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March 24, 1993
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<br />principal mount of the City's General Obligation lhthlic Improvement and Refunding Bonds,
<br />Series 1987, dated July 9, 1987 and maturing in vai'ying principal amounts on November 1 in
<br />each of the years 1987 m 2003, both inclusive, and 2012- and bearing interest payable on
<br />November 1, 1987 and semiannually on each May 1 and November 1 thereafter (the "1987
<br />Public Improvement Bonds"); and
<br />
<br /> WHEREAS, the 1987 Public Improvement Bonds maturing on and after
<br />November 1, 1998 are subject to redemption on or after November 1, 1997 upon the terms and
<br />at the redemption prices stated in the 1987 Public Improvement Bonds and in the aforementioned
<br />resolutions adopted by the Council on April 14, 1987 and June 23, 1987; and
<br />
<br /> WHEREAS, the City desires to issue the Bonds, inter alia, to provide for the
<br />refunding p~ior to their stated maturities and redemption on November 1, 1997 of the 1987
<br />Public Improvement Bonds maturing on November 1 in each of the years 1998 to 2003, both
<br />inclusive, and 2012 (the "Refunded 1987 Public Improvement Bonds"); and
<br />
<br /> WHEREAS, pursuant to resolutions adopted by the Council of the City, on
<br />lanuary 7, 1991 and January 8, 1991, there were authorized, issued and sold $35,000,000
<br />aggregate principal amount of the City's General Obligation Public Improvement Bondi, dated
<br />January 1, 1991 and maturing in varying principal amounts on August 1 in each of the years
<br />1992 to 20tl, both inclusive, and bearing interest payable on August 1, 1991 and semiannually
<br />on each February 1 and August 1 thereafter (the "1991 Public Improvement Bonds"); and
<br />
<br /> WHERF_~S, the 1991 Public Improvement Bonds maturing on and after August
<br />1, 2001 are subject m redemption on or after August 1, 2000 upon the terms and at the
<br />redemption prices stated-in the 1991 Public Improvement Bonds and in the aforementioned
<br />resolutions adopted by the Council on January 7, 1991 and January 8, 1991; and
<br />
<br /> WHEREAS, the City desires to issue the Bonds, ~nter alia, to provide for the
<br />refunding ptior to their stated maturities and redemption on August 1, 2000 of the 1991 Public
<br />Improvement Bonds maturing on August 1 in each of the years 2001 to 2011, both inclusive (the
<br />"Refunded 1991 Public Improvement Bonds" and, collectively with the Refunded 1980 Public
<br />Improvement Bonds and the Refunded 1987 Public Improyement Bonds, the "Refunded Public
<br />Improvement Bonds"); and
<br />
<br /> WI-~REAS, on March 17, 1993, the State Council on Local Debt (the "State
<br />Council") approved the issuance of a portion of the Bonds authorized hereby to refund the
<br />Refunded 1987 Public Improvement Bonds and the Refunded 1991 Public Improvement Bonds
<br />in accordance with Section 15.1-227.46 of the Code of Virginia, 1950, as amended, and the
<br />"Guidelines for Approval of Re~g Bonds by the State Council on Local Debt" adopted by
<br />the State Council on November 20, 1991 (the "Guidelines"); and
<br />
<br /> WHEREAS, in the judgment of the Council, it is necessary and expedient to issue
<br />and sell General Obligation Public Improvement Refunding Bonds, Series 1993, of the City in
<br />an aggregam principal amount of Thirty-Six Million Six Hundred Twenty Thousand Dollars
<br />($36,620,000) for the purpose of providing funds to refund the Refunded Public Improvement
<br />Bonds;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia:
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<br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the
<br />same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of
<br />providing funds to refund in advance of their stated maturities and redeem the Refunded Public
<br />Improvement Bonds, there are hereby authorized to be issued and sold Thirty-Six Million Six
<br />Hundred Twenty Thousand Dollars ($36,620,000) principal amount of general obligation bends
<br />of the City to be designated "General Obligation Public Improvement Refunding Bonds, Series
<br />1993" (the "Series 1993 Bonds" or the "Bonds"). The Bonds shall bo dated April 1, 1993; shall
<br />be numbered from PIR-93-1 consecutively upward in order of issuance; shall be issued in fully
<br />registered form in the denomination of $5,000 each or any integral multiple thereof; and shall
<br />bear interest payable on August 1, 1993 and semiannually on each February 1 and August !
<br />thereafter.
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