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O I CE 1966-2,
<br />
<br />AN ORDINANCE TO APPROVE THE SALE OF ONE MILLION FIVE HUNDRED ~HOUSAND
<br />DOLT~RS OF SANITATION BONDS PROVIDED IN THE ORDINANCE ADO¥1~D BY THE
<br />CITY COUNCIL ON ~RUARY 8, 1966, AND FIXING THE RAS~ OF IM£~T FOR
<br />SAID BONDS.
<br />
<br /> WHEREAS, the City ~nager of the City of Portsmouth has duly
<br />advertised for and received proposals for the purchase of One Million
<br />Five Hundred Thousand Dollars of Sanitation Bends authorized by the
<br />ordinance adopted by the City Council on February 8, 1966, and Blyth
<br />and Campany, Inc. has submitted the best offer for the purchase of
<br />said bonds, and the City Msnager has recu,,nended that the said offer
<br />be approved.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. That the sale of One Million Five Hundred Thousand Dollars
<br />of Sanitation Bonds of the City of Portsmouth, Virginia, authorized by
<br />the ordinance adopted by the Council of the City of Portsmouth, Virginia,
<br />on February 8, 1966, to Blyth and Company, Inc. in accordance with the
<br />terms of the bid submitted, the bonds to bear interest at the following
<br />r~tes.~
<br />
<br /> The bonds becemLug due on April 1, 1967, 1968, 1969, 1970, 197i,
<br />1972, 1973, 1974, 1975, 1976, 1977 and 1978, to bear interest at the
<br />rate of six (6) per centt~n per at, tm;
<br />
<br /> The bonds becomJ3~ due on April 1, 1979, 1980, 1981, 1982, 1983,
<br />1984, 1985, 1986, 1987, 1988 ~and 1989 to bear interest at the rate of
<br />three and three-fourths (3 3/~) per centtm per annum$
<br />
<br /> The bonds becaming due on"April l, 1990 and 1991, to bear interest
<br />at the rate of one-tenth (1/10) of one per cent~n per annum~ be and the
<br />same are hereby approved.
<br />
<br /> 2. That the said bonds be issued at the aforesaid rates of
<br />interest and the City Mmnager is hereby,authorized to camplete sale of
<br />the said bonds and deliver the same to the purchaser upon the payment
<br />of the purchase price therefor.
<br />
<br /> 3. _mb_is ordinance being necessary for the preservation of the
<br />public morals, health and safety, an emergency is decls~ed to exist and
<br />this ordinance shall take effect frcm i~s passage°
<br />
<br /> Adopted by the Council of the City of Port~mouth, Vriginia, at
<br />a meeting held Fmrch 22, 1966,
<br />
<br />Teste:
<br />
<br />City Clerk
<br />
<br />
<br />
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