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59
<br />
<br />A RESOLUTION TO APPROVE THE SALE OF $5,000,000 GENERAL OBLi-
<br />GATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, AS PROVIDED
<br />BY A RESOLUTION THE COUNCIL OF THE CITY OF PORTSMOUTH ADOPTED
<br />ON SEPTEMBER 26, 1972 AND $3,O00,O00 UTILITY BONDS OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, AS AUTHORIZED BY AN ORDINANCE
<br />OF SAID CiTY ADOPTED BY THE COUNCIL OF THE CITY OF PORTSMOUTH
<br />ON SEPTE~.~ER 15, 1971, WHICH WAS APPROVED BY T~E ELECTORATE
<br />OF SAID CITY ON NOVE~BER 2, 1971, AND AS PROVIDED BY A RESO-
<br />LUTION OF THE COUNCIL OF THE CITY OF PORTS~OUTH ADOPTED ON
<br />SEPT~¢~ER 12, 1972; FIXING THE RATE OF INTEREST OF SAID BONDS:
<br />AND COVEN~uNTING AS TO THE'USE OF THE PROCEEDS THEREOF.
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Vir-
<br />ginia authorized the issuance and sale of $5,000,000 General
<br />Obligation Bonds (hereinafter referred to as the "General
<br />Obligation Bonds") of said City by a Resolution adopted on
<br />September 26, 1972; and
<br />
<br /> 5~EREAS, the Council of the City of Portsmouth, Vir-
<br />g~nza authorized $3,000,000 Utility Bonds (hereinafter referred
<br />to as the "Utility Bonds") by an ordinance adopted by the City
<br />Council on September 15, 1971, which was approved by the elec-
<br />torate of said City on November 2, 1971, and the issuance and
<br />sale of said Utility Bond is provided by a Resolution of the
<br />Council of the City of Portsmouth adopted on September 12,
<br />1972; and
<br />
<br /> WHEREAS, the City Manager of the City of Portsmouth,
<br />Virginia has heretofore caused to be published and circulated
<br />a Notice of Sale for the purchase of $8,000,000 general obli-
<br />gation bonds of the City of Portsmouth, consisting of the
<br />aforesaid $5,000,000 General Obligation Bonds and $3,000,000
<br />Utility Bonds and First National City Bank and Associates has
<br />submitted the best offer for the purchase of said bonds, and
<br />the City Manager has recommended that said offer be accepted.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the
<br />City of Portsmouth, Virginia:
<br />
<br /> SECTION 1. There shall be, and hereby is, accepted the
<br />bid of First National City Bank and Associates for the purchase of
<br />$8,000,000 general obligation bonds of the City of Portsmouth,
<br />consisting of the $5,000,000 General Obligation Bonds and the
<br />$3,0OO,0OO Utility Bonds, said bid being a bid of par plus a
<br />premi~ of $776.00 and accrued interest from the date of said
<br />bonds to the date of delivery of an~ payment thereof for bonds
<br />of each issue as set forth in Section 2 hereof.
<br />
<br />
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