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AN ORDINfP{C£ TO APPROVE THE SALE OF THREE MILLION DOLLARS OF WATER BONDS <br />PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL ON JANUARY 22 1963~ <br />;uND FIXING THE P~TE OF I~/~P, HST FOR SAID BONDS. ' <br /> <br /> WHEREAS, the City Manager of the City of Portsmouth has duly <br />advertised for and received proposals for the purchase of Three ~llion <br />Dollars of ~ater Bonds authorized by the ordinance adopted by the City <br />Council on the twenty-second day of January, 1965, and The First National <br />Bank of Chicago has submitted the best offer for the purchase of said bonds, <br />and the City Manager has recommended that the said offer be approved. <br /> <br /> N~q, THERI~FORE, Be it ordained by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. ~at the sale of Three Million Dollars of Water Bonds of the <br />City of Portsmouth~ Virginia, authorized by the ordinance adopted by the <br />Council of the City of Portsmouth, Virginia, on the twenty~second day of <br />January, 1963, to The First National Bank of Chicago in accordance with the <br />terms of the bid submitted, the bonds to bear interest at the following <br />rates: <br /> <br /> The bonds becoming due on April 1, 1964, 1965, 1966~ i967~ <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, 1971, 1972~ 1973, i974~ <br />1975, 1976~ 1977~ 1978, 1979, 1980, and 198], to bear interest at the rate <br />of two and nine-tenths (2.9) per centum per annum; <br /> <br /> The bonds becoming due on April t, 1982, and 1983, to bear <br />interest at the rate of one-tenth (0.1) of one per centum per annum; be and <br />the same are hereby approved. <br /> <br /> 2. I~at the said bonds be issued at the aforesaid rates of interest <br />and the City ~nager 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 /> 3. This ordinance being necessary for the preservation of the <br />public morals~ health and safet~, an emergency is declared to exist and this <br />ordinance shall take effect from its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a <br />meeting held on March 26, 1963. <br /> <br />City Clerk <br /> <br /> <br />