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200 <br />R-96-1 <br /> <br />A RESOLUTION AUTHORIZING THE EXTENSION OF THE MATURITY OF <br />$5,000,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES, <br />DATED JUNE 28, 1995. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia (the "City"), on <br />June 28, 1995 issued $5,000,000.00 principal amount of General <br />Obligation Public Improvement Bond Anticipation Notes, dated <br />June 28, 1995 (the "Notes"), bearing interest payable at <br />maturity at the rate of 4.12% per annum and with a stated <br />maturity of January 15, 1996; and <br /> <br /> WHEREAS, the City desires to extend the maturity of the <br />Notes to February 26, 1996 and Crestar Bank, as registered <br />owner of the Notes, is willing to agree to such extension of <br />the maturity of the Notes with interest for the period of such <br />extension at the rate of 4.12% per annum, such interest to be <br />payable on February 26, 1996. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the extension of the maturity of <br />the Notes from January 15, 1996 to February 26, 1996 is hereby <br />approved, ratified and confirmed, with the Notes to bear <br />interest for the period of such extension at the rate of 4.12% <br />per annum, such interest to be payable on February 26, 1996. <br /> <br /> Adopted by the council of the City of Portsmouth, <br />Virginia, at a meeting held on January 9, 1995. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />