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A RESOLUTION TO APPROVE THE SALE OF FIVE MILLION DOLLARS OF GENERAL OBLIGATION BONDS AS PROVIDED IN A RESOLUTION ADOPTED BY THE CITY COUNCIL ON AUGUST 24, 1971, AND FIXING THE RATE OF INTEREST FOR SAID BONDS. WHEREAS, the City Manager of the City of Portsmouth had duly advertised for and recelved proposals for the purchase of Five Million Dollars of General Obligation Bonds authorized by a resolution adopted by the City Council on August 24, 1971, and The Bank of Virginia has submitted the best offer for the purchase of said bonds, and the City Manager has recommended that the said offer be approved. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the sale of Five Million Dollars of General Obligation Bonds of the City of Portsmouth, Virginia, authorized by a resolution adopted by the Council of the City of Portsmouth, Virginia, on August 24, 1971, to The Bank .... of Virginia l~ accord- ance with the terms of the bid submitted, the bonds to bear in- terest at the following rates: The bonds becoming due on October 1, 1972, 1975, 1976, 1977, 1978, 1979, 1980 and 1981, to bear the rate of 5.25 per centum per annum; 19~3, 1974, interest at The bonds becoming due on October 1, 1982, to bear in- terest at the rate of 4.65 per centum per annum; The bonds becoming due on October 1, 1983, to bear terest at the rate of 4.75 per cen~um per annum; The bonds becoming due on October 1, 1984 terest at the rate of 4.85 per centum per annum; to bear The bonds becoming due on October 1, 1985, to bear in- teres~ at the rate of 4.95 per centum per annum; The bonds becoming due on October 1, 1986 to bear in- terest at the rate of 5.00 per centum per annum; The bonds becoming due on October 1, 1987 to bear in- terest at the rate of 5.05 per centum per annum; The bonds becoming due on October 1, 1988 1989 ~nd 1990, to bear interest at the rate of 5.10 per centum per annum; The bonds becoming due on October 1~ 1991 to bear in-