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228
<br />
<br />March 24, 1987
<br />
<br />WHEREAS, the City has hereto fore issued $5,000,000 of its
<br />~ublic Utility Bonds, dated July 1, 1980 and maturing on July 1 in
<br />each of the years 1981 to 2000, both inclusive, which are outstand-
<br />ing on the date hereQf in the principal amount of $3,500,000 (the
<br />"1980 Public Utility.Bends"); and
<br />
<br /> WHEREAS, the City has hereto fore issued $22,000,000 of its
<br />Public Improvement Bonds, dated December 1, 1982 and maturing on
<br />December 1 in each of the years 1983 to 2002, both inclusive, which
<br />are outstanding on the date hereof in the principal amount of
<br />$17,600,000 (the "1982 Public Improvement Bonds ")~ and
<br />
<br />WHEREAS, the City has heretofor~ issued $8,~00,000 of its
<br />Public Utility Bonds, dated December 1, 1982 and maturing on Decembc
<br /> in each of the years 1983 to 2002, both inclusive, which are out-
<br /> g on the date hereof in the principal amount of $6,400,000
<br /> 'the"1982 Public Utility Bonds"); and
<br />
<br />WHEREAS, the City has heretofore issued $20,150,000 of its
<br /> Improvment Bonds, dated November 1, 1985 and maturing on
<br /> r 1 in each of the years 1986 to 2005, both inclusive, which
<br /> are outstanding on the date hereof in the principal amount of
<br /> $19,145,000 [the"1985 Public Improvement Bonds"); and
<br />
<br /> WHEREAS, the City has heretofore issued $9,850,000 6f its Publ
<br />Jtility Bonds, Series 1985, dated November 1, 1985 and maturing on
<br />~ovember 1 in each of the years 1986 to 2005, both inclusive, which
<br />are outstanding on the date hereof in the principal amount of
<br />$9,355,000 (the "1985 Public Utility Bonds"); and
<br />
<br /> WHEREAS, the Council of the City (the"Council") desires to
<br />authorize the City Manager, the Director of Finance and other offi-
<br />zials and employees of the City to take appropriate action with
<br />respect to the issuance of one or more issues of refunding bonds of
<br />the City (the "Refunding Bonds'') for the purpose of providing moneys
<br />~o refund all or a portion of the 1975 Port Improvement Bonds, the
<br />1980 Public Improvement Bonds, the 1980 Public Utility Bonds, the
<br />1982 Public Improvement Bonds, the 1982 Public Utility Bonds, the
<br />1985 Public Improvement Bonds, and the 1985 Public Utility Bonds
<br /> referred To hereinafter collectively as the "Refunded Bonds"),
<br /> g the preparation and submission of a Plan of Refunding (thc
<br />'Plan of Refunding") to the State Council on Local Debt (the "State
<br />~ouncil") in order to obtain the approval of the State Council of
<br />~he issuance of the Refunding Bonds as required by Section 15.1-193
<br />)f the Code of Virginia, 1950; and
<br />
<br /> WHEREAS, the Council further desires to authorize the City
<br />~anager, the Director of Finance and other officials and employees
<br />)f the City to take appropriate action with respect to the ~ssuance
<br />and sale of $7,135,000 principal amount of general obligation Public
<br />Improvemen~ Bonds heretofore authorized by resolutions adopted by
<br />~his Council but unissued as of the date hereof (referred to herein-
<br />after as the "1987 Public Improvement Bonds"); and
<br />
<br /> WHEREAS, the Council further desires to authorize~the City
<br />~anager, the Director of Finance and other officials and employees
<br />~f the City to take action with respect to the issuance and sale of
<br />~he $9,750,000 principal amount of the Public Utility Bonds approved
<br />~y the voters of the City a~ an election held on November 6, 1984
<br />'referred to hereinafter as the "1987 Public Utility Bonds"); and
<br />
<br /> WHEREAS, the Council desires to authorize the City Manager, the
<br />~irector of Finance and other officials and employees of the City
<br />~o initiate the preparation of a preliminary official statement and
<br />an official statement relating to the Refunding Bonds, the 1987
<br />Public Improvement Bcnds and the 1987 Public Utility Bonds.
<br />
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