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PUBLIC UTILITY BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS", this Council authorized the issuance of $22,900,000.00 principal amount of General Obligation Public Utility Bonds the "Public Utility Bonds") of the City. The issuance of the Public Utility Bonds was thereafter approved by a majority of the qualified voters of the City voting at an election held in the City on November 8, 1994. (c) In the judgment of the Council it is necessary and expedient to issue and sell General Obligation Bonds of the City in an aggregate principal amount of $53,000,000.00 consisting of $40,000,000.00 principal amount General Obligation Public Improvemenn Bonds and $13,000,000.00 principal amount General Obligation Public Utility Bonds. (d) The City Manager caused a Summary Notice of Sale (the "Summary Notice of Sale") of both the Public Improvement Bonds and the Public Utility Bonds (collectively, the "Bonds"), to be published on January 16, 1996, in The Bond Buyer, a financial journal published in the City of New York, New York, and caused a Preliminary Official Statement of the City relating to the Bonds, dated January 16, 1996 (the "Preliminary Official-Statement"), a Detailed Notice of Sale of the Bonds, dated January 16, 1996 (the "Detailed Notice of Sale"), and an Official Proposal Form relating to the Bonds (the "Official Proposal Form"), to be prepared and distributed to prospective purchasers of the Bonds. (e) The Summary Notice of Sale and the Detailed Notice of Sale provided that sealed proposals for the purchase of the Bonds would be received by or on behalf of the City, at the office of the City Manager until 11:30 A.M., Eastern Standard Time, on Tuesday, January 30, 1996, at which time and place all proposals would be publicly opened. (f) Pursuant to the Detailed Notice of Sale, seven proposals for the purchase of the Bonds were received by the City, each accompanied by a certified or bank treasurer's or cashier's check in the amount of $530,000.00 (or, in lieu thereof, a Surety Bond as described in the Detailed Notice of Sale) payable to the order of the City of Portsmouth, Virginia. The names of the bidders submitting each such proposal, the purchase price for the Bonds specified in each such proposal and the true interest cost to the City resulting from each such proposal are as follows: 2