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Year of Interest Year of Interest <br />Maturity Rate ~4aturity Rate <br /> <br />1980 4.30% 1990 5.00% <br />1981 4.40% 1991 4.00% <br />1982 4.50% 1992 4.00% <br /> <br /> Both principal of and interest on each of said issues <br />of bonds shall be payable in lawful currency of the United States <br />of America at the prlncipa! office of The Chase ~anhattan Bank <br />(National Association), in the City of New York, New York. <br /> <br /> SECTION 3. The action of the City Manager in causing <br />the aforesaid bonds to be offered for sale having the date, <br />interest payment dates, numbers, denominations and maturity <br />dates as set forth above and the form and provisions of the <br />Notice of Sale of said bonds as published and circulated by <br />the City Manager and such publication and circulation are hereby <br />ratified, confirmed and approved. <br /> <br /> SECTION 4. No use of the proceeds of the sale of the <br />aforesaid bonds shall be made which, if such use had been reason- <br />ably expected on the date of issue of said bonds, would have <br />caused said bonds to be "arbitrage bonds", as defined in sub- <br />section (d) (2) of Section 103 of the U. S. internal Revenue <br />Code of 1954, subject to treatment under subsection (d) (1) of <br />said Section 103. The City shall comply with the requirements <br />of subsection (d) of Section 103 of said Internal Revenue Code <br />and the applicable regulations of the Internal Revenue Service <br />adopted thereunder, throughout the term of said bonds. The <br />provisions of this section shall be a covenant with the purchasers <br />of said bonds. <br /> <br /> SECTION 5. This resolution shall take effect from its <br />passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held October 19, 1972. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-3- <br /> <br /> <br />