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AN ORDINANCE TO APPROVE THE S~LE OF SIX MYLLION DOLLARS OF GENRAD <br />OBLIGATION BONDS PEOVIEED IN THE ORDINANCE ADOPTED BY TME CITY COUNCIL <br />ON F~RUARY 8, 1966, AND FIXING THE RATE OF INI'EHEST FOR SAID BONDS. <br /> <br /> WHERE~S, the City Mana~_ er of the City of Portsmouth has duly <br />advertised for ar~ received proposals for the purchase of Six Million <br />Dollars of General Obligation Bonds authorized by the ordinance adopted <br />by the City Council on February 8, 1966, and Blyth and Ccmpar~y~ Inc. <br />has submitted the best offer for the purchase of said bonds, and the <br />City Manager has recc~mended that the said offer 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 Six Million Dollars of General Obligation <br />Bonds of the City of Portsmouth, Virginia, authorized by the ordinance <br />adopted by the Council of the City of Portsmouth, Virginia, on February <br />1966, to Blyth and Company, Inc. in accordance with the terms of the bid <br />submitted, the bonds to bear interest at the following rates: <br /> <br /> The bonds becoming due on April 1, 1967, 1968, 1969, 1970, 1971, <br />1972, 1973, 1974, 1975, 1976, 1977 and 1978, to bear interest at the rate <br />of six (6) per centt~n per annt~n~ <br /> <br /> ~lhe bonds beccming due on April l, 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 3/4) per centum per annum~ <br /> <br /> The bonds becoming due on April l, 1990 and 1991, to bear in- <br />terest at the rate of one-tenth (1/10) of one per centtm per annum; be <br />and the same are hereby approved, <br /> <br /> 2. That the said bonds be issued at the aforesaid rates of <br />interest and the City ~&snager is hereby authorized to complete sale of <br />the said bonds and deliver the~ same t'o the purchaser upon the payment <br />of the purchase price therefor. <br /> <br /> 3. This ordinance being necessary for the presez~wation of the <br />public morals, 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 Portsmouth, Virginia~ at <br />a meeting held March 22~ 1966. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />