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246 <br /> <br />April 14, 1987 <br /> <br /> improvement .projects of and for the City, and no bonds have <br /> heretofore been issued pursuant to such ~solu~ions; and <br /> <br /> WHEREAS, in the judgment of the Council it is <br /> desirable to consolidate and restate the bond authorizations <br /> provided in the above~referenced resolutions adopted by the <br /> Council on Octqber 14, 1986 and NoVember 25, 1986: and <br /> <br /> WHEREAS, on March 27, 1987, the State Council on <br /> Local Debt (the "State Council") approved the issuance of a <br /> portion of the Bonds authorized hereby to refund the 1982 <br /> Refunded Public Improvement Bonds and the 1985 Refunded <br /> P~blic Improvement Bonds in accordance width 'Section 15.1-193 <br /> of the Code of Virginia, ~950, as ~amended, and Part II.A of <br /> the "Guidelines for Approval of ae~ndin~ Bonds by the State <br /> Council On Local Debt" adopted by the State counc~t on Jul <br /> 16, 1985 (the "Guidelines"); and Y <br /> <br /> WHEREAS, in the judgment of the CoUncil, it is <br />necessary and expedient to issue and sell general obligation <br />Public Improvement and Refunding Bonds, Series 1987 (the <br />"Bonds") of the City in an aggregate principal amount not to <br />exceed Thirty One Million Nine Hundred and Five Thousand <br />Dollars ($3]~905,000) for the ~urpese of providing funds to <br />refund in advance of their ~tated maturities and redeem the <br />1982 Refunded Public Improvement ~onds and/or the ~985 <br />Refunded Public ImprOvement Bonds and to pay the costs of <br />various additionaI p~blic improvement projects of and for <br />the City; <br /> <br /> NOW~ 'THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, virginia: <br /> <br /> ]~- Pursuan= to'C~apter 5 of Title 15.1 of the <br />Code of Virginia, 1950, as amended, the sgme~ being the <br />Public Finance Act, and the Chartsr of th~ City, for the <br />purpose.of providing funds'(~i) ~o refund in advance of their <br />stated maturities and redeem the 1982 Refunded Public <br /> the 1985 Refunded Public <br /> the various <br /> for the City <br />as set there are hereby <br />authorized t~ Sold not ~o ~xceed Thirty One <br />Million Thodsand Dollars ($3],905,000) <br />prin, City to <br /> <br />Series ~ <br />Bonds The <br />from R-]~ ~red <br />issued i~ be <br /> ral <br /> e on November 1, <br /> 1 there- <br /> f~m. <br /> <br />Bonds <br />Sco{t <br />terms and <br />sale <br /> <br />Bonds <br />date; <br />price <br /> <br />date to the <br />tb~ <br />the pr~ <br /> <br />thereof~; <br />than s~ven <br />Bonds Shall <br /> <br />as <br /> <br />authorized' to sell the <br /> Sachs &Co. and <br /> ~on such <br /> <br /> ~00; the <br /> )m their <br /> <br /> .pal amount <br /> 'from their <br /> <br /> at <br /> upon <br /> ~/2% <br /> interest <br /> ~ed~m~tioa <br /> ~ rate!grea~er <br /> per annum. <br /> ~ Or November ~, or on hot <br />years and in suc~princ~p~ul amounts <br /> and shall be <br /> the City on <br /> ed by the <br /> <br /> <br />