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399
<br /> March 12, 1996
<br />
<br />A~OUNT OF C TY ~OF PoRTsMOUTH, VIRGINIA, GENERAL OBLIGATION
<br />PUBLIC UTILITy REFUAI~NG BONDS, SERIES 1992, DATED APRIL 1,
<br />1992 AND MATURING NOVEMBER 1, 2002 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND iAUTHORIZING THE CITY TO SEEK THE APPROVAL OF
<br />THE STATE COUNCIL ON LOCAL DEBT WITH RESPECT TO THE ISSUANCE
<br />OF ',REFUNDING BONDS" FOR THE PURPOSE OF ADVANCE REFUNDING A
<br />PORTION OF OR ALL OF THE AFOREMENTIONED BONDS PURSUANT TO
<br />SECTION 15.1-227.46 OF THE CODE OF VIRGINIA 1950, AND THE
<br />"GUIDELINES FOR APPROVAL OF REFUNDING BONDS BY THE STATE
<br />COUNCIL ON LOCAL DEBT" ADOPTED BY THE STATE COUNCIL ON LOCAL
<br />DEBT THEREUNDER
<br />
<br /> WHEREAS, the Council of the City of Portsmouth,
<br />Virginia, has determined that it would be desirable to
<br />advance refund a portion of or all of the City's $12,685,000
<br />outstanding principal amount of City of Portsmouth, Virginia,
<br />General Obligation Public Improvement Bonds, Series 1992,
<br />dated January 1, 1992 and maturing August 1, 2002 to August
<br />1, 2012, both inclusive (the "Callable 1992 Public
<br />Improvement Bonds"), for the purpose of effecting debt
<br />service savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth,
<br />Virginia, has determined that it would be desirable to
<br />advance refund a portion of or all of the City's $4,195,000
<br />outstanding principal amount of City of Portsmouth, Virginia,
<br />General Obligation Public Utility Bonds, Series 1992, dated
<br />January 1, 1992 and maturing August 1, 2002 to August 1,
<br />2012, both inclusive (the "Callable 1992 Public Utility
<br />Bonds"), for the purpose of effecting debt service savings;
<br />and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth,
<br />Virginia, has determined that it would be desirable to
<br />advance refund a portion of or all of the City's $4,135,000
<br />outstanding principal amount of City of. Portsmouth, Virginia,
<br />General Obligation Public Improvement Refunding Bonds, Series
<br />1992, dated April 1, 1992 and maturing November 1, 2002 to
<br />November 1, 2005, both inclusive (the "Callable 1992 Public
<br />Improvement Refunding Bonds"), for the purpose of effecting
<br />debt service savings; and ~
<br />
<br /> WHEREAS, the Council of the City of Portsmouth,
<br />Virginia, has determined that it-w0uld be desirable to
<br />advance refund a portion of or all of the City's $1,960,000
<br />outstanding principal amount of City of Portsmouth,: Virginia,
<br />General Obligation Public Utility Refunding Bonds, dated
<br />April 1, 1992 and maturing November 1, 2002 to November 1,
<br />2005, both inclusive (the "Callable 1992 Public Utility
<br />Refunding Bonds"), for the purpose of effecting debt service
<br />savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth,
<br />Virginia, has determined to seek the approval of the State
<br />Council on Local Debt (the "State Council") of the issuance
<br />of the refunding bonds for the purpose of advance refunding a
<br />portion of or all of the Callable 1992 Public Improvement
<br />Bonds, the Callable 1992 Public Utility Bonds, the Callable
<br />1992 Public Improvement RefUnding Bonds and the Callable 1992
<br />Public Utility Bonds as required by Section 15.1-227.46 of
<br />the Code of Virginia, 1950;
<br />
<br />
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