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<br />
<br />July 29, 1976
<br />
<br />to the City, computed in accordance with said Notice of Sale, (c) said proposal is the best
<br />proposal received for the purchase of the Bonds, (d) said proposal is in conformity with
<br />said Notice of Sale and (e) said proposal should be accepted.
<br />
<br /> 2. There hereby is accepted the proposal of the Purchaser to purchase the Bonds at
<br />a price of par ($10,O00,0OO[) plus a premium of One Thousand Three l~ndred Sixty and No/lO0
<br />Dollars ($1,360.OO) and accrued interest from the date of the Bonds to the date of the payment
<br />in full of the purchase price ther~f,~he~onds to bear interest at the interest rates
<br />set forth in Section 3 hereof. All other proposals received as aforesaid for the purchase
<br />of the Bonds shall be and hereby are rejected.
<br />
<br /> ~ 3. The Bonds shall be dated as of August 1, 1976, and shall mature serially in numerical
<br />order $500,000. principal amount of Bonds on August 1 in each of the years 1977 to 1996,
<br />both inclusive,' the Bonds maturing in each year to bear interest at the rate per annum set
<br />
<br />forth opposite such year, towit:
<br /> principal Interest Principal Interest
<br />Year Amount Rate Year Amount Rate
<br />
<br />1977
<br />I978
<br />1979
<br />1980
<br />1981
<br />1982
<br />1983
<br />1984
<br />1985
<br />1986
<br />
<br />$ 500,000 6.50% 1987
<br />S00,000 6.50% 1988
<br />500,000 6.50% 1989
<br />500~000 6.50% 1990
<br />:5~0,00'~',' !~ ~ 6'.50% 1991
<br />500,000 6.50% 1992
<br />500,000 6.50% 1993
<br />500,000 6.50% 1994
<br />500,000 5.10% 1995
<br />500,000 5.20% 1996
<br />
<br />$ 500 000
<br /> 500000
<br /> 500 000
<br /> 800 000
<br /> 50~ 000
<br /> 500000
<br /> 500 000
<br /> 500 000
<br /> 500 000
<br /> 500 000
<br />
<br />5.30%
<br />5.40%
<br />5~0% ....
<br />5.60%
<br />
<br />5.80%
<br />5.90%
<br />6.00%
<br />4.50%
<br />4.50%
<br />
<br /> 4. All action taken to date by the officers, employees, agents and attorneys of the
<br />City with respect to the sale of the Bonds, including the action of the City Manager of
<br />the City in causing to be published the Notice of Sale of the'Bonds as aforesaid, and the
<br />action of the Director of Finance of the City in causing to be distributed copies of an
<br />Official Statement of the City relating to the Bonds, including the Notice of Sale of the
<br />Bonds contained therein and a form of Proposal for the purchase of the Bonds attached thereto,
<br />in the respective forms thereof presented at and hereby ordered filed with the minutes of
<br />this meeting, and the respective forms and contents of said Notice of Sale, Official Statement
<br />and Proposal, be and they hereby are approved, ratified and confirmed.
<br /> 5. Said Official Statement is hereby adoFted, and the Director of Finance of the City
<br />is hereby authorized to execute for and on behalf of the City, and cause to be delivered
<br />to the Purchaser and otherwise as he deems necessary or desirable, copies of said Official
<br />Statement.
<br />
<br /> 6. The City Manager and Director of Finance of the City are hereby authorized to execute
<br />for and on behalf of the City, and to deliver to the Purchaser~ a certificate to the effect
<br />that on the date of adoption of this resolution, and on the date of delivery of the Bonds
<br />to the Purchaser, (i) the information and statements, including financial statements, of
<br />or pertaining to the City contained in said Official Statement were and are true and cerrect
<br />in all material respects, (ii) insofar as the City and its affairs, including its financial
<br />affairs, are concerned, said Official Statement did not and does not contain an untrue statem
<br />ment of a material fact or omit to state a material fact required to be stated therein or
<br />necessary to make the statements therein, in the light of the circumstances under which
<br />they were made, not misleading and (iii) insofar as the descriptions and statements, includin
<br />financial ~ata, contained in said Official Statement of or pertaining to nongovernmental
<br />bodies and governmental bodies other than the City and their activities are concerned, such
<br />descriptions, statements and data have been obtained from sources believed by the City to
<br />be reliable, and that the City has no reason to believe that they are untrue or incomplete
<br />in any material respect.
<br />
<br /> 7. The Director of Finance of the City shall and hereby is directed to deposit the
<br /> good faith check accompanying the proposal of the Purchaser to purchase the Bonds and apply
<br /> the proceeds of said check in accordance with the terms of said Notice of Sale, and the
<br /> City Manager of the City shall and hereby is directed to forthwith return to the other bidders
<br /> for the Bonds the good faith checks accompanying their proposals.
<br /> 8. The City Attorney of the City shall and hereby is directed to file a copy of this
<br /> resolution, certified by the City Clerk of the City to be a true copy hereof, with the Clerk
<br /> of the Circuit Court of the City of Portsmouth, Virginia.
<br />
<br />9. This resolution shall take effect from its passage."
<br />
<br />Ayes: Early, Elliott, Oast, Wentz, Davis
<br />Nays: None
<br />
<br />On motion adjourned.
<br />
<br />City Clerk
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