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interest at the interest rates set forth in Section 4 hereof, <br />hereby accepted and the Bonds are hereby awarded to the <br />Purchaser. <br /> <br />is <br /> <br /> SECTION 3. Good Faith Checks. The good faith checks <br />of the unsuccessful bidders shall be returned forthwith. The <br />good faith check of the Purchaser will be deposited by the City <br />and the proceeds thereof credited against the purchase price due <br />for the Bonds upon their delivery or retained as and for <br />liquidated damages in the case the Purchaser fails to accept <br />delivery of and pay for the Bonds in accordance with the <br />Proposal. <br /> <br /> SECTION 4. Approval of the Details of the Bonds. The <br />details of the Bonds set forth in the Detailed Notice of Sale are <br />hereby ratified, approved and confirmed. In accordance with the <br />provisions of the resolutions referred to in Section l(a) and (b) <br />hereof, the Detailed Notice of Sale and the Proposal, the Bonds <br />shall be designated and known as the "City of Portsmouth, <br />Virginia, General Obligation Public Improvement Bonds, Series <br />1991" and "City of Portsmouth, Virginia, General Obligation <br />Public Utility Bonds, Series 1991" respectively. The Bonds shall <br />be dated January 1, 1991; shall be numbered from No. PIR-1 <br />upwards in order of issuance in the case of the Public <br />Improvement Bonds and from No. PUR-1 upwards in order of issuance <br />in the case of the Public Utility Bonds; shall be issued in fully <br />registered form in the denomination of $5,000 each or any <br />integral multiple thereof; and shall bear interest payable on <br />August 1, 1991 and semiannually on each February 1 and August 1 <br />thereafter. <br /> <br /> The Public Improvement Bonds shall mature on August 1 <br />in each of the years 1992 to 2011, both inclusive, in the <br />principal amounts set forth opposite each such year below, with <br />the Bonds maturing in each such year bearing interest at the rate <br />per annum se~ forth opposite such year, as follows: <br /> <br /> Principal Interest Principal Interest <br />Year Amount Rate Year Amount Rate <br /> <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br /> <br />$1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br />1,750 000 <br /> <br />8.10% 2002 $1,750,000 6.60% <br />8.10 2003 1,750,000 6.70 <br />8.10 2004 1,750,000 6.75 <br />8.10 2005 1,750,000 6.80 <br />8.10 2006 1,750,000 6.80 <br />7.70 2007 1,750,000 6.80 <br />6.20 2008 1,750,000 6.80 <br />6.30 2009 1,750,000 6.80 <br />6.40 2010 1,750,000 6.80 <br />6.50 2011 1,750~000 6.80 <br /> <br /> <br />