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804
<br />
<br />April 1, 1992
<br />
<br /> WHEREAS, pursuant to an ordinance adopted by the Council (the"Councir')
<br />of the Ciw of Portsmouth, Virginia (the "Cit~'), un August 24, 1982, an election held in the
<br />City on Ix/ovember 2, 1982 and resolutions adopted by the Council on October 1, 1985 and
<br />October 29, 1985, there were authorized, issued and sold $9,850,000 aggregate principal
<br />amount of the City's General Obligation Public Utility Bunds, dated November 1, 1985 and
<br />maturing serially in the principal amount of $495,000 on November 1 in each of the years
<br />1986 to 2004, both inclusive, and in the principal amount of $445.000 on November 1 in the
<br />year 2005 and beating interest payable on May 1, 1986 and semiannually on each May 1 and
<br />November 1 thereafter (the "1985 Public Utility Bo~ds"); and
<br /> WHEREAS, the 1985 Public Utility Bonds maturing on and after November
<br /> 1, 1996 are subject to redemption on or after November 1, 1995 upon the terms and at the
<br /> redemption prices stated in the 1985 Public Utility Bonds and in the aforementioned
<br /> resolutions adopted by the Council on October 1. 1985 and October 29. 1985; and
<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 Utility Bonds maturing on November 1 in each of the years 1996
<br /> to 1999 and 2001 to 2005, both inclusive (the "Refunded 1985 Public Utility Bonds'~; and
<br /> WHEREAS, on March 18, 1992, the State Council on Local Debt (the "Ssate
<br /> Council") approved the issuance of a portion of the Bonds authorized hereby to refund the
<br /> Refunded 1985 Public Utility Bonds in accordance with Section t5.1-227.46 of the Code of
<br /> Virginia, 1950, and Part II.A of the "Guidelines for Approval of Refunding Bonds by the
<br /> State Council on Local Debt" adopted by the State Council on November 20, 199t (the
<br /> "Guidelines"); and
<br /> WHEREAS, in the judgment of the Council it is necessary and expedient to
<br /> issue and sell General Obligation Public Utility Refunding Bonds. Series 1992, of the City
<br /> in an aggregate principal amount of Fo~ Million Eight Hundred Thirty Thousand Dollars
<br /> ($4,830,000) for the purpose of providing funds to refund in advance of their stated
<br /> maturities and redeem the Refunded 1985 Public Utility Bonds;
<br /> NOW, TH~REFORE~ BE IT RESOLVED by the Council of the City of
<br /> Portsmouth, Virginia:
<br /> 1. Pursuant to the Constitution of Virginia, Cha. pter 5.1 of Title 15.1 of
<br /> the Code of Virginia, i950. 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 thek stated maturities
<br /> and redeem the Refunded 1985 Public Utility Bonds, there are hereby authorized to be
<br /> issued and sold Four Million Eight Hundred Thirty Thousand Dollars [$4,830,000) principal
<br /> amount of general obligation bonds of the City to be designated "General Obligation Public
<br /> Utility Refunding Bonds, Series 1992" (the "Series 1992 Bonds" ut the "Bonds"). The Bonds
<br /> shall be dated April L 1992; shall be numbered from pUR~92-1 consecutively upward in
<br /> order of issuance; shall be issued fully registered form in the denomination of $5,~00 each
<br /> or any integral multiple thereof; and shall bear interest payable on November L, 1992 and
<br /> semiannually on such May 1 and Nbvamber 1 thereafter.
<br /> The Bonds shall mature or become due and payable on November 1 in each
<br /> of the years 1993 to 2005, both inclusive, in the principal amounts set forth opposite each
<br /> such year below, with the Bonds maturing in each such year bearing interest at the rote per
<br /> annum set forth opposite such year, as follows:
<br />
<br /> Principal interest Principal Interesx
<br />Year Amount Rate . Year Amount Rate
<br />
<br />1993 $ 55,000 3.50% 2000 $ 20,000 5.75
<br />1994 60,000 4.40 2001 515,000 5.90
<br />1995 65,000 5.00 2002 510,000 6.00
<br />1996 5557000 5.25 2003 505.000 6.10
<br />1997 545.000 5.50 2004 500,000 6.20
<br />1998 535.000 5.50 2005 445,000 6.30
<br />1999 520,000 5.60
<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 1, 2001, in whole
<br />at any time, or in part 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 partteatar Bonds or portions thereof in installments of
<br />$5.000 of such maturity of such issue to be redeemed shall be selected by lot), upon payment
<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 to be redeemed
<br />to the date fixed for the redemption thereof:
<br />
<br /> Redemption Prices
<br /> Redemption Dates (Percentage
<br /> (Both Dates Inclusive) of Princi,al Amount)
<br />
<br />November 1, 2001 to October 31, 2002 102%
<br />November 1. 2002 to October 31, 2003 101
<br />November 1. 2003 and thereafter 100
<br />
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