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WHEREAS, each of such resolutions authorized the City Manager of the City to publish and distribute a Notice of Sale relating to both the Public Improvement Bonds and the Public Utility Bonds (collectively, the "Bonds"); WHEREAS, pursuant to such resolutions the City Manager caused to be published on October 21, 1985, in The Virginian Pilot, a newspaper of general circulation in the City, and on October 21, 1985 in The Bond Buyer,a financial newspaper published in the City of New York, New York, a Notice of Sale of the Bonds (the "Notice of Sale"), which Notice of Sale provided that sealed proposals for the purchase of the Bonds would be received at the office of the City Manager until twelve o'clock noon, Virginia time, on October 29, 1985; and WHEREAS, pursuant to the Notice of Sale the following proposals for the purchase of the Bonds were received, each accompanied by a certified or bank cashier's check for $600,000 payable to the order of the City: Name of Premium Net Interest Bidder Offered Cost Chase Manhattan Capital Market Corporation & Assoc. $],215.00 8.028186% The Northern Trust Company 1,725.00 8.130881% Morgan Guaranty Tbust Company of New York 2,445.00 8.148271% Paine Weber, Inc. 17,415.00 8.152805% Continental Illinois National Bank 480.00 8.194848% Merrill Lynch Capital Markets 10,995.00 8.299724% NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. After due consideration of all proposals listed above, this Council hereby finds and determines that (a) Chase Manhattan Capital Market Corporation & Assoc. (the "Purchaser") is a responsible bidder, (b) of the proposals received for the purchase of the Bonds the proposal of the Purchaser is the offer to purchase the