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107
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<br />A RESOLL~ION AC~:~;~TING A PROPOSAL TO PURCHASE SEVEN M/I,T,TCN DOLLARS
<br />($7,000,000.] PRIB~]]?AL AMOUNT OF G~XIF~AL OBLIGATION ~CINDS AND THREE
<br />M/T,T,T(kN DOLT.ARS ($3,000,O00.) PI~I~C]]?AL AMOUNT OF PUBLIC UTTT,TTY BOtqDS
<br />OF THE CITY OF IK)RTSMDUTH, VIRGINIA, FIXING THE RATES OF INT~IEST TO BE
<br />BORNE BY SAID BONDS, APPROVING AND AUTHORIZING ~ DISTR!BUTIfIN OF AN
<br />OFFICIAL STATEMENT P~ATING TO SAID RONDS, AUTHORIZING THE EXECUTION OF
<br />A ~CATE RELATING TO SkID OFFICIAL STATEMEN~ AND RATIFYING CERTAI~
<br />ACTS IN CONNECTION WITH THE SALE OF SAID BC~DS.
<br />
<br /> WHEREAS, by a resolution adopted by this Council on September 27,
<br />1977 entitled "A RESOLUTIC~ AUTHORIZING THE ISStia_NCE OF SEVEN M/I,I,TON
<br />DOT,T~,_RS ($7,000,000.) PRINCIPAL AS~2ilqT OF GENERAL OBI~IGATION BONDS OF
<br />THE CITY OF PORTS~X~UII{, ~RGINIA, FOR THE P~ OF PROVIDING FUN~S TO
<br />PAY THE COST OF VAP~OUS PUSLIC !MP~ PROJECTS OF SAID CITY, FIXING
<br />THE FORM OF SAID BONDS AND PROVIDING FOR 5~E SALE OF SAID BONDS", ~
<br />Council authorized the issuance of seven million dollars ($7 ,O00,O00.)
<br />principal amount of General Obligation Bonds (the "General Obligation
<br />Bonds") of the City of Portsmouth, Virginia (the "City");
<br />
<br /> WHEREAS, by a resolution adopted by this Council on Septemf0er 27,
<br />1977 entitled "A RESOLL~f!ON AUTHORIZING THE ISS~I~NCE OF THREE M/T,LTON
<br />DOT,TARS ($3,O00,000.) PRII~CIPAL AMOUNT OF PUBLIC UT/T,TTY BONDS OF
<br />CITY OF PORTSY/]OTH, VIRGINIA, FOR THE PURPOSE OF MAKING CAPITAL IMPROVE-
<br />MENTS, EX'±~NSIONS AND ADDITIONS TO THE $~A't~ AND SEW~ SYST~/~ OF SAID
<br />CITY ~ TO ARTICLE VII, SECTION lO(a) (2), OF THE CONSTITUTION OF
<br />VIRGINIA, FIXLNG THE FOi%M OF SAID BONDS AND PFfArfDING FOR %/{E SALE OF
<br />SAID RONDS", this Council authorized the issuance Qf three million
<br />dollars ($3,000,000.) principal amount of Public Utility Bonds (the
<br />"Public Utility BOnds") of the City;
<br />
<br /> WHEREAS, each of said resolutions authorized the City Manager of
<br />the Ci~; to publish and distribute a Notice of Sale relating to both the
<br />C~neral Obligation Bonds and ~he Public Utility Bonds (collectively, the
<br />"Bonds");
<br />
<br /> WHEREAS, pursuant to said resolutions the said City Manager caused
<br />to be published on October 19, 1977, in the Virginian-Pilot, a newspaper
<br />of general circulation in ~-he City, and in The Daily Bond Buyer, a
<br />financial newspape/~ published in the City of New York, New York, a
<br />Notice of Sale of ~he Bonds, which Notice of Sale provided that sealed
<br />proposals for the purc~hase of the Bonds would be received at the office
<br />of the said Cit~~ M~ger at twelve o'clock, noon, Virginia tir~, on
<br />October 27, 1977; and
<br />
<br />
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