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RESOIiJI~ON TO ~PROVE ~ SALE OF EIGHT YWLLION DOLL~q~ OF BO~D /~,~I- CIPATION N~fES PROVIDED IN A PF~SOLUTION ADO~IWmD BY THE. CITY COUNCIL ON 28, 1~68 ~lqD FIXIJ~G %~r~ RA~ OF I~_~EF~ST FOR SAID NOTES. ~.~gP~REAS~ the City Manager of the City of Portsmouth .has received proposals for the purchase of Eight [~tillion Dollars of Bond Anticipation Notes authorized by a resolution adopted b~ the City Council on ~y 28, t968~ and American National Barl~, Citizens Trust Cm~.kmmny~ First & Met- o- ~nants National Bami~ and The Bank of Virginia~ have submitted the best offers for purchase of said notes, and the City Manager has reeo_.~snended that the said offers be approved. N~'[, I~JERI~FOF~, BE IT P~SOL\~D by the Council of the City of Portsmouth, Virginia: 1. ~Pnat the sale of Ei~t Million Dollar~ of Bond ~mticipation Notes of the City of Portsmouth, Virginia~ authorized by a resolution adopted by the Council of the City of Portsmouth, VJ_r~ir~ia~~ on May 28~ 1968, be, and the s~me hereby are approved, in accor ~dance ~rith the terms of the respective bids submitted~ to the followqr~ purchasers: (a) Americs:a National Bank: Five Hundred Thousand and no/100 ($500,000.00) Doll~s of Bond Anticipation Notes to bear interest at tlae rate of four and five one-hundredths (~.05) per centana per anntm. (b) American National B~nk: Five Hundred ~nousand and no/100 ($500,000.00) Dollars of Bond Anticipation Notes to bear interest a~ the rate of fo,~r and tern one-hundredths (4.10) per centtm per armtm. (c) Citizens ~rust Campar~: Five Hundred Thousand and no/t00 ($500,000.00) Dollars of Bond Anticipation ~,:otes ~o bear interest ay the rate of three and ninety-ei~at one-hundredths (3.98) per centum per ann~um. (d) First & Merchants National Bank: One Milliom and no/t00 ($1,000,000.00] Dollsrs of Bend Anticipation Notes ~o ~ear interest a~ the rate of tloree and seventy-~ine one-hundredths (3.79) per centtm per (e) First & Merchants National Bank: One ~[illion ar~ no/100 ($1,000,000.00) Dollars of Bond Anticipation i,[otes to bear interest at the rate of three and ei~hty-four one-hundredths (3.84) per centem per (f) First & Merchs~nts National Barf{: One M~llion and no/100 ($1,000,000.00) Dollars of Bond Anticipation Notes to bear interest at the rate of three mhd eighty-~nine one-hur~iredths (3.89) per, cenzum per