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AN ORDINANCE TO APPROVE THE SALE OF T~IO MILLION FOUR HUNDRED THOUSAND DOLLARS OF GHNHRAL OBLIGATION BONDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL ON MARCH 10, 1964, AND FIXING THE RATE OF INTER~ST FOR SAID BONDS. WttEREAS, the City Manager of the City of Portsmouth has duly advertised for and received proposals for the purchase of Two Million Four Hundred Thousand Dollars of General Obligation Bonds authorized by the ordinance adopted by the City Council on the tenth daf of March, 1964, and The First Boston Corporation and Mellon National Bank and Trust Company have submitted the best offer for the purchase of said bonds, and the City Manager has recommended that the said offer be approved, NOW, THEREFORE, Be it ordained by the Council of the City of Portsmouth, Virginia: 1. That the sale of Two Million Four Hundred Thousand Dollars of General Obligation Bonds of the City of Portsmouth, Virginia, authorized by the ordinance adopted by the Council of the City of Portsmouth, Virginia, on the tenth day of March, 1964, to The First Boston Corporation and ~ellon National Bank and Trust Company in accordance with the terms of the bid submitted, the bonds to bear interest at the following rates: The bonds becoming due on May 1, 1965 and 1966, to bear interest at the rate of four. and one-fourth (4-1/4) per centum per annum; The bonds becoming due on Mmy I, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1977, 1978, and 1979, to bear interest aZ the rate of three and ten hundredths (3.I0) per centum per annum; The bonds becoming due on May 1, 1980/1981, 1982, 1983, and 1984, to bear interest at the rate of three and twenty hundredths C5.20) per centum per annum; be and the same are hereby approved. 2. That the said bonds be issued at the aforesaid rates of interest and the City Manager is hereby authorized to complete sale of the said bonds and deliver the same to the purchaser upon the payment of the purchase price therefor. ' 3. This ordinance being necessary for the preservation of the public morals, health and safety, an emergency is declared to exist and this ordinance shall take effect from its passage. .Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on April 28, 1964. Teste: City Clerk . .