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A2~ ORD ~iNANCE TO APPROVE THE SALE OF TWO MILLION THREE Hb'NDRED THOU- <br />SAND DOLLARS OF GENERAL OBLIGATION BONDS PROVIDED IN THE ORDI~&NCE <br />.aDOPTED BY ~ CIT? COUNCIL ON JA.NUARY 10, 1961~ A~ND FIXInNG THE RATE <br />OF II~TEREST FOR SAID BONDS. <br /> <br /> WHERFAS, the City Manager of the City of Portsmouth has duly advertised <br />for and received proposals for the purchase of Two Million Three Hundred Thousand <br />Dollars of C~neral Obligation Bonds authorized by the ordinance adopted by the <br />City Council on the tenth day of January, 1961~ and Shields & Company znd Associ- <br />ates have submitted the best offer for the purchase of said bonds, and the City <br />Manager has recommended that the said offer be approved° <br /> <br /> NOW, THERE~OKE, Be it ordained by the Council of the City of Portsmouth, <br />Virginia~ <br /> <br /> 1o That the sale of Two Million Three Hundred Thousand Dollars of General <br />Obligation Bonds of the City of Portsmouth, Virginia, authorized by the ordinance <br />adopted by the Cottucil of the City of Portsmouth, Virginia, on the tenth day of <br />January, 1961, to Shields ~ Company and Associates in accordance with the terms <br />of the bid submitted, the bonds to bear interest a~ the following rates: <br /> <br /> The bonds becomir~ due on April 1, 1962, 1963, 1964 and 1965 to bear <br />interest at the rate of five and three quarters (5 3/4) per cen~um per annum~ <br /> <br /> The bonds becoming due on April 15 1966, 1967, 1968, 1969, 1970, 1971, <br />1972, 1973, 1974, t975~ I978~ 1977. 1978, 1979 a/id 1980 to bear interest at the <br />rate of three and forty huadredths (3°40) per cen~um per annum; <br /> <br /> The bonds becoming due on April !, 1981 to bear interest a~ the rate of <br />one (t) per centum per annum; be and the same are hereby approved. <br /> <br /> 2, That the said bonds be issued at the aforesaid rates of znteres~ <br />and the City Manager is hereby authorized to complete sale of the said bonds and <br />deliver the same to the purchaser upon the payment of the purchase price therefor. <br /> <br /> 3~ This ordinance bein~ necessary for the preservation of the public <br />morals, health and safety, an emergency is declared to exist and this ordinance <br />sP~ll take effect from its passage° <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting <br />held on March i4, 1961. <br /> <br />City Clerk <br /> <br /> <br />