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AN ORDIN~qCE TO APPROVE ~r~ SALb OF EtGih? i¥~LLLION PrE h~C~.~]~RED ~60US~ <br />DOLLARS OF G~%~a~L OBLIGATION BONDS PROI~LDED ~ OP~LWkMCE NO. 1967-23, <br />~ADOPTED BY ~n~ CITY COUNCIL ON FEBRLL%qY 28, 1967, ~e© FIXING ~P~ PATE <br />OF ~¥±~EST ~-OR SAID BO~S. <br /> <br /> WA~F~S, the City Manager of the City of Portsmouth has duly <br />advertised for and received proposals for the purchase of Eight ?.iiilion <br />Five Hen~_~ed Thouss~nd Dollars of General Obligation Bonds authorized by <br />Ordinance No. 1967-23~ adopted by the City Council on February 28, 1967~ <br />and First National City Ba~ ~has submitted the best offer for the pu~- <br />chase Of Said bonds~ and the City Manager has reco~nended that the said <br />offer b?.approved. <br /> <br /> NOW, TP~LR~0RE~ BE IT ORDAZ2~D by the Council of the City of <br />Portsmouth: Virginia: <br /> <br /> 1. That the sale of Eight Million Five Hundred Thousand Dollars <br />of General Obligation Bonds of the City of Portsmouth~ Virginia, authorized <br />by Ordins~nce No. 1967-23~ adopted by the Council of the City of Portsmouth: <br />Virginie~ on February 28, 1967, ~o First Natior~l City Bau~ in accords~nce <br />~th the ~erms of the bid submitted: the bonds to bear interest at the <br />followi~ rates: <br /> <br /> The bonds beco~i~ due on May 1, 19~8, 19~9, 1970, 197~ 1972, <br />1973 and 1974, zo bes_~ interest atthe rate of three and ten h~ndredths <br />(3.10) per centmm per ann-~m; <br /> <br /> The bonds becom2ng due on M~y 1, 1975, 1976, 1977, 1978, 1979, <br />1980, 1981, t982~ 1983, 1984, 1985, and 1986, to bear interest at tlne rate <br />of three and five tenths (3.5) per centmm per ann~m; <br /> <br /> The bonds becomin~ due on ~.~y 1, 1987, 1988, 1989,~ 1990, 1991 <br />and 1992~ to bear interest at the rate of three and six tenths (3.~) per <br />centmm per ~nnum; be and the s~ne hereby are approved. <br /> <br /> 2. That the said bonds be issued at the aforesaid rates of <br />interest and the City ~,~mnager is hereby authorized to complete sale of <br />the said bonds ~nd deliver the same to the purchaser upon'the payment <br />of the purchase price therefor. <br /> <br /> An emergency exists and this ordinance shall t~e effect from <br />its passage. <br /> <br /> Adopte~ by the Council 6f the City of Portsmouth~ Virgir~a, at <br />a meeting held April 25, 1967. <br /> <br />Tes~e: <br /> <br />City Clerk <br /> <br /> <br />