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March 24, 1993
<br />
<br />A RESOLUTION ABTHORIZING THE ISSUANCE AND
<br />SALE OF TWENTY-ON'E MII,LION TWO HUNDRED
<br />EIGH'r~-FIVE THOUSAND DOLLARS ($21,285,000)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />PUBLIC UTHATY REFUNDING BONDS, SERIES 1993, OF
<br />'l'~l~: CITY OF PORTSMOUTH, VIRGINIA, FOR THE
<br />PURPOSE OF PROVIDING FUNDS TO REFUND IN
<br />ADVANCE OF TH~;~R STATED MATIfRITLES AND
<br />REDEEM CERTAIN PREVIOUSLY ISSUED AND
<br />OUTSTANDING GENERAL OBLIGATION PUBLIC
<br />UTtq,ITY BONDS OF SUCH CITY; APPROVING 'tH ~; SALE
<br />OF SUCH BONDS AND AUTHORIZING 'r~t~ EXECUTION
<br />AND DELIVF_~Y OF A PURCHASE CONTRACT
<br />I~,&TING TO TELE SALE OF SUCH BONDS; ~'LK~G TH ~;
<br />FOR1VI OF SUCH BONDS; AiYI'HORIZING 'J'H~:
<br />EXECUTION OF AN O~'~iCIAL STA'I'~vH~NT RELATING
<br />TO SUCH BONDS; APPROVING 'l'l~g~ FORM AND
<br />ADTHORIZING THE EXECUTION AND DELIVERY OF AN
<br />ESCROW DEPOSIT AG]~ ~:~:MENT gEL&TING TO SUCH
<br />REFUNDED PUBLIC UTILtTY BONDS; APPOII~TING AN
<br />ESCROW AGENT: AND DESIGNATING SUCH REFUNDED
<br />PUBLIC UTLI~ITY BONDS FOR RgDEMtrI~ON
<br />
<br /> . WHEREAS, vursuant to an ordinance a~dopted by the Council (the "Council") of
<br />the City of Portsmouth, Virg~inia (the "City"),' q~iMay '!3; 1975, an election held in the City on
<br />November 4, 1975 and resolutions adopted by/the ~ounclt on May 27, 1980 and June 17,1980,
<br />there were authorized, issued and sold $5,Q06;000 aggregate principal amount of the City's
<br />General Obligation Public Utility Bonds, dated'$uiy~ 1, 1980 and maturing in varying principal
<br />amounts on July 1. in each of the years lj~.ikm 2000, both inclusive, and bearing interest
<br />payable on January 1, 1981 and semiannually'0n~ach July 1 and January 1 thereafter (the "1980
<br />Public Utility Bonds"); and
<br />
<br /> WIq_ut<EAS, the 1980 Public Utility Bonds maturing on and after luly 1, 1991 are
<br />subject to redemption on or after July 1, 1990 uPOn the terms and at the redemption prices stated
<br />in the 1980 Public Utility Bonds and in the af0mmentioned resolutions adopted by the Council
<br />on May 27, 1980 and June 17, 1980; and ~
<br />
<br /> W~q~:REAS, the City desires to issue the Bonds (as hereinafter defined), inter
<br />alia, to provide for the refunding prior to their stated'maturities and redemption on July 1, 1993
<br />of the 1980 Public Utility Bonds maturing on July 1 in each of the years 1994 to 2000, both
<br />inclusive (the "Refunded 1980 Public Utility Bonds"); and
<br />
<br /> WI-LUREAS, pursuant m an ordinance adopted by the Council of the City on
<br />August 28, 1984, an election held in the City on November 6, 1984 and resolutions adopted by
<br />the Council on April 14, I987 and June 23, 1987, there were authorized, issued and sold
<br />$14,800,000 aggregate principal amount of the City's General Obligation Public Utility and
<br />Refunding Bonds, Series 1987. dated July 9, 1987 and maturing in varying principal amounts
<br />on November 1 in each of the yea:rs 1987 to 2003, both inclusive, and 2012, and bearing interest
<br />payable on November 1', 1987 and semiannually on each May 1 and November 1 thereafter (the
<br />"1987 Public Utility Bonds"); and
<br />
<br /> WHEREAS, the 1987 Public Utility Bonds maturing on and after November 1,
<br />1998 axe subject to redemption on and after November 1, 1997 upon the terms and at the
<br />redemption prices stated in the 1987 Public Utility Bonds and in the aforementioned resolutions
<br />adopted by the Council on April 14, 1987 and June 23, 1987; and
<br />
<br /> WHEREAS, the City desires m issue the Bonds, inter alia, to provide for the
<br />refunding prior to their stated maturities and redemption on November 1, 1997 of the 1987
<br />Public Utility Bonds maturing on November 1 in each of the years 1998 to 2003, both inclusive,
<br />and 2012 (the "Refunded 1987 Public Utility Bonds); and
<br />
<br /> ~rf-IBREAS, pursuant to an ordinance adopted by the Council of the City on
<br />August 28, 1990, an election held in the City on November 6, 1990, and resolutions adopted
<br />by the Council on January 7, 1991 and January 8, 1991, there were authorized, issued and sold
<br />$10,000,000 aggregate principal amount of the City's General Obligution Public Utility Bonds,
<br />Series 1991, dated January 1, 1991 and maturing in varying principal amounts on August 1 in
<br />each of the years 1992 to 2011, both inclusive, and 2019, and bearing interest payable on August
<br />I, 1991 and semiannually on each February 1 and August 1 thereafter (the "1991 Public Utility
<br />Bonds"); and
<br />
<br /> WHEREAS, the 1991 Public Utility Bonds maturing on and after August 1, 2001
<br />are subject to redemption on and after August 1, 2000 upon the terms and at the redemption
<br />stated in the 1991 Public Utility Bonds and in the aforementioned resolutions adopted by the
<br />Council on Januaxy 7, 1991 and January 8, 1991; and
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