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310
<br />
<br />April 1, 1992
<br />
<br /> 14. The City Attorney of the City is directed to file a copy of this resolution.
<br />certified by the City Clerk of the City to be a true copy hereof, with the Clerk of the Circuit
<br />Court of the City of Portsmouth, Virginia.
<br /> 15. All ordinances, resolutions and proceedings in conflict with the
<br />provisions of this resolution are to the e. xxent of such conflict, hereby repealed.
<br /> 16. This resolution shall lake effect from the date of its adoption.
<br />
<br />Ayes: Clemons, Corprew, Epperson, IIawks, King, Williams, Webb
<br />Nays: None
<br />
<br />(c) Motion of Mr. Epperson and seconded by Mr. King, the
<br />following resolution was adopted, and by the following vote:
<br /> A RESOLUTION .aJ. ITHORIZIING THE ~ISSUA/qCE AND
<br /> SALE OF NINE MILLION NINE HUNDRED SIXTY-FIVE
<br /> THOUSAND DOLLARS ($9,965,000) PRINCIPAL AMOUNT
<br /> OF GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br /> REFUNDING BONDS. SERIES ~199Z OF,THE CITY OF
<br /> PORTSMOLrrH. VIRGINIA, FOR THE PURPOSE OF
<br /> PROVIDING FUNDS TO REFUND IN ADVANCE OF
<br /> THIEIR STATED MATUR£rI~S AND REDEEM CERTAIN
<br /> PREVIOUSLY ISSUED AND OUTSTANDING GENERAL
<br /> OBLIGATION PUBLIC IMPROVEMENT BONDS OF SUCH
<br /> Cfi'Y: APPROVING THE SALE OF SUCH BONDS AND
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF
<br /> A PURCHASE CONTRACt RELATING TO THE SALE OF
<br /> SUCH BONDS: FIXING TIlE FORM OF SUCH BONDS:
<br /> AUTHORIZING THE EXECUTION OF AN OFFICIAL
<br /> STATEMENT RELATING TO SUCH BONDS; APPROVING
<br /> THEFORM AND AUTHORIZING THIE EXECUTION AND
<br /> DELIVERY OF AN ESCROW DEPOSIT AGREEMENT
<br /> RELATING TO SUCH REFUNDED PUBLIC
<br /> IMPROVEMENT BONDS; AND DESIGNATING SUCH
<br /> REFUNDED PUBLIC IMPROVEMENT BONDS FOR
<br /> REDEMPTION
<br />
<br /> WHEREAS, pursuant to resolutions adopted by the Council (the "Council")
<br /> of the City of Portsmouth, Virginia (the "City'S, on October 1, 1985 and October 29, 1985,
<br /> there were authorized, issued and sold $20,150,000 aggregate principal amount of the Ci~'s
<br /> General Obligation Public Improvement Bonds, dated as of No~ember 1, 1985 and mantrmg
<br /> serially in the principal amount of $1,005,000 on November 1 in each of the years 1986 to
<br /> 2004. both iaclnsive, and in the principal amount of $1.055,000 on November 1 in the year
<br /> 2005 and bearing interest payable on May 1, 1986 and semiannually on each May 1 and
<br /> November 1 thereafter (the "1985 Public Improvement Bonds"); and
<br />
<br /> WHEREAS, the 1985 Public Improvement Bonds maturing on and after
<br /> November 1, 1996 are subject to redemption on or after November 1, 1995 upon the terms
<br /> and at the redemption prices stated in the 1985 Public Improvement Bonds and in the
<br /> aforementioned resolutions adopted by the Council on October 1, 1985 and October 29,
<br /> 1985; and
<br />
<br /> WHEREAS, the City desires to issue the Bonds (as hereinafter defined) to
<br /> provide for the refunding prior to their stated maturities and redemption on November 1,
<br /> 1995 of the 1985 Public Improvemanr Bonds maturing on November 1 in each of the years
<br /> 1996 to 1999 and 2001 to 2005, both inclusive [the "Refunded t985 Public Improvement
<br /> Bonds"); and
<br />
<br /> WHEREAS, on March 18, 1992, the State Council on Local Debt (the '~tate
<br /> Council") approved the issuance of a portion of the Bonds authorized hereby to refund the
<br /> Refunded 1985 Public Improvemanx Bonds in accordance with Section 15.1-227.46 of the
<br /> Code of Virglnim 1950, as amended, and Part II.A of the "Guidelines for Approval of
<br /> Refunding Bonds by the State Coundl on Local Debt" adopted by the State Council on
<br /> November 20, 1991 (the "Guidelines"); and
<br />
<br /> WHEREAS. in the judgment of the Council it is necessary and expedient to
<br /> issue and sell General Obligation Public Improvement Refunding Bonds. Series 1992, of the
<br /> City in an aggregate principal mount of Nine Million Nine Hundred Sixt~Five Thousand
<br /> Dollars ($9,965,000~ for tile purpose of providing funds to refund the Refunded 1985 Public
<br /> Improvement Bonds;
<br />
<br /> NOW. TI-IEREFORF~ BE IT RESOLVED by the Council of the City of
<br /> Portsmouth, Virgima:
<br />
<br /> 1. Pumuant to Chapter 5.I of Title 15.1 of the Code of Virginia. 1950, the
<br /> same being the Public Finance Act of 1991. and the Charter offl{e Cily, fur the purpose of
<br /> providing funds to refund in advance of their stated maturities and redeem the Refunded
<br /> 1985 Public Improvement Bonds, there are hereby authorized to.be, issued and sold Nine,
<br /> Million Nine Hundred Sixty-Five Thousand Dollars ($9.965,000) pnncupal amount of genarm
<br /> obligation bonds of the City to be designated "General Obligation Public Improvement
<br /> Refunding Bonds, Series 1992" (the "Series 1992 Bonds" or the '~Bonds"). The Bonds shah -
<br /> be dated Apffi 1, 1992; shall be numbered from PIR-92-1 examemaively ~atmnard in order of
<br /> issuance; shall be issued in fully registered form ~ the denom~tion of $5,000 each pr any
<br /> integral multiple thereof: and shall bear interest pm, able on November 1, 1992 and
<br /> semiannunlly on each May 1 and Novearbex 1 thereafter.
<br />
<br />
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