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W~FREAS, pursuant to ssid Notice of Sale the following proposals for the purchase of the Bonds were received, each accompanied by a ~ified or bank chashier's check for $200,000. payable to the order of the City: Name of Bidder Premi~ Offered Net Interest Cost $ % citibank O 5.O611 Merrill Lynch O 5.153711 Chase Manhattan 200. 5.0349 Lehman Brothers 205. 5.155394 Bache Halsey 240. 5.0830 First National Exchange Bank 4O. 5.0966 Northern Trust Company O 5.072734 Continental Bank 120. 5.04438 NOW THEREFORE, BE IT PdESOLVED by the Council of the City of Ports- mouth, Virginia: 1. After due consideration of all the proposals listed above, this Council hereby finds and determines that (a) Chase Manhattan Bank (the "Purchaser") is a responsible bidder, (b) of the proposals received for the purchase of the Ron~s the proposal of the Purchaser is the offer to purchase the Bonds at the lowest interest cost to the City, cuL~ated in accordance with said Notice of Sale, (c) said prcposa! is the best proposal received for the purchase of the Bonds, (d) said proposal is /n conformity with said Notice of Sale and (e) said proposal should be accepted. 2. There hereby is accepted the proposal of the Purchaser to pur- chase the Bonds at a price of par ($10,000,000.) plus a premium of Two Hundred Dollars ($200.OO) and accrued info,rest frc~ t~ date of the Bonds to bear interest at the interest rates set forth in Section 3 hereof. All o~d~er proposals received as aforesaid for t/~ purchase of the Bonds shall be and ~hereby-are rejected. 3. The Bonds sb~ll be dated as of November !, 1977; the General Obligation Bonds ~!]t mature serially in numerical order $350,0CO. principal ~qt of _~onds on January 1 in each of the years 1979 to 1998, both inclusive; ~he Public Utility Bonds shall mature serially in n%~aerical order $!50,000. principal amount of Bonds on J~.uary 1 in each of the years 1979 to 1998, both inclusive; and the Bonds maturing in each such year shall bear interest at the rate per annum set forth opposite sudn year as follows: