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A R~SOLTffION T0 CO~I_P~i ~ RATIFY ~E iSSU~CE OF $600,000.00 OF G~L OBLIGATION NOTES FOR THE PURCM~LSE OF ~ ~iRP2[FiELDS WATEH CO~.~Y, INCOR~OF~q?~ P~i~SU~i~ TO TH~ TEP~S OF AN AG.RE~.N~ PAUL P. ~RRITi~, JR., ~d~ Tk~ CITY_ OF POHTS%[OUT~ DAY-mD J_~2~ARY 29 ~ ~1970. ~K~REAS~ by the terms of a certain agreement between Paul P. Merritt, Jr., and the City~ Ports=outh~ Virginia, dated Janua_~ 29, 1970, the said Paul ~. Me~ritt, Jr. agreed to sell and the City of Portsmouth a_greed to purchase the Mers~ifields Water Co~.nspany, Incorporated for the s~am of $645~000.00; and ~X~EA~'s, by the terms of the aforesaid agreemmat, the purchase price was to be paid by $45~000.00 in cash and th$ balance in notes~ ~nd WP~v~LS, it is necessary to conf~-r~and ratify the issu~ amce of $600~000.00 of Gene~al Obligation ~tes of the City of p ~ ort~mouth. NOW, THEREFORE~ BE IT RESOL\~LD by the Council of the City of Portsmouth~ ~mrg~n~a. 1. ~]n_e issuance o~ $600~000.00 of_General Obligation Notes of the City of Portsmouth to Paul P. Merritt, S~. ~ p~m~suant to the terms of a certain agreement between-the said Paul P. Merritt~ Jr. an~ the City of Portsmouth~ dated Js~auary 29, 1970~ for the p~_rcbmse of the Merrifields Water Co,~pa~z~ Incorporated~ is hereby confirmed and ratified~ the said notes dated February 1, 1970, of the deno~v~Q- nation of $50~000.00 each~ bearimg interest payable sers~-ammually each Fcbru~ 1 ~-nd ~:u~ust i at the rate of 5 1/4 per centrum per n-~ ~.turing serially one note at a ti~e on February 1 in each of the years 1971 to 1982 inclusive a.~_ beim~ substsmtiaily in the foll~,~ng Portsmouth ~ Virginia Februa_~? 1~ 1970 $50,000.00 ~se yea~~ from date~ the City of Portsmouth promises tc pay to the order of Paul P. Merritt~. Jr.~ negotigo!e amd p~x, able without offset~ at the ~.in b~ o~ices of Merct~s~ts ~nd F~raers ~ in said City of Portsmouth~ Fifty ~ous~ad Dolls_rs ($50~0C9~00) for ~-a!ue reeeiveS.~ with interest at the rate of f~ve and one-qu~e~ (5 1/4)