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WHEREAS, pursuant to such resolutions the City Manager caused to be published on November 15, 1982, in The yirginian Pilot, a newspaper of general circulation in the City, and on November 15, 1982 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 November 23, 1982; 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 Bidder Premium O~e~ed Bankers T~ust C~?e~ny $ 14.75 Morgan Guew~nL~f T~ust C~any 3,360.00 Chase Manhat.kea~ Ba~_~ O Net Interest Cost 9.1997 % 9.2775 % 9.236904 % ~ ~_~REFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT~MOU_~, VIRGINIA: i. After due consideration of all proposals listed above~ this Council hereby finds and determines that (a) F~mn~kers T~t Ccr~oan¥ (the "Purchaser") ms 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 Bonds at the lowest net intereS~ cost to the City, computed in accordance with the Notice of Sale, (c) such proposal is the best proposal received for the purchase of the Bonds, (d) such proposal is in conformity wit~ such Notice of Sale and (e) such proposal should be accepted. 2. There hereby is accepted the proposal of the Purchaser to purchase the Bonds at a price of par ($30~00Q,000) plus a premium of Four'teen Dollars and Seventy Five C~ts Dollars {~4.75 ) and accrued interest from the date of the Bonds to the date of the payment in full of the purchase price thereof, the Bonds to bear interest at the interest rates set forth in Section 3. Ail other proposals received as aforesaid for the purchase of the Bonds shall be and hereby are rejected.