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April 14, 1987
<br />
<br />~.) On motion of Mrs. Webb and seconded by Mr. Gray, the following
<br />cesolution was adopted, and by the following voze:
<br />
<br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
<br /> TWENTY MILLION ONE HUNDRED AND NINETY ~HOUSAND DOLLARS
<br /> ($20,190,000) PRINCIPAL AMOUN% OF GENERAL OBLIGATION
<br /> PUBLIC UTILITY AND REFUNDING BONDS, SERIES 1987, OF THE
<br /> CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING
<br /> FUNDS TO REFUND IN IDVANCE OF THEIR STATED MATURITIES AND
<br /> REDEEM CERTAIN PREVIOUSLY~ ISSUED AND OUTSTANDING PUBLIC
<br /> UTILITY BONDS OF SUCH CITY AND TO PAY THE COSTS OF IDDI-
<br /> TIONAL CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO
<br /> THE WATER AND SEWER SYSTEM OF SUCH CITY, PURSUANT TO
<br /> ARTICLE VII, SECTION 10(a) (2), OF THE CONSTITUTION OF
<br /> VIRGINIA, AUTHORIZING THE SALE OF SUCH BONDS BY THE CITY
<br /> MANAGER AND tUTHORIZING THE EXECUTION AND DELIVERY OF A
<br /> BOND PURCHASE AGREEMENT RELATING TO THE SALE OF SUCH BONDS,
<br /> FIXING THE FORM OF SUCH BONDS, AUTHORIZING THE EXECUTION
<br /> OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS, APPROVING
<br /> THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN
<br /> ESCROW DEPOSIT AGREEMENT RELATING TO SUCH REFUNDED PUBLIC
<br /> UTILITY BONDS AND AUTHORIZING THE CITY MANAGER TO DES~ICN~A~_T-~L/
<br /> SUCH REFUNDED PUBLIC UTILITY BONDS FOR REDE~PTI~ON%
<br />
<br /> WHEREAS, pursuant to an ordinance adopted by the Counci~~.
<br /> (the "Council"] of ~he ~ity oi Portsmo.uth~ Virginia Ith~
<br /> "City"), .on June 21, 1979, an election held in the City on
<br /> November 6, 1979 and resolutions adopted by the Council on
<br /> November 9, 1982 and November 23, 1982, there were
<br /> authorized, issued and sold $8,000,000 aggregate principal
<br /> amount of the City's general obligation 9~ublic utility Bonds,
<br /> dated as of December 1, 1982 and maturing serially in the
<br /> principal amount of $400,000 on December 1 in each of the
<br /> years 1983 to 2002, both inclusive, and bearinD interest
<br /> payable on June 1, 1983 and semiannually on each June 1 and
<br /> December 1 thereafter (~he "1982 Public utility Bonds"); and
<br /> WHEREAS, the 1982 Public utility Bonds maturing on and
<br /> after December 1, 1993 are subject to redemption at the
<br /> option of the City on or after December 1, 1992 upon the
<br /> terms and at the redemption prices s~ated in the 1982 Public
<br /> Utility Bonds and in the ~oremen~cio~ed ~r~o~ufci°r~s adopted
<br /> by the Council on November 9, 1982 and No~mbe~ g3, 1982; and
<br /> W~EREAS~ the City desires %o issue the Bon~s (a~ ' '-
<br /> hereinafter defined), among other thin~s, to prowide for the
<br /> refunding prior to thei~5~cated maturltie~ and re~emptio~ ca
<br /> December I, 1992 of the 1982 Public Utility Bonds maturing
<br /> on December 1 in each of the years 1993 to. 20Q2, both
<br /> inclusive (the same being hereinafter referred to as the
<br /> "1982 Refunded Public Utility Bonds"Q; and ]..,.
<br />
<br /> WBERBAS~ pursuant to
<br />Council on August 24, ~982, an
<br />November 2, 1982 and resolut
<br />October 1, 1985 an~ October 29~ 1985,
<br />i~s~d and s01d $9,~850,000 ag~re
<br />City s general obligation Public
<br />November 1, 1~85 and maturing
<br />~oOUnt of $495,000 on November I in
<br /> 2004, both inclQsive, and in the
<br />$445,000 on ~ovember 1 in
<br />payable on Ma~ 1, e"
<br />November 1 th~ (th
<br />
<br /> WN~REAS, the 1985 Publ
<br />and after November 1, 1996 are-subj
<br />
<br /> the
<br /> the City on
<br />'the Council on
<br />
<br /> ated as of
<br /> ipa!
<br />e lvears 19816
<br /> of
<br />
<br /> May ~ and
<br /> Bonds"); and
<br />
<br />~ ma%uring on
<br /> on or
<br />
<br />after November 1, 1995 upon the terms redemption
<br />prices stated in the 1985 Public Utiti~y Bonds' and in the
<br />aforementio~ed~eso~uti~ns'adop~ed-~Y ~e. C~n~-iL-~Ys October
<br />1, 1985 a~d October 29, 1985; and
<br />
<br />
<br />
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