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298
<br />
<br />April 1, 1992
<br />
<br /> WHEREAS, in the judgment of the Council, it is necessary and expedient ro
<br />issue and sell General Obligation Port Improvement Refunding Bonds. Series 1992. of the
<br />Cit~ ~n an aggregate principal amount of Five Million Eight Hundred Thousand Dollars
<br />1[$5,800,000) for the purpose of providing [ands to refund in advance of their stated
<br />maturities and redeem the 1975 Refunded Port Improvement Bonds;
<br />
<br /> NOW, THEREFORE. BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> I. Pursuant to the Constitution of Virginia, Chapter 5.1 of Title 15.1 of
<br />the Code of Virginia, 1950, the same being the Public Finance Act of 1991. and the Charter
<br />of the City, for the purpose of providing funds to refund in advance of their stated maturities
<br />and redeem the Refunded 1975 Port Improvement Bonds. there are hereby authorized to
<br />be issued and sold Five Million Eight Hundred Thousand Dollars ($5,800,000) principal
<br />mount of General Obligation Port Improvement Refunding Bonds, Series 1992 (the "Series
<br />1992 Bonds or "the "Bonds"). The 1992 Bonds shall be dated April 1, 1992; shall be
<br />numbered from POR-92-1 consacmfively upward in order of issuance: shall be issued in fully
<br />registered form in the denomination of $5,000 each or any integral multiple thereof; and
<br />shall bear interest payable on November 1, 1992 and semiannually on each May 1 and
<br />November 1 thereafter.
<br />
<br /> The Bonds shall mature or become due and payable on November 1 in each
<br />of the years 1992 to 2005, both inclusive, in the pnncipal amounts set forth opposite each
<br />such year below, with the Bonds maturing in each such year bearing interest at the rate per
<br />annum set forth opposite such year, as follows:
<br />
<br /> Principal Interest Principal Interest
<br />Year Amount Rate Year Amount Rate
<br />
<br />1992 $265,000 3.00% 1999 $410,000 5.85%
<br />1993 305,000 3.50 2000 440,000 6.00
<br />1994 320,000 4.40 2001 465,000 6.15
<br />1995 330,000 5.00 2002 490.000 6.25
<br />1996 345,000 5.25 2003 525,000 6.40
<br />1997 370.000 5.50 2004 555,000 6.50
<br />1998 390,000 5.70 2005 590,000 6.60
<br />
<br /> The Bonds maturing on and before November 1. 2001 shall not be subject to
<br />redemption prior to their stated maturities. The Bonds maturing on and after November
<br />1, 2002 (or portions thereof in installments of $5.000) shall be subject to redemption at the
<br />option of the City prior to their stated maturities on or after November I, 2001, in whole
<br />at any time, or m pan from time to time on any interest payment date in any order
<br />determined by the City (except that if less than all of the Bonds of a given maturity of either
<br />issue are called for redemption, the particular Bonds or portions thereof in installments of
<br />$5,000-of-such mntm-ity of such issue to be redeemed shall be selected by lot), upon payment
<br />
<br />of the following redemption prices (expressed as a percentage of principal amount of Bonds
<br />to be redeemed), together with the interest accrued on the principal amount tobe redeemed
<br />to the date fixed for the redemption thereof:
<br />
<br />Redemption Dates
<br />fBoth Dates Inclusive)
<br />
<br />Redemption Prices
<br />(Percentage
<br />of Princinal Amonnt~
<br />
<br />November 1, 2001 to October 31, 2002
<br />November 1, 2002 to October 3t. 2003
<br />November 1, 2003 and thereafter
<br />
<br />102%
<br />101
<br />100
<br />
<br /> If any Bond (or any portion of the principal amount thereof in installments of
<br />$5,000) shall be called for redemption, notice of the redemption thereof, specifying the date.
<br />number and maturity of such Bond, the date and place or places fixed for its redemption,
<br />the premium, if any, payable upon such redemption, and ff less than the entire principal
<br />amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange
<br />for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling
<br />in principal amount that portion of the principal amount thereof not to be redeemed, shall
<br />be mm'led not less than thirty (30) days prior to the date f'Lxed for redempticm by first class
<br />mm'l, postage prepaid, to the registered owner of such Bond at his address as it appears on
<br />the books of registry kept by the Director of Finance of the City, as the Registras and Paying
<br />Agent for the Bonds (the '~Registrur"), as of the close of business on the forty-fffih (45th) day
<br />next preceding the date fixed for redemption. If notice of the redemption of any Bond shall
<br />have been given as aforesaid, and payment of the princupal amount of such Bond (or the
<br />portion of the principal amount thereof to be redeemed) and of the accrued iutarest and
<br />premiurm ff any, payable upon such redemption shall have been duly made or provided for,
<br />interest on such Bond shall cease from and after the date so specified for the redemption
<br />thereof.
<br />
<br /> 2. The principal of and premium, if any, and interest on the Bonds shall
<br />be payable in such coin or currency of the United States of America as at the respective
<br />dates of payment is legal tender for public and private debts. The principal ~faad premium.
<br />if any, on the Bonds shall be payable at the office of the RegisTrar. Thc interest on the
<br />Bonds shall be paid by check mailed by the Registrar to the registered owners of record of
<br />the Bonds as of the fifteenth (15th) day of the calendar month next preceding each interest
<br />payment date.
<br />
<br /> At all times during which any Bond remains outstanding and unpaid, the
<br />Registrar shall keep, or cause to be kept, at its office books of registry, for the registration.
<br />exchange and transfer of the Bonds. Upon presentation at its office for such purpose, the
<br />Registrar, under such reasonable regulatiohs ~ it may prescribe, shall register, exchange or
<br />.transfer, or cause to be registered, exchangeff-6r transferred, on the books of registx3, the
<br />Bonds as herein set forth.
<br />
<br />
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