|
-3-
<br />
<br />with the Bonds to bear interest at the interest rates set forth in Section 4 hereof, is hereby
<br />accepted and the Bonds are hereby awarded to the Purchaser.
<br />
<br /> SECTION 3. Good Faith Checks. The good faith checks of the unsuccessful
<br />bidders shall be returned forthwith. The good faith check of the Pumhaser will be-deposited
<br />by the City and the proceeds thereof credited against the purchase pr/ce due for the Bonds
<br />upon their delivery or retained as and for liquidated damages in the case the Purchaser fails
<br />to accept delivery of and pay for the Bonds in accordance with the Proposal.
<br />
<br /> SECTION 4. Approval of the Details of the Bonds. The details of the Bonds
<br />set forth in the Detailed Notice of Sale are hereby ratified, approved and confirmed. In
<br />accordance with the provisions of the resolutions referred to in Section l(a) and (b) hereof,
<br />the Detailed Notice of Sale and the Proposal the Bonds shall be designated and known as
<br />the "City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, Series
<br />1992" and "City of Portsmouth, Virginia, General Obligation Public Utility Bonds, Series
<br />1992" respectively. The Bonds shall be dated January 1, 1992; shall be numbered from No.
<br />PIR-1 upwards in order of issuance in the case of the Public Improvement Bonds and from
<br />No. PUR- 1 upwards in order of issuance in the case of the Public Utility Bonds; shall be
<br />issued in fully registered form in the denomination of $5.000 each or any integral multiple
<br />thereof; and shall bear interest payable on August 1, 1992 and semiannually on each
<br />February 1 and August 1 thereafter.
<br />
<br /> The Public Improvement Bonds shall mature on August 1 in each of the years
<br />1993 to 201~ both inclusive, in the principal amounts set forth opposite each such year
<br />below, with the Bonds maturing in each such year bearing interest at the rate per annum set
<br />forth opposite such year, as follows:
<br />
<br /> Principal Interest Principal Interest
<br />Year Amount Rhte Year Amount Rate
<br />
<br />1993 $1,150,000 5.50% 2003 $1,150,000 5.80 %
<br />1994 1,150,000 5.50 2004 1,150,000 5.90
<br />1995 1,150,000 5.50 2005 1,150,000 6.00
<br />1996 1,150,000 5.60 2006 1,150,000 6.125
<br />1997 1,150,000 5.60 2007 1,150,000 6.25
<br />1998 1,150,000 5.60 2008 1,150,000 6.30
<br />1999 1,150.000 5.60 2009 1,150,000 6.375
<br />2000 ' 1,150,000 5.60 2010 1,150,000 6.375
<br />2001 1,150,000 5.60 2011 1,150,000 6.375
<br />2002 1,150,000 5.70 2012 1,185,000 6.375
<br />
<br /> The Public Utility Bonds shall mature or become due and payable on August
<br />1 in each of the years 1993 to 2012, both inclusive, m the principal amounts set forth
<br />
<br />
<br />
|