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A RESOLUTION TO CO~FIRM AND RATIFY THE ISSUANCE 'OF $tl0,000.D0 OF GENERAL OBLIGATION NOTES FOR THE PURCHASE OF TP~ HEDGEROW WATER CORPORATION PURSUANT TO THE TERMS OF AN AGREEMENT BE- TWEEN R. L. M~GETT~, AND THE CITY OF PORTSMOUTH DATED JAN- UAHY~8, 1971. - ~ WHEREAS, by the terms efta Certain agreement betwee~ R~ Li Mage~te, and the City of Portsmouth,.Virginia, dated r January 8, 1971, the said R. L. Magette agreed to sell and the -City of Portsmouth agreed to purchase the Hedgerow Water Cor- poration for the ~um of $154,300.00; and %~EREAS, by the terms of the a_oresamd, agreemeno, the purchase price was to be paid by $44,300.00 in cash and the balance in notes; and I,~LF~REAS, it is necessary to confirm and ratify the issuance of $110:000.00 of General Obligation Notes of the City of Portsmouth. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Poro~mouoh: Virginia: 1. The issuance of $110,000.0D of General Obligation Notes of the City of Portsmouth tO R. L. Magette, pursuant to' the terms of a certain agreement between the said R. L. Magette and the City of Portsmouth, dated January 8, 1971, for the purchase of the Hedgerow Water Corporation, is hereby confirmed and ratified, the said notes dated January 8, 1971, of the denomi- nation of $22,000.~0 each~ bearing intere~st payable semi-annually d each January 2 an July 2 at th~ rate of 5 1/4 per cen~um per annum: maturing serially one note at a time on January 2 in = ~ of the years 1972 to 1976 inclusi%~e'and being substantially in the following form: Portsmouth ~. Virginia January 8, ~.,t $22~000~00 One year from date~ the City of Portsmouth promises to pay to the order of R. Lo Magette~ negotiable and payable without offset~ at the main ba~k~g ...... Bank, in said City of Portsmouth~ ~enty-two Thcusand Dollars ~$22~000.00) for value received~ with interest at the rate of five and 6-ne-quarter (5 If4) per centum per amnum, payable