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WHEREAS, pursuant to said No%ice of Sale the following proposals for the purchase of the Bonds were received, each accompanied by a c~rtified or bank cashier's check for $240,000 payable to the order of the City: Name of Bidder The First National Bank of Chicago Premium Offered Net Interes~ Cost $ % 288.00 6.4307 The Northern Trust Company 0 6.436190 Morgan Guaranty Trust Company of New York 30.00 6.5099 The Chase Manhattan Bank, N.A. 1,422.00 6.5231 Letu~an Brothers Kuhn Loeb, Inc. 1,872.00 6.553276 Bache, Halsey, Stuart Shields, Inc. 1,644.00 6.5546 citibank, N.A.~ Chemical Bank 0 6.5666 Merrill, Lynch, White, ~ Weld Capital Markets Group 0 6.578095 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. After due consideration of all the pro~osals listed above, this Council hereby finds and determines %hat (a) The First National Bank of Chicago and Associates (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 Bonds at the lowest interest cost to the City, computed in accordance with said Notice of Sale, (c) said proposal is the best proposal received for. the purchase of the Bonds, (d) said proposal is in conformity with said Notice of Sale and (e) said proposal shonld be accepted. 2. There hereby is acoepted the proposal of the Purchaser to purchase the Bonds at a price of par ($12,000;000) plus a premium of Two Hundred Eighty Eight and 00/100 Dollars ($288.00) 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 Sec%ion 3 hereof. All other proposals received as aforesaid'for the purchase of the Bonds shall be and hereby are rejected.