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AN ORDINANCE TO APPROVE TffdE SALE 0¢7 ~E NILLIf~ MIX HUNDRED THOUSAND DOLLARS <br />OF GENERAL OBLIGATION t~)NDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY <br />COUNCIL ON JANUARY 22, 1963, A/~D FIXING THE RATE OF INTEREST FOR SAID BOARDS. <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 Six <br />Hundred Thousand Dollars of General Obligation Bonds authorised by the <br />ordinance adopted by the City Council on the twenty-second day of January, <br />1963, and The First National Bank of Chicago has submitted the best offer <br />for the purchase of said bonds, and the City Manager has recommended that <br />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 One Million Six Hundred Thousand Dollars of <br />General Obligation Bonds of the City of Portsmouth, Virginia, authorized by <br />the ordinance adopted by the Council o£ the City of Portsmouth, Virginia, on <br />the twenty-second day of January, 1963, to The First National Bank of <br />Chicago in accordance with the terms of the bid submitted, the bonds to <br />bear interest at the following rates: <br /> <br /> The bonds becoming due on April l, 1964, 1965, 1966, 1967, <br />1968, 1969, and 1970, to bear interest at the rate of six (6) per centum <br />per annum; <br /> <br /> The bonds becoming due on April 1, 197t, 1972, 1973, 1974, <br />1975, 1976, 1977, 1978, 1979, 1980, and 1981, to bear interest at the <br />rate of two and nine-tenths (2.9) per centum per annum; <br /> <br /> The bonds beeomin¢ due on April 1, i982, and 1983, to bear <br />interest at the ra~e of one-tenth (0.1) of one per centum per annum; be <br />and the same are hereby approved. <br /> <br /> 2o That the said bonds be issued at the aforesaid rates of interest <br />and the City Manager is hereby authorized to complete sale of the said bonds <br />and deliver the same to the purchaser upon the payment of the purchase price <br />therefor. <br /> <br /> 3o This ordinance being necessary for the preservation of the public <br />morals, health and safety, an emergency is declared to exist and this ordinance <br />shall take effect from its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />meeting held o~ ~reh 26, 1963. <br /> Tes~e: <br /> <br />Virginia, at a <br /> <br />City Clerk <br /> <br /> <br />