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022 March 9,.1993
<br />
<br /> ~qEREAS, the Council of the City of Portsmouth~ Virginia,
<br />has determined that it would be desirable to advance refund a
<br />portion of or'all of the City's $19,250,000 outstanding - .
<br />principal amount of City of Portsmouth, Virginia,.General
<br />Obligation Public Improvement Bonds, Series t991, dated January
<br />1, 1991 and maturing August 1, 2001 to August 1, 2011, both
<br />inclusive (the "Callable'!991 Public Improvement ~Bonds"~, for
<br />the purpose of effectin~ debt service savings; and
<br />
<br /> ~EREAS, the Council of the Cityrof Portsmouth, Virginia,~
<br />has determined that it would be desirable to advance refund a
<br />portion of or all of the City's $8,520,000 outstanding
<br />principa~ amount of City of Portsmouth., Virginia,,Se~erat
<br />Obligation Public util~i~y Bonds', datsd'January 1, 1991-and
<br />maturing August 1, 2001 to August 1, 2011, both inclusive, and
<br />August 1, 2019 (the~"Callable 1991 Public u~lllty Bond ~, for
<br />the purpose of eff~cting debt service saying's; an~ r~ ~
<br /> WHEREAS, the Co~nc~il of the City of~Por~'smouth~ ¥~r~inia,
<br /> has determined to seek the 'approval of tke State C~uncit on
<br /> Local Debt (the "State Council") of the issuance ~f the
<br /> refunding bonds for the purpose of advance refunding a portion
<br /> of or all o{ the Callable 198~ Public Improvement Bonds,~the
<br /> Callable 1987 Public utility Bonds, the catlabile ~99t Public.
<br /> ~mprovement Bonds and the Callable 1991 Public utility Bonds as
<br /> required by Section I5.1-227.46 of th%}C~de of Virgin'ia, 1950.
<br /> NOW, THEREFORE, B~ IT ~ES~LVED by. t~ Council of. tbJ~ C'ity
<br /> of Portsmouth, virginia, as f~llOwS: ~ '
<br /> Section 1. ~pproval of Refunding of Callable 1987 Public
<br /> Improvement Bonds, Callable 19'87 Public Utility Bonds, Callable
<br /> 1991 Public Improvement Bonds and Callable 1991 Public ~tility
<br /> Bonds. The Council ~hereby authorizes the advance 'refunding of
<br /> the Caltab~e 1987 :Public Improvemen~ Bonds, the callable~ 1987
<br /> Public Utility Bo~ds, the Callable 1991 Public I~Drovement
<br /> Bonds and ~he Ca'llable 1991 Public U~ility Bonds.
<br />
<br /> Section 2. Sta~ Council on 5ocal Debt Approval. The
<br /> Director of Finance and other a~propriate officials of the City
<br /> are hereby authorized and directed to present a plan of
<br /> refunding with respect to the advance refunding of a portion of
<br /> or all of the Callable 1987 Public Improvement Bonds, the
<br /> Callable 1987 Public'Utility Bonds, the Callable 1991 Public
<br /> Improvement Bon~s and the Callable 1991 Public utilityBonds to
<br /> th~ State Council and to seek the approval of the S.tate Council
<br /> of the issuance of advance refundin~ bonds pursuant to Section
<br /> 15.1-227.46 of the C~de of Virginia, 1950, and the "Guidelines
<br /> for Approval of Refunding Bonds by the State Council on Local
<br /> Debt" adopted by the State Council on Local Debt on November
<br /> 20, 1991. The City is hereby authorized to pay any fees and
<br /> expenses of the State Council in connection therewith.
<br /> Section 3. Effectiveness of Resolution. This resolution
<br /> shall take effect upon its adoption."
<br />
<br /> Ayes: Clemons, EpDerson, Griffin, Hawks, King, Pitts, Webb
<br /> Nays: None
<br />
<br /> (B) An ordinance to appropriate $30,000 from the Capital
<br /> Imorovements Fund ahd $10,000 from the Public utility Capital
<br /> Improvements Fund to provide the resources to issue General
<br /> Obligation Refunding Bonds.
<br />
<br /> Motion of Mr. King and seconded by Mr. Epperson, th~
<br /> following ordinance was adopted and by the following vote:
<br />
<br />
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