility Bonds, Series
<br />1992, dated January 1, 1992 and maturing in varying principal amounts on
<br />August I in each of the years 1993 to 2012, both inclusive, and bearing interest
<br />payable on August 1, 1992 and semiannually on each February I and August 1
<br />thereafter (the "1992 Public Utility Bonds").
<br />
<br /> (ii) The 1992 Public Utility Bonds maturing on and after August 1,
<br />2002 are subject to redemption on or after August 1, 2001 upon the terms and at
<br />the redemption prices stated in the 1992 Public Utility Bonds and in the
<br />aforementioned resolutions adopted by the Council on January 14, 1992 and
<br />January 28, 1992.
<br />
<br /> (iii) The Council desires to authorize the issuance and sale of an
<br />issue of general obligation public utility refunding bonds to provide for the
<br />refunding in advance of their stated maturities and redemption on August 1, 2001
<br />of all or a portion of the 1992 Public Utility Bonds maturing on August 1 in each
<br />of the years 2003 to 2012, both inclusive (the "Refunded 1992 Public Utility
<br />Bonds").
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