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A RESOLUTION OF THE COLRqCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, APPROVINGTHE ADVANCE
<br />REFUNDING OF THE CITY'S $9,095,000 OUTSTANDING
<br />PRINCIPAL AMOLrNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, PUBLIC IMPROVEMENT BONDS, DATED
<br />NOVEMBER 1, 1985 AND MATURING NOVEMBER 1,
<br />1996 TO NOVEMBER 1, 1999, BOTH INCLUSIVE, AND
<br />NOVEMBER 1, 2001 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND THE CITY'S $4,405,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA, PUBLIC UTILITY BONDS, DATED
<br />NOVEMBER 1, 1985 AND MATURING NOVEMBER 1,
<br />1996 TO NOVEMBER I, 1999, BOTH INCLUSIVE, AND
<br />NOVEMBER 1, 2001 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND APPROVING THE CURRENT
<br />REFUNDING OF THE CITY'S $5,800,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH,
<br />VIRGINIA. PORT IMPROVEMENT BONDS, SERIES OF
<br />1975, DATED NOVEMBER L 1975 AND MATURING
<br />NOVEMBER 1, 1992 TO NOVEMBER 1, 2005, BOTH
<br />INCLUSIVE, AND AUTHORIZING THE DIRECTOR OF
<br />FINANCE AND OTHER CITY OFFICIALS TO SEEK THE
<br />APPROVAL OF THE STATE COUNCIL ON LOCAL DEBT
<br />WITH RESPECT TO THE ISSUANCE OF "REFUNDING
<br />BONDS" FOR THE PURPOSE OF ADVANCE
<br />REFUNDING THE AFOREMENTIONED PUBLIC
<br />IMPROVEMENT BONDS AND PUBLIC UTILITY BONDS
<br />PURSUANT TO SECTION 15.1-227.46 OF THE CODE OF
<br />VIRGINIA 1950, AND THE "GUIDELINES FOR
<br />APPROVAL OF REFUNDING BONDS BY THE STATE
<br />COUNCIL ON LOCAL DEBT'A~DOPTED BY THE STATE
<br />COUNCIL ON LOCAL DEBT :THEREUNDER
<br />
<br /> - WHEREAS, the Council of the City of Portsmouth, Virginia, has determined
<br />that it would be desirable to advance refund the City's $9,095,000 outstanding principal
<br />amount of City of Portsmouth, Virginia, Public Improvement Bonds, dated l~ovember 1,
<br />1985 and ma~ring November 1, 1996 to November 1, 1999, both inclusive, a~ iI:1 November
<br />1, 200,! to November 1, 2005, both inclusive (the 'Refunded 1985 Public Improvement
<br />Bonds ), for the purpose of effecting debt service savings; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, ha~ determined
<br />that it would be desirable to advance refund the City's $4,405,000 outstandihg principal
<br />amount of City qf Portsmouth, Virginia, Public Utility Bonds, dated November 1, 1985 and
<br />maturing November 1, 1996 to November 1, 1999, both inclusive, and November 1, 2001 to
<br />November 1, 2005, both inclusive (the "Refunded 1985 Public Utility Bonds"), for the
<br />purpose of effecting debt service savings; and
<br />
<br />a----:-' -~ '"'~ ~le t~ .e~..en.t: re, nd the City's $5,800,000 outstandifig principal
<br /> sauuat oI LI~j' OI Fortsl~outn, wrg~ma, Fort Improvement Bonds, Series of 1975, dated
<br />November 1, 1975 and maturing November 1, 1992 to November 1, 2005, both inclusive (the
<br />'~Refunded 1975 Port Improvement Bonds"), for the purpose of effecting debt service
<br />savings; and _ ~ -
<br />
<br />
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