Laserfiche WebLink
68 <br /> <br />A RESOLUTION ACCEPTING A PROPOSAL TO PURCF~ASE TEN MILLION <br />DOLLARS ($10,000,000.) PRINCIPAL A~4OUq~T OF GENERAL OBLIGATION <br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FIXING THE RATES <br />OF INTEREST TO BE BORNE BY SAID BONDS, APPROVING AND AUTHOR- <br />IZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT _RELATING <br />TO SAID BONDS, AUTHORIZING THE EXECUTION OF A CERTIFICATE <br />RELATING TO SAID OFFICIAL STATEMENT AND RATIFYING CERTAIN <br />ACTS IN CONt~ECTION WITH THE SALE OF SAID BONDS. <br /> <br /> WHEREAS, by a resolution adopted by this Council <br />on July 13, 1976 entitled "A RESOLUTION AUTHORIZING THE <br />ISSUANCE OF TEN MILLION DOLLARS ($10,000~O00.) PRINCIPAL <br />~40UNT OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTS- <br />MOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY <br />THE COST OF VARIOUS PUBLIC IM3ROVEMENT PROJECTS OF SAID <br />CITY, FIXING THE FO~,~ OF SAID BONDS AND PROVIDING FOR THE <br />SALE OF SAID BONDS", this Council authorized the issuance <br />of ten million dollars ($10,000,000.) princmpat amount of <br />General Obligation Bonds (the "Bonds") of the City of <br />Portsmouth, Virginia (the "City"), and authorized the City <br />Manager of the City to publish and distribute a Notice of <br />Sale relating thereto; and <br /> <br /> WHEREAS, pursuant to said resolution the said City <br />Manager caused to be published on July 21, 1976, in Norfolk <br />Virginian-Pilot, a newspaper of general circulation in the <br />City, and in The Daily Bond Buyer, a financial newspaper <br />published in hhe City of ~ew York, New York, a Notice of Sale <br />of the Bonds, which Notice of Sale provided that sealed <br />proposals for the purchase of the Bonds would b~ received <br />at the office of the said City Manager at twelve o'clock, <br />noon, Virginia time, on July 29, 1976; and <br /> <br /> WHEREAS, pursuant to said Notice of Sale the <br />following proposals for the purchase of the Bonds were <br />received, each accompanied by a certified or bank cashier's <br />check for $200,000. payable to the order of the City: <br /> <br />Name of Bidder <br /> <br />Premium Offered <br /> <br />Net Interest Cost <br /> <br />Lehman Brothers, Inc. $1360.O0 5.55180 <br />Bankers Trust Company <br />& Assoc. 2810.00 5.5537 <br />The Northern Trust <br />Co. 101.00 5.5651419 <br />First National Exchange <br />Bank & Assoc. 1100.00 5.5713 <br />Chase Manhattan Bank, <br />N.A. !00.00 5.6401 <br />First National City Bank 0 5.6495 <br />Bache Halsey Stuart, Inc. 2600.00 5.7499 <br /> <br /> <br />