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AN ORDINANCE TO APPROVE THE SALE OF EIGHT HUNDRED FIFTY <br />THOUSAND DoLTJERS OF GENERAL IMlmROF/a/ENT BONDS PROVIDED <br />IN THE ORDINANCE ADOPrl~v BY T~ CITY C00-NCIL ON NOVEMBER <br />1956, AND FIXING THE RATE OF INTEREST FOR SAID <br /> <br /> I~K~EAS, the City Manager of the City of Portsmouth has duly adver- <br />tised for and received proposals for the purchase of Eight Hundred Fifty <br />Thou~d Dollars of General Improvement Bonds authorized by the ordins~nce <br />adopted by the City Council on the eleventh day of November, 1958, and <br />Ira Haupt & Company have submitted the best offer for the purchase of said <br />bonds, and the City Manager has recoznaended that the said offer be approved, <br /> <br /> NOW, THEIL~PORE, Be it ordained by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. ~at the sale of Eight Hundred Fifty Thousand Dollars of <br />General Improvement Bonds of the City of Portsmouth, Virginia, authorized by <br />the ordinance adopted by the Council of the City of Portsmouth, Virginia, <br />on the eleventh day of November, 1958, to Ira Haupt & Company, in accordance <br />with the terms of the bid submitted, the bonds to bear interest at the follow- <br />ing rates: <br /> <br /> The bonds becoming due on January 1, 1960, 1961, 1962 to bear in- <br />terest at the rate of FOUR per centum per annum; <br /> <br /> The bonds becoming due on Jamuary 1, 1963, 1964, 1966, 1966, 1967, <br />1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1977, 1978 to bear in- <br />terest at the rate of THREE AND THIRTY HUNDREDTt'~ per centom per annum; be <br />and the same are hereby at~proved. <br /> <br /> 2. 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 /> S. This ordinance being necessary for the preservation of the <br />public morals, health and safety, 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 December 23, 1958. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />