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Marc~
<br />
<br />Grif~
<br />City
<br />
<br />Absel
<br />
<br /> March 24', i993
<br />
<br />At a special called meeting of the City Council
<br />24, 1993, there were present:
<br />
<br />037
<br />
<br />on Wednesday,
<br />
<br /> ~ayor Gloria O. Webb, Vice Mayor Lee E. King, Bernard D.
<br /> ~in, Sr., James C. Hawks, Cameron C. Pitts, V. Wayne Orton,
<br /> Manager, Stuart E. Katz, City Attorney.
<br />
<br /> t: Johnny M. Clemons, John H Epperson
<br />
<br />Muni(~ipal Finance CoMmissiOn members present:
<br />
<br />R. S~ott Morgan, Chairman
<br />Willard A. Stanback, Vice Chairman
<br />Harry Bailey, Jr.
<br />Christopher T. Doyle
<br />Kevi~ L. Joseph
<br />Burton K. Laskin
<br />
<br /> 93-125 Please attend a special called meeting of the City
<br />Council to be held at 801 Crawford Street, 6th Floor, City
<br />Manager's Conference Room, 1:00 p.m., on Wednesday, March 24,
<br />1993, for t~e purpose of a joint meeting with the Municipal
<br />Finance Commission and to review and act upon the results of the
<br />current and advanced refunding of general obligation bonds.
<br />
<br /> In addition you may consider a motion to go into an Executive
<br />Session.
<br />
<br />By order of the Mayor.
<br />
<br />93-126 - Motion of Mr. ~a~gks and se~on~e~ by
<br />
<br /> A ~OL~ON ADT~O~G '1~ ~SU~ ~
<br />
<br /> ~OUS~ DOLL~ ($36,620,000) P~C~ ~O~T
<br /> OF G~ OBLIGA~ON P~LIC ~RO~
<br /> ~G BO~S, S~ ~93, OF THE C~ OF
<br /> ~RTSMO~'I'H, ~G~, ~R ~ P~SE OF
<br /> PROLOG ~S TO ~ ~ ~V~CE OF TH
<br /> STk'I'~ ~'r~'~ "~ ~.~,M C~T~-
<br /> ~OUSLY ~ ~ O~ST~G G~
<br /> OB~GA~ON P~LIC ~O~ BO~S OF SU~
<br /> CITY; ~PRO~G ']'H~: S~E OF SUCH BO~S ~
<br /> Ab'l'nO~G 'rH~: E~C~ON ~ DEL~Y OF A
<br /> ~E CO--CT R~.I.A~G TO '1~ S~E OF
<br /> SU~ BO~S; F~G '1'~ FO~ OF SUCH BO~;
<br /> AD'I~O~G '1~ ~C~ON OF ~ O~'~C~
<br /> STA'r~ Rv.I,A~G TO SUCH BO~S; ~PRO~G
<br />
<br /> DE~Y OF ~ ~CROW D~S~ AG~
<br /> R~LATING TO SUCH REFUNDED PUBLIC
<br /> ~O~ BO~S; ~G ~ ~CROW
<br />
<br /> ~RO~ BO~S FOR ~ON
<br />
<br /> WIIEREAS, pursuant to resolutions adopted by the Council (the "Council") of
<br />the C~ty of Portsraouth, Virginia (the "City"), on May 27, 1980 and June 17, 1980, there were
<br />anthokized, issued and sold $7,000,000 aggregate principal amount of the City's General
<br />ObligafiO" 'n Public Improvement Bonds, dated July 1, 1980 and maturing in varying principal
<br />amouuts on July 1 in each of the years 1981 to 2000, both inclusive, and bearing interest
<br />pa.Ya.91~ on January 1, 1981 and semianuuaily on each January 1 and July 1 thereafter (the "1980
<br />Public Improvement Bonds"); and
<br />
<br /> ~, the 1980 Public Improvement Bonds maturing on and after July 1,
<br />1991 are~subject to redemption on or after July 1, 1990 upon the terms and at the redemption
<br />price stated in the 1980 Public Improvement Bonds and ia the aforementSoned resolutionS
<br />adop~ xl by the Council on May 27, 1980 and June 17, 1980; and
<br />
<br /> 'W~q~:~EAS, the City desires to issue the Bonds (as hereinafter defined), inter
<br />aha, ~ p~vide for the refunding prior to their stated maturities and redemption on July 1, 1993
<br />of t~{ 191]0 Public Improvement Bonds maturing on July 1 in each of the years 1994 t0 2000,
<br />both nclusive (the "Refunded 1980 Public Improvement Bonds"); and
<br />
<br /> W~v.,KEAS, pursuant t-o resolutions adopted by tho Council of the City,:on Ap~
<br />14, 198~, and June 23, 1987, there were authorized, issued and sold $20,620,000,aggregate
<br />
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