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48
<br />
<br />A RESOLUTION ACCEPTING A PROPOSAL TO PURCHASE SEVEN MILLION
<br />DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />PUBLIC IMPROVEMENT BONDS AND FIVE MILLION DOLLARS ($5,000,000)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS
<br />OF THE CITY OF PORTSMOUTB, VIRGINIA, FIXING THE RATES OF
<br />INTEREST TO BE BORNE BY SAID BONDS, APPROVING AND AUTHORIZING
<br />THE DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SAID
<br />BONDS, AUTHORIZING TEE EXECUTION OF A CERTIFICATE RELATING
<br />TO SAID OFFICIAL STATEMENT AND RATIFYING CERTAIN ACTS IN
<br />CONNECTION WITH TEE SALE OF SAID BONDS.
<br />
<br /> WXqEREAS, by a resolution adopted by this Council on Hay
<br />27, 1980, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />SEVEN MILLION DOLLARS ($7,000,000) PRINCIPAL A~4OUNT OF
<br />GENEP~L OBLIGATION PUBLIC IMPROVE~CENT BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO
<br />PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF SAID
<br />CITY, FIXING THE FORM OF SAID BONDS AND PROVIDING FOR THE
<br />SALE OF SAID BONDS", this Council authorized the issuance of
<br />seven million dollars ($7,000,000) principal amount of General
<br />Obligation Public Improvement Bonds (the "Public Improvement
<br />Bonds") of the City of Portsmouth, Virginia (the "City");
<br />
<br /> WHEREAS, by a resolution adopted by this Council on May
<br />27~ 1980, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF
<br />FIVE MILLION DOLL~S ($5,000,000) PRINCIPAL k~OUNT OF GENERAL
<br />OBLIGATION PUBLIC UTILITY BONDS OF THE CITY ~.OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL I~ROV~4ENTS,
<br />EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTE~f OF
<br />SAID CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF
<br />THE CONSTITUTION OF VIRGINIA, FIXING THE FORM OF SAID BONDS
<br />AND PROVIDING FOR THE SALE OF SAID BONDS", this Council
<br />authorized the issuance of five million dollars ($5~000,000)
<br />principal amount of General Obligation Public Utility Bonds
<br />(the "Public Utility Bonds") of the City;
<br />
<br /> WHEREAS, each of said resolutions authorized the City
<br />Manager of the City to publish and distribute a Notice of
<br />Sale relating to both the Public Improvement Bonds and the
<br />Public Utility Bonds (collectively, the "Bonds");
<br />
<br /> WHEREAS, pursuant to said resolutions the said City
<br />Manager caused to be published on June 9r 1980, in the
<br />Virginian Pilot, a newspaper of general circulation in the
<br />City, and on June 5, 1980 in The Daily Bond Buyer, a financial
<br />newspaper published in the City of New York, New York, a
<br />Notice of Sale of the Bonds, which Notice of Sale provided
<br />that sealed proposals for the purchase of the Bonds would be
<br />received at the office of the said City Manager at twelve
<br />o'clock, Noon, Virginia time, on'June 17, 1980; and
<br />
<br />
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