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264
<br />
<br />April 14, 1987
<br />
<br /> WHEREAS, in the judgment of the Council, it is
<br />necessary and expedient to issue and sell general obligation
<br />Port Improvement Refunding Bonds, Series 1987 (the "Series
<br />1987Bonds"), and Port Improvement Refunding Bonds, 1987
<br />~axable Series (the "1987 Taxable Series Bo~ds"), of the
<br />City in an aggregate principal amount not to exceed
<br />Seven Mitlion~One Hundred and Twenty-Five Thousand Dollars
<br />($7,t25,000) for the purpose of providing funds to refund in
<br />advance of their stated matUrities and redeem the 1975
<br />Refnnded Port Improvement Bonds;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of
<br />the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to the Constitution of Virginia
<br />(including Article VII, Section 10(a)(2) thereof), Chapter 5
<br />of Title 15.1 of the Code of Virginia, 1950, as amended, the
<br />same being the Public Finance Act, 'and the Charter of the
<br />City, for the purpose of providing funds to refund in
<br />advance of their stated maturities and redeem the ~1975
<br />Refunded Port Improvement Bonds (such bonds having been
<br />issued by the City for the purpose of acq~i~,ing c~rtain port
<br /> ements ~_nd t~ Construct certain additional port
<br /> :itute a revenue-
<br /> [ autho-
<br />
<br />f as the
<br />
<br /> as the "~Series 19~7 1
<br />Twenty Thousand Dollars
<br />ImPr',o~em~t Refu~dingBonds, ~herein-
<br />befob~ d~ined as the "19~7 ~axable Series ~onds~. The
<br />Bond~.~of ~ach .such series shaI,1 be dated as ~f May 1, ~987;
<br />shall be numbered from R-1 consecutively upward i~ order of
<br />issuance;~shall be issued in ~he denomination of $5,000 each
<br />er ~any in~egrD1 multiple thereof; S~alt bear interest
<br />paF~b!e o~ ~ovember 1, 1987
<br />sn~ A~Ovember 1 tSereafter; a~d shal~ he issued in fully
<br />re~,is~ere~ f~rm.
<br />
<br /> The City Manager is hereby authorized to sell the
<br /> Bonds to ~raigia Incorporated, Golduman, Sachs ~ Co. and
<br /> Scott & Stringfe,llow, Inc. (the "Underwriters") upon such
<br /> terms and conditions as he shall determine at the time of
<br /> sate ~ere°f; provided, however, that~the aggregate
<br /> ~princ~3~al amount of the Bonds shall sot exceed $7, 125,000;
<br /> the S~rieS t987 Bonds shall mature not later than November
<br /> 1, 28~5~ and the 1987 Taxable Series Bonds shall mature not
<br /> later tha~ ~ from their date; the Bonds shall be
<br /> old to for a price equal to not less than
<br /> amount the-reef, plus the in~-erest
<br /> date to the date of the
<br /> therefor; if the Bonds are to
<br /> redemption at the option of the City, the
<br /> payable upon the redemption of~ any such
<br /> 02 1/2% of the principal %mount
<br /> thereof, the interest accrued:~her~on to the
<br /> data fix~ ; and no Bo~d may bear
<br /> interest at a ~ate greater than seven and o~e-ha~f per
<br /> ~e~tlm~ (7 t/2%) per annum. The Bork~s~ shall mature on May 1
<br /> ~r No, ember ~, io~ on both May I and'Nove~ber 1~ ~f such
<br /> in s~cfi principal amounts as s~nall be determined
<br /> the City Manager and shall be subject to optional and
<br /> redemption by the City on such dates and aE such
<br /> ,as shall ~e determined by the City Manage~ at the
<br /> the ~sale thereof. In connection w~ta tbs sale of
<br /> , the City M~nager is authorized to exeeu=e on
<br /> 7. ~of~t~e'City and to deliver to the Underwriters a Bond
<br />.~Pufcha~ e ~{g~e~ement setting forth the terms and conditions
<br />~upon W~hich ~he Bends shall be sold to the Underwriters.
<br />~A~y~i~g ~ereih ~o the contrary notwiths~anding, no Bonds
<br />~St~il..~ issuecl and sold to provide for the refunding in
<br />]~adganc~' o~ ~heir'stated maturities ~he 1975 Refunded Port
<br /> imprc ,v~mest Bosd,~ unless, as required by Section ]{c) of the
<br />~fore?-~tion~ed resolution adopted by the State Council on
<br />~Ma~ch ~7, 1987, at the time of the sale thereof such Bonds
<br />~q~a,~if~ as refunding bonds i,ssued to accomplish~.T A
<br />~!~{31~ng meet~n~ the criteria of Pa~t II.A. of %heype
<br />
<br />
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