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NOTICE OF SALE CITY OF PORTSMOUTH, VIRGINIA $2,300,000~00 General Obligation Bonds The City of Portsmouth, a municipal corporation of the State of Virginia, hereby invites sealed proposals for the purchase of its bonds~ hereinafter described. Such proposals will be received by the undersigned City Manager at his office, Municipal Building, Portsmouth, Virginia, until ll a. m. o'clock (Eastern Standard Time) on March 7, 1961, at which time and place all proposals received will be pub- licly opened~ ~ne bonds consist of $2,300,000.00 General Obligation Bonds, dated April 1, 1961, payable in annual insts~lments, without option of prior redemption by the City of Portsmouth, on April 1st in each year as follows, viz: $110,000o00 in each of the years 1962 to 19719 inclusive. $120,000.00 in each of the years 1972 to 1981, inclusive° The bonds are of the denomination of $1~000o00 each. Interest is payable semiannually on October lst~ 1961, and semiannually thereafter on April 1st and October 1st. The bonds are coupon bonds with privilege of registration as ~o principal only and as ~o both principal and interest° The bonds and coupons are payable at The Chase Manhattan Bank in the City of New York, N~v York. The bonds are issued to provide funds so acquire certain school sites, construct and equip certain schools~ cons~ruc~ additions to certain existing schools and equip the same~ and provide a new central fire alarm system for the City. No proposals for less than all of the bonds or for less than par and accrued interest will be considered° Bidders are invited to name the interest rate or rates not exceeding six per centum (6%) per annum in multiples of one-eighth (1/8) or one-tenth (1/10) of one per centum (1%): Each bidder must specify in his bid the amount and maturities of the bonds of each rate. No bid may name more than three in- terest rates and all bonds maturing on the same date must bear interest at the same rate, to be represented by one coupon only for each interest payment date on each bond° Each rate of interest named must be for consecutive maturities and cannot be repeated° The bonds will be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the City~ such cost to be determined by deducting the total amount of any premium bid from the aggregate a~ount of interest upon all of the bonds from their date until their respective .maturities. The faith and credit of the City are pledged to the payment of the bonds. The City is authorized and required to levy on all property taxable by the City such ad valorem taxes as may be necessary to pay the bonds and the interest thereon, without limitations as to the rate or amount.