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~H.EREAS, the Counnil of the Cky of Portsmoulh,~Virg~nia, has determined tta~
<br />i/would be desirable to advance refund a portion of orall of the City'~ $12,6851000 outstanding
<br />principal amount of City of Portsmouth, V~a, General Oblige, trion Public 'Improvement
<br />Bonds, Series 1992, dated January I, 1992 and maturing August 1,2002 to August 1, 2012,
<br />both inclusive (the "Callable 1992 Public Improvement Bonds"), for the purpose of effecting
<br />d~t service savings; and
<br />
<br /> W'FiEREAS, the Council of the City of Portsmouth, Vkg/nia, has determined that
<br />it would be de~imbte to advance refund a portion of or all of the City's $4,195,000 outstanding
<br />principal amoum of City of ~Portsmoutk; Virg/nia, Ganeml Obligation Public Utility Bonds, dated
<br />January I, 1992 and maturing August 1, 2002 to August 1, 2012, both inclusive (the "Callable
<br />1992 Public Utility Bonds"), for the purpose of effecting debt service savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, has determined that
<br />it would be desirable to advance refund a portion of or all of the City's $4,135,000 outstanding
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement
<br />Refunding Bonds, Series 1992, dated April t, 1992 and maturing November 1, 2002 .to
<br />November 1, 2005_ both inclusive (the "Ca/lable 1992 Public Improvement Refunding Bonds").
<br />for the purpose of effecting debt service savings; and
<br />
<br /> WHEREAS. the Council of the City of Portsmouth, Virginia, has' determined that
<br />it would be desirable to advance refund a portion of or all of the City's $1,960,000 outstanding
<br />princ,~pal amount of Cky of Portsmouth, Virginia, General Obligation Public Utility Refunding
<br />Bonds, dated~ April i. 1992 and maturing November 1. 2002 to November 1, 2005 both
<br />inclusive (the "Callable 1992 Public Utility Refunding Bonds"), for the purpose of effecting debt
<br />,.ervice savings; and
<br />
<br /> ~vlq_EREAS. the Council of the City of Portsmouth, Vir~nia. has determined to
<br />seek the approval of the State Council on Local Debt (the "State Council"~ of the issuance of
<br />the refunding bonds for the purpose of advance refunding a portion of or all of the Callable 1992
<br />Public Improvement Bonns, the Callable 1992 Public Utility Bonds, the Callable 1992 Public
<br />Improvement Refunding Bonds and the Callable 1992 Public Utility Refunding Bonds as required
<br />by Section 15.1-227.46 of the Code of Virgil-da, 1950:
<br />
<br /> NOW, IBkS~EFO~, BE IT RESOLVED by the Council of the City of
<br />Portsmouth. V~a, as follows:
<br />
<br /> SECTION 1. Approval of Refunding of Callable 1992 ~lic Improvement Bonds,
<br />Callable 1992 Public Utility Bonds, Callable 1992 Public Improvement Refunthhg Bonds and
<br />Callable 1992 Public Utility Refunding Bonds. The Council hereby authorizes the advance
<br />refunding of a portion of or all of the Callable 1992 Public Improvement Bonds, the Callable
<br />1992 Public Utility Bonds, the Callable 1992 Public Improvement Refunding Bonds and the
<br />Callable 1992 Public Uti~ty Refunding Bonds.
<br />
<br /> SECTiON 2. State Council on Local Debt Approval. The Director of Finance
<br /> and other appropriate officials of the City are hereby authorized and directed to present a plan
<br /> of refunding with respect to the advance refunding a portion of or all of the Callable 1992 Public
<br /> Improvement Bonds, the Callable 1992 Public Utility Bonds, the Callable ~992 Public
<br /> Improvement Refunding Bonds and the Callnble 1992 Public Utility Refunding Bonds to the State
<br /> Council and to seek the approval of the State Council of the issuance of advance refunding bonds
<br /> pursuant to Section 15.1-227.46 of the Code of YLrg/nia( 1950, and the "Guidelines for Approval
<br /> 0~f Refunding Bonds by the State Council on Local Debt" adopted by the State Council on Local
<br /> ~el~t.on N~ovem.be.r 20, 1991. The City ighereby authorized to pay any fees and expenses of
<br /> me ~mte ~ounca m connection therewith.
<br />
<br />its adoption. SECTION 3. Effectiveness of Resolution. This resolution shall take effect upon
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