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WIq~JLEA_S, the City desires to issue the Bonds, inter aha, to provide for the
<br />re/trading prior to their stated mannSties and redemption on August 1, 2000 of the 1991 Public
<br />Utility Bonds maturing offAugus[ e y~2001 to 2011, both inclusive, and 2019
<br />(the "Refunded '1991 Pub~~ *~flj ~6~ectively;.with the Refunded 1980 Public
<br />Utility Bonds and tho Refunded 1987 Public Utility Bonds, thee"Refunded Public Utility
<br />Bonds"); and
<br />
<br /> W~: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 />Refundvxl 19~7 Public Utility Bonds and the Refunded 1991 Public Utility Bonds in accordance
<br />with Section 15.1-227.46 of the Code of V~nla, 1950, and the "Guidelines for Approval of
<br />Refanding Bonds by the State Council on Local Debt" adopted by the State Council on
<br />November 20, 1991 (the "GuideLines"); and
<br />
<br /> ~TqI-IEREAS, in the judgment of the Council, it is necessary and~expedient to issue
<br />arid sell General Obligation Public Utility Refunding Bonds, Series 1993, of the City in an
<br />aggregate principal amount of Twenty-One Million Two Hundred Eighty-Fiye Thousand Dollaxs
<br />($~21,285,000) for the pufpese of providing funds to refund in advance of their stated maturities
<br />and redeem the Refunded Public Utility Bonds;
<br />
<br /> NOW, T1-Le2REFO1LE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to the Constitution of Virghfia, Chapter 5.1 of Title 15.1 of the
<br />Code of Virgima, 1950, the same being the Public Finance Act of 1991, and the Charter of the
<br />City, for the l~urpose of providing funds to refund in advance of their stated maturities and
<br />redeem the Refunded Public Utility Bonds, there are hereby authorized to be issued and sold
<br />Twenty-One lV~.' n Two Hundred Eighty-Five Thousand Dollars ($21,285,000) principal
<br />amount of general obligation bends of the City to be designated "General Obligation Public
<br />Utility Refunding Bonds, Series 1993" (the "Series 1993 Bonds" or the "Bonds"). The Bonds
<br />shall be dated April I, 1993; shall be numbered from PUR-93-1' consecutively'upward in order
<br />of issuance; shall be issued fully registered form in the denomination of $5,000 each or any
<br />integral multiple thereof; and shall bear interest payable on August 1, 1993 and semiannually
<br />on such February 1 and August 1 thereafter.
<br />
<br /> The Bonds shall mature or become due and payable on Augusz I in each of the
<br />years 1994 to 2009 both inclusive, 2013 and 2019, in the principal mounts set fo~h opposite
<br />each such year below, with the Bonds maturing m each such year beating interest at the rote per
<br />annum set forth opposite such year, as follows:
<br />
<br /> lh'incipal Interest Principal Interest
<br />Year Amount Rate Year Amount Rate
<br />
<br />1994 $ 495,000 3.00% 2003
<br />1995 495,000 3.60 2004
<br />1996 495,000 3.90 2005
<br />1997 500,000 4.25 2006
<br />1998 1,410,000 4.35 2007
<br />19~9 1,240,000 4.50 2008
<br /> 1,775,000 4.75 2009
<br />2'1001 1,210,000 4.85 2013
<br />2002 1,105,000 5.00 2019
<br />
<br />$ 760
<br /> 745
<br /> 760
<br /> 775 000
<br /> 790 000
<br /> 805 000
<br /> 825 000
<br /> 3,050,000
<br /> 4,050,000
<br />
<br />000 5.10%
<br />000 5.25
<br />000 5.35
<br /> 5.40
<br /> 5.45
<br /> 5.45
<br /> 5.45
<br /> 5.50
<br /> 5.50
<br />
<br /> The Bonds maturing on and before August 1, 2003 shall not be subject to
<br />.~emp.tio~ prior to their stated maturities. The Bonds maturing on and after August 1, 2004
<br />(or pomons th~ .~.of in installments of $5,000) shall be subject to redemption at the option of the
<br />Cky prior to thgir stated maturities on or after August 1, 2003, in whole at any time, or in tort
<br /> tune to time on any interest payment date in any order determined by the City (except that
<br />if less than all ~Sf the Bonds of a given maturity are called for redemption, the particular Bonds
<br />or pomons thereof m installments of $5,000 of such maturity to be redeemed shall be selected
<br />by lot), upon payment of the following redemption prices (expressed as a percentage of principal
<br />amount of Bonds to be redeemed), together with the interest accrued on the principal amount
<br />to be redeemed m the dam fixed for the redempfion_ti~ ereof:
<br />
<br /> Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br />Redemption Prices
<br />('Percentage
<br />of Princ~al Amount)
<br />
<br />August 1~ 2003 to July 31, 2004
<br />August 1, 2004 to July 31, 2005
<br />August1~ 2005 and thereafter
<br />
<br />102%
<br />I01
<br />100
<br />
<br /> The Bonds maturing on August 1, 2013 shall be subject to mandatory sinking fund
<br />re4emptton on tAugast 1, 2010 and on August 1 of each year thereafter to maturity in the
<br />princ/pal amounts in each year set forth below, w/th the pa~.'cular Bond or Bonds or portions
<br />th~bre°fl to be selected by lot, upon payment of a redemption, price equal to 100% of the prmp' ci al
<br />amount of the l~onds to be redeemed, together with the interest accrued on the principal amount
<br />to be nxleemed to the date fixed for the redemption thereef:
<br />
<br />
<br />
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