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April 1, 1992
<br />
<br /> At a called meeting of
<br />April 1, 199 , there were present:
<br />
<br />297
<br />
<br /> the City Council held on Wednesday,
<br />
<br />oria O. Webb, *Vice Mayor E. G. Corprew, Jr., Johnny
<br />Tohn H. Epperson, James C. Hawks, Lee E. King, Junius
<br />Jr., V. Wayne Orton, City Manager, Stuart E; Katz,
<br />
<br />following call for the meeting was read:
<br />
<br /> Mayor G
<br />M. Clemons, .
<br />M. Williams,
<br />City Attorne'
<br />
<br />92-114 - The
<br />
<br /> "Please
<br />held in the ~
<br />801 Crawford
<br />the purpose
<br />refund bond~
<br />
<br /> In addJ
<br />Session.
<br />
<br />By orde]
<br />
<br />Council~
<br />
<br />92-115 -Lett
<br />following ret
<br />
<br /> "Attach~
<br />concerning ti
<br />refinancing
<br />very similar
<br />substitute o~
<br />interest rat~
<br />you at your
<br />Municipal Fi
<br />
<br />(a) Motion
<br />resolution w~
<br />
<br />of the City
<br />the City on
<br />1970 and Oc
<br />principal amc
<br />15, 1975 and
<br />years 1976
<br />semiannually
<br />Bonds"); and
<br />
<br />attend a Called Meeting of the City Council to be
<br />]ity Council Conference Room, 6th floor of City Hall,
<br />Street, Wednesday, April 1, 1992 at 1:00 p.m., for
<br />~f considering a resolution concerning the sale of
<br />and a resolution honoring Lena Williams.
<br />
<br />November 1,
<br />1, 1985 upon
<br />Bonds and in
<br />and October
<br />
<br />:ion you may consider a motion to go into an Executive
<br />
<br />of the Mayor."
<br />
<br />an Lee E. King opened the meeting with prayer.
<br />
<br />~er from the City Manager recommending adoption of
<br />~olutions pertaining to refunding bonds:
<br />
<br />~d please find for your consideration resolutions
<br />· e refinancing of 1975 bonds and the advance
<br />~f 1985 bonds. In essence, these refinancings are
<br />to an individual refinancing his home, whereas~ we
<br />~e set of debt service for another set at lower
<br />s than the original. The details will be provided
<br />[eeting today along with a recommendation from the
<br />ance Commission."
<br />
<br />the
<br />
<br />to
<br />
<br />f Mr. Clemons and seconded by Mr. King, the following
<br />s adopted and by the following vote:
<br />
<br />A RF-SOLUTION AUTHOR17~NG THE ISSUANCE AND SALE
<br />OF FIVE M~ .i-ION EIGHT IqUNDP~al) THOUSAND DOLLARS
<br />($5,800,000) PRINCIPAL AMOUNT OF G~9~ERAL OBLIGATION
<br />PORT IMPRO~ REFUNDING BONDS, SERII~.q 1992, OF
<br />THIE ~Jl'r Y OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE
<br />OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEme.
<br />STATED MATURi'riIc~ AND REDIql~M CERTAIN PREVIOUSLY
<br />ISSUED AND OU'I~TANDtNG GENERAL OBLIGATION PORT
<br />IMPROVEMENT BONDS, S~w_,EIF_S OF 1975, OF SUCH CITY;
<br />APPROVINGTHE SAI ]~ OF SUCH BONDS AND AUTHORIZrNO
<br />~ EXECLrrlON AND DELiVERy OF A PURCHASE
<br />CONTRACr RRIATING TO THE SALE OF SUCH BONDS;
<br />FIXING THE FORM OF SUCH BONDS; AUTHORIZING THE
<br />E.XECUTION OF AN OFFICIAL STATEMENT RELATING TO
<br />SUCH BONDS; APPROVING THE FORM AND AUTHORIZING
<br />THE EXECLrrlON AND DELIVERY OF AN ESCROW DEPOSIT
<br />AGRa~MENT RELATING TO SUCH REFIJND~ PORT
<br />IMPROVEMENT BONDS; AND DHStGNATING SUCH
<br />REFUNDED PORT IMPROVEMENT BONDS FOR
<br />~-DEMPTION
<br />
<br />provide for t~ refunding prior to their stared maturities and redemption on May 8, I992
<br />of the 1975 P, rt Improvement Bonds maturing on November lin each of the years 1992
<br />to 2005, both ihcluslve (the same being hereinafter referred to as the "Refunded 1975 Port
<br />Improvement ~londs"); and
<br />
<br />[ZI4EREAS, thc City desires to issue the Bonds (as hereinafter defined) to
<br />
<br />VHEREAS, the 1975 Port Improvement Bonds mamnng on and after
<br />~86 are subject to redemption at the option of the City on or after November
<br />te terms and at the redemption prices stated in the 1975 Port Improvement
<br />~e aforementioned resolutions adopted by the Council oh September 29, 1970
<br />), 1975; and
<br />
<br />~tEREAS, pursuant to an ordinance adopted by the Council (the 'CounciY')
<br />?ortsmouth, Virginia (the "City"), on September 29, 1970, an election held in
<br />rvember 3, 1970 and resolutions adopted by the Council on September 29,
<br />~ber 10, 1975,, them were authorized, issued and sold $8,200 000 aggregate
<br />nat of the City s General Obl gatlon Port Improvement Band% dated October
<br />mturing serially in varying principal mounts on November ! in each of the
<br />2005~ both inclusive, and bearing interest payable on May 1, 1976 and
<br />m each May 1 and November 1 thereafter (the "1975 Port Improvement
<br />
<br />
<br />
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