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263
<br />
<br />April 14, 1987
<br />
<br />~.) On ~otlon_6f Mr..Simpson and seconded by Mrs. Webb, the f611ow-
<br />ing resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF THE SALE OF NOT
<br />TO EXCEED SEVEN MILLION ON HUNDRED AND TWENTY-FIVE THOUSAND
<br />DOLLAR ($?,12S,000) PRINCIPAl AMOUNT OF GENERAl OBLIGATION
<br />PORT IMPROVEMENT REFUNDING BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, CONSISTING OF GENERAL OBLIGATION PORT IMPROVEMENT
<br />REFUNDING BONDS, SERIES 1987, AND GENERAl OBLIGATION PCRT
<br />IMPROVEMENT REFUNDING BONDS, 1987 TAXABLE SERIES, FOR THE
<br />PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR
<br />STATED MATURITIES AND REDEEM CERTAIN PREVIOUSLY ISSUED AND
<br />OUTSTANDING PORT IMPROVEMENT BONDS, SERIES OF 197S, OF SUCH
<br />CITY, AUTHORIZING THE SALE OF SUCH BONDS BY THE CITY MANAGER
<br />AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE
<br />AGREEMENT RELATING TO THE SALE OF SUCH BONDS, FIXING THE
<br />FORM OF SUCH BONDS, AUTHORIZING THE EXECUTION OF AN OFFICIAL
<br />STATEMENT RELATING TO SUCH BONDS, APPROVING THE FORM AND
<br />AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT
<br />AGREEMENT RELATING TO SUCH REFUNDED PORT IMPROVEMENT BONDS
<br />AND AUTHORIZING THE CITY MANAGER TO DESIGNATE SUCH REFUNDED
<br />PORT IMPROVEMENT BONDS FOR REDEMPTION AND APPROVING THE
<br />ISSUANCE O3 SUCH PORT IMPROVEMENT REFUNDING BONDS, SERIES
<br />19~?, UNDER .TH~ INTERNAL REVENUE CODE OF 198'4, AS AMENDED.
<br />
<br /> WHEREAS, pursuant to an ordinance adopted b~ the Council
<br />(the "Council"). o~ t~%e~ity of Portsmouth, ~irgi~ia ~the
<br />"City"), on September 29, 1970, an election held in the City
<br />on Noqember 3, 1970 and a resolution adopted by the Council
<br />on October 10, 1975, there were authorized, issued and sold
<br />$8,200,000 aggregate principal amount of the City's general
<br />obligation Port Improvement'Bonds, $~ries of 1975, dated as
<br />of October 15, 1975 and maturing serially in varying
<br />principal amounts on November 1 in each of the years 1976 to
<br />2005, both inclusive, and bearing interest paya~lle on May 1,
<br />1976 and semiannually on each May 1 and November 1 thereafter
<br />(the "1975 Port Improvemen5 Bonds"); and
<br />
<br /> WHEREAS, the 1975 Port Improvement Bonds m~turlng on and
<br />after November 1, 1986 are subject to redemption at the
<br />option of the City on or after November t, 1985-upon the
<br />~--~rmsvand at the redemption prices stated in th~ 1975 Port
<br /> pro ~ment Bonds and in the aforementioned resolution
<br />adopted by the Council on October t9, 1975; and
<br />
<br /> ~flREREAS, the City desires to issue the Bonds [as
<br />hereinafter defined) to provid~ for the refundi~ prior to
<br />their started maturities and r~emption on a date as soon as
<br />practicable after the sale of the Bonds, but no~
<br /> later
<br /> than
<br />August ], ]987, of the 1975 Port Improvement Bonds~ maturing
<br />on Novembe~ 1 in each of the years 1987 to 2005, both
<br />inclusive (the s~me being hereinafter referred to as the
<br />"1975 Refunded-.Port Improvement Bonds"); and
<br />
<br /> WHEREAS, on March 27, 1987, the State Council on
<br />Local Debt (the "State Council") approved the issuance of
<br />the Bonds authorized hereby to refund the ~975 ~efunded
<br />Port Improvement Bonds in accordance with Secti)n 15.1-193
<br />of the Code of Virginia, 1950, as amended, and Part II.A of
<br />the "G~idelines for Approval of RefundiagBond:~-q~l~ t~eState
<br />Council on Local Debt" adopted by the State Con,cji. on July
<br />16, ]985 (the "Guidelines"~; and
<br />
<br /> W~EREAS, on the date hereof, t~ere w~s held a
<br />p~51ic hearing 0n the issuance of the Series 19~7 Bonds (asi~
<br />hereinafter defined), such public hearing havin~ been held i
<br />in accordance with Section 147(f) of the Internal Revenue
<br />Code of 19~6. as amended, following reasonable public notic~
<br />p~lished ~in accordance with the pro¥isioas tlle~eof~ amd
<br />
<br />
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