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NOW THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. After due consideration of all of the proposals listed above, this Council hereby finds and determines~that (a) Lehman Brothers, !nc. (the "Purchaser") is a responsible bidder, (b) of the pzoposals received for the purchase of the Bonds the proposal of the Purchaser ms the offer to purchase the Bonds at'the 'lowest interest cost to the City~ computed mn accordance with said Notice of Sale, (c) said proposal is the best proposal re- ceived for ~he purchase of the Bonds, (d) said proposal is in conformity with said Notice of Sale and (e~ said proposal should be accepted. 2. There hereby ms accepted the proposal of the Purchaser to purchase the Bonds at a price of par ($10,0OO,O00.) plus a premium of One Thousand Three Hundred Sixty and No/lO0 Dollars ($1,360.00) 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 Section 3 hereof. All other proposals received as aforesaid for the purchase of the Bonds shall be and hereby are rejected- 3. The Bonds shall be dated as of August 1, 1976, and shall mature serially in numerical order $500,000. prin- cipal amount of Bonds on August 1 in each of the years 1977 to 1996, both inclusive, the Bonds maturing in each year to bear interest at the rate per annum set forth opposite such year, to-wit: Principal Interest Principal Interest Year Amount Rate Year 1977 $ 500,000 6.50% 1987 1978 500,000 6.50% 1988 1979 500,000 6.50% 1989 1980 500,O00 6.50% 1990 1981 500,000 6.50% 1991 1982 500,000 6.50% 1992 1983 500,000 6.50% 1993 1984 500~O00 6.30% 1994 1985 500,000 5.10% 1995 1986 500,000 5.20% 1996 $500~O00 5OO~000 5OO O00 500 OO0 500 OOO 500 OO0 500 O00 500 O00 500 000 50O OOO 5.30% 5.40'% 5.50% 5.60% 5.75% 5.80% 5.90% 6.00% 4~50% 4.50%