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A RESOLUTION TO APPROVE THE SALE OF $4,508,000 GENERAL OBLIGATION
<br />BONDS OF TH~ CITY OF PORTSMOUTH, VIRGINIA, AS PROVIDED BY A RESO-
<br />LUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH ADOPTED ON OCTOBER
<br />23, 1973, AND $2,500,000 UTILITY BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AS AUTHORIZED BY AN ORDINANCE OF SAID CITY ADOPTED BY
<br />THE COUNCIL OF THE CITY OF PORTSMOUTH ON SEPTEMBER 15, 1971, WHICH
<br />WAS APPROVED BY THE ELECTORATE OF SAID CITY ON NOVEMBER 2, 1971,
<br />AND AS PROVIDED BY A RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH ADOPTED ON OCTOBER 23, 1973; FIXING THE RATE OF INTER-
<br />EST OF SAID BONDS; AND COVENANTING AS TO THE USE OF THE PROCEEDS
<br />THEREOF.
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia,
<br />authorized the issuance and sale of $4,500,000 GeneraI Obliqation
<br />Bonds (hereinafter referred to as the "General Obligation Bonds")
<br />of said City by a Resolution adopted on October 23, 1973; and
<br />
<br /> WHEREAS, the Council of the City of Portsmo.~%, Virginia,
<br />authorized $2,500,000 Utility Bonds (hereinafter referred to as
<br />the "utility Bonds") by an ordinance adopted by the City Council
<br />on September 15, 1971, which was approved by the electorate of
<br />said City on November 2, 1971, and the issuance and sale of said
<br />Utility Bonds is provided by a Resolution of the Council of the
<br />City of Portsmouth adopted on October 23, 1973; and
<br />
<br /> WHEREAS, the City Manager of the City of Portsmouth, Vir-
<br />ginia, has heretofore caused to be published and circulated a
<br />Notice of Sale for the purchase of $7.000,000 general obligation
<br />bonds of the City of Portsmouth, consisting of the aforesaid
<br />$4,500,000 General Obligation Bonds and $2,500,000 utility Bonds
<br />and First National Bank of Chicago has submitted the best offer
<br />for the purchase of said bonds, and the City Manager has recommend-
<br />ed that said offer be accepted.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia:
<br />
<br /> SECTION 1. There shall be, and hereby is, accepted the
<br />bid of First National Bank of Chicago for the purchase of $7,000,000
<br />general obligation bonds of the City of Portsmouth, consisting of
<br />the $4,500,000 General Obligation Bonds and the $2,500,000 utility
<br />Bonds, said bid being a bid of par plus a premium of $157.40
<br />and accrued interest from the date of said bonds to the date of de-
<br />livery of and payment thgreof for bonds of each issue as set forth
<br />in Section 2 hereof.
<br />
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