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AN ORDINANCE TO APPROVE THE SALE OF SIX MILLION EIGHT HUNDRED THOU- <br />SA~ND DOLLARS OF GENEP~L OBLIC~TION BON~DS PROVIDED IN THE OPJ)INANCE <br />ADOPTED BY THE CITY COUNCIL ON OCTOBER 13. 1959, AND FIXING THE RATE <br />OF INTEREST FOR SAID <br /> <br /> %~TEREAS, the City Manager of the City of Portsmouth hss duly advertised <br />for and received proposals for the purchase of Six Nillion Eight Hundred Thousand <br />Dollars of General Obligation Bonds authorized by the ordinance adopted by the <br />City Council on the thirteenth day of October, 1959, and Halsey, Stuart & COo, Inc <br />have submitted the beet offer for the purchase of said bonds, and the City ~anager <br />has recommended that the said offer be approved~ <br /> <br /> NOW, THEREFORE, Be it ordained by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That the sale of Six Million Eight Hundred Thousand Dollars of General <br />Obligation Bonds of the City of Portsmouth, Virginia. authorized by the ordinance <br />adopted by the Council of the City of Portsmouth. Virginia, on the thirteenth d~y <br />of October, ~959, to HaIsey~ Stuart & Co., Inc. in accordance with the terms of <br />the bid submitted, the bonds to bear interest at the following rates: <br /> <br /> The bonds becomir~ due on January 1, 1961, 1962, 1963, 1964, 1965, 1966, <br />~967, 1968, 1969, 1970, 1971 and 1972 to bear interes~ at the rate of SIX (6) per <br />~entum per annum; <br /> <br /> The bonds becoming due on January 1, 1973, 1974, 1975, 1976, 1977, 1978, <br />lR~9, 1980, 1981, 1982 and 1983 to bear interes~ at the rate of THREE AND SE~/ENTY- <br />F'IVE HU~DREDT~dS (3.75) per cen~um per annum; <br /> <br /> The bonds becoming due on January 1, 1984 and 1985 to bear interest at the <br />~ate of TWq~NTY-FIVE HUndREDTHS (0.25) per centum per annum; be and the same are <br />~ereby approved. <br /> <br /> 2. That the said bonds be issued at the aforesaid rates of interest and <br />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 /> 8o Thie ordinance being necessary for the preservation of the public morals, <br />health and sa~ty, an emergency is declared ~o extel and this ordinance shall tak~ <br />effect from its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting <br />held on December 8, 1959. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />