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AN ORDINANCE TO APPROVE THE SAKE OF ONE MTT.T.ION DOLLARS OF WATER BONDS <br />PROVIDED IN THE ORDINANCE ADOPI~ZD BY THE C£i'Z COUNCIL ON FEBRUARY 8, <br />1966, AND FIXING ~ RATE OF ]]xri~EREST FOR SAID BONDS. <br /> <br /> B~HEBEAS, the City Manager of the City of Portsmouth has duly <br />advertised for and received proposals for the purchase of One Million <br />Dollars of Water Bonds authorized by the ordinance adopted by the City <br />Council on February 8, 1966, and Blyth and Company, Ina. has submitted <br />the best offer for the purchase of said bonds, and the City Manager <br />has recc~amended that the said offer 'be approved. <br /> <br /> NOW, ~RE, BE ~ ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. That the sale of One ~illion Dollars of Water Bonds of <br />the City of Portsmouth, Virginia, authorized by the ordinance adopted <br />by the Council of the City of Portsmouth, Virginia~ on February 8, 1966, <br />to Blyth and Company, Inc. in accordance with the terms of the bid sub- <br />mitted, the bonds to bear interest at the following rates: <br /> <br /> The bonds bec~uing due on April 1, 1967, 1968, 1969, 1970, <br />1971, 1972, 1973, 1974, 1975, 1976, 1977 and 1978 to bear interest a~t <br />the rate of Six (6) per centtm per annum~ <br /> <br /> The bonds becoming due on <br />1983, 1984, 1985, 1986, 1987, 1988 <br />rate of three and three-fourths (3 <br /> <br />April 1, 1979, 1980, 1981, 1982, <br />and 1989 to bear interest at the <br />3/4) per centum per annm~ <br /> <br /> The bonds becmmirg due on April i, 1990 and 1991, to bear <br />interest at the rate of one-tenth-(i/10) of one per centt~n per annum~ <br />be a~d the ssme are hereby approved. <br /> <br /> 2.. That the said bonds be issued at the aforesaid rates of <br />interest and the City Manager is hereby authorized to cmmpiete sale of <br />the said bonds and deliver the same to the purchaser upon the payment of <br />the purchase price therefor. <br /> <br /> 3. This ordinance berg necessary for the preservation of the <br />public ~orals, health and safety, an emergency is declared to exist and <br />this ordinance shall take effect From its passage. <br /> <br /> Adopted by the Council of the City of Port~mouth, Virginia~ at <br />a meetirgheldMarch 22~ 1966. <br /> <br />City Clerk <br /> <br /> <br />