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A RESOLUTION TO APPROVE THE SALE OF EIGHT MTT,T.ION DOT,L/hRS OF GENNERAL oBLIGATION BONDS AS PROVIDED R~ A RESOLLW~ION ADOPTED BY THE CITY COUNCIL ON MARCH ll, 1969, AND FIYJi%G THE RATE OF ~ST FOR SAID BONDS. WP~REAS, the City M~nager of the City of Portsmouth has duly advertised for and received proposals fora the purchase of Eight Million Dollars of General Obligation Bonds authorized by a resolution adoPted by the City Council on Marc~h ll, 1969, and Morgan Guaranty Trust Company of New York has submitted tne best offer f°r the purchase Of said bo~ds, and the City M~nager 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 Eight 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 ~%%rch il, 1969, to Morgan Guaranty Trust Company of New York in accordance with the terms of the bid submitted, the bonds to bear interest at the following rates: The bonds becoming due on June 1, 1970, 1971, 1972~ 1973, 1974, 1975, 1976, 1977, 1978 and 1979, to bear interest at the rate of six (6) per centumper annum; The bonds becmv~due on June 1, 1980, to bear interest at the rate of five and one-half (5 1/2) per centum per annum; ~he bonds becoming due on June 1, 1981, 1982, 1983,1984, and 1985, to bear interest at the rate of five and twenty-hundredths (5.20) per centumperar~mm; - The bonds becoming due on June 1, 1986, 1987, and 1988, to bear interest at the rate of five and thirty-hundredths (5.30) per centum per The bonds becoming due on June 1, 1989, 1990, 1991 and 1992, to bear interest at the rate of five and forty-hundredths (5.40) per centum per annum; The bonds becoming due on June 1, 1993 and 1994, to bear inter- est at the rate of four (4) per centum per ar~num; be and the same. hereby are approved.