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AN ORDINANCE TO APPROVE ThVE SALE OF TWO MILLION DOLLARS OF GENERAL <br />OBLIGATION BONDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL <br />ON MARCH 9, 1965, AND FIXING THE RATE OF INTEREST FOR SAID BONDS. <br /> <br /> WHEEEAS, the City Manager of the City of Portsmouth has duly <br />advertised for and r~ceived proposals for the purchase of T~o ~killion <br />Dollars of General Obligation Bonds authorized by the ordinance adopted <br />by the City Council on March 9, 1965, and The First Boston Corporation <br />has submitted the best offer for the purchase of said bonds, and the <br />City Manager has reco~ended that the said offer be approved. <br /> <br /> NOW, ~HEREFORE, BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. That the sal~ of Two 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 March 9, <br />1965, to The First Boston Corporation in accordance with the terms of <br />the bid submitted, the bonds to bear interest at the following rates: <br /> <br /> The bonds becoming due on May I, 1966 and 1967, to bear <br />interest at the rate of four and one-fourth (4 1/4) per centum per annum; <br /> <br /> The bonds becoming due on May 1, 1968, 1969, 1970, 1971, 1972, <br />1973, 1974, i975, 1976, 1977, 1978, 1979, and 1980, to bear interest at <br />the rate of three (3) per centum per annum; <br /> <br /> - The bonds becoming due on May l, 1981, 1982, 1983, 1984, and <br />1985, to bear interest at the rate of three and ten hundredths (3.10) <br />per centsm per annum; be 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 Manager is hereby authorized to cor~plete 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 being necessary for the preservation 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 April 27, 1965. <br /> <br />Teste: <br /> <br />Cit-y Clerk <br /> <br /> <br />