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SECTION 2. (a) The $4,500,000 General Obligation Bonds shall be dated December
<br />1, 1973, shall be numbered from i to 900 both inclusive, in order of maturity, shall
<br />be of the denomination of $5,000 each, shall mature serially in numerical order, $225,000
<br />principal amount of the General Obligation Bonds on December i in each of the years
<br />1974 to 1993, both inclusive, without option of prior redemption by the City of PortsmoutE
<br />and, in accordance with the bid of First National Bank of Chicago, the General Obligation
<br />Bonds maturing in the years set forth below shall bear interest, payable semi-annually
<br />on June 1 and December i of each year, at the rate per annum set opposite the respective
<br />year, as follows:
<br />
<br />Year of Interest Year of Interest
<br />Maturity :__Rate Maturity Rate
<br />
<br />1974 6.00 1984 4.75
<br />1975 6.00 1985 4.80
<br />1976 6.00 1986 4.90
<br />1977 6.00 1987 5.00
<br />1978 6.00 1988 5.10
<br />1979 6.00 1989 5.10
<br />1980 6.00 1990 5.10
<br />1981 6~00 1991 5.10
<br />2982 5.30 1992 ~ 4.00
<br />1983 4.70 1993 4.00
<br />
<br />(b) The $2,500,000 Utility Bonds shall be~dated December 1. 1973, shall be numbered
<br />from 1 to 500, both inclusive, in order of maturity, shall be of the denomination of
<br />$5~000 each, shall mature serially in numerical order, $125,000 principal amount of
<br />the::Utility Bonds on December 1 in each of the years 1974 to 1993, both inclusive, without
<br />option of prior redemption by the City of Portsmouth and, in accordance with the bid
<br />of~First National Bank of Chicago the Utility Bonds maturing in tile years set forth below
<br />shall bear interest, payable semi-annually on June 1 and December 1 of each year, at
<br />the rate per annum set opposite the respective year, as follows:
<br />
<br />Year of Interest Year of Interest
<br />Maturity Rate Maturity Rate
<br />
<br />1974 6.00 1984
<br />1975 6.00 1985
<br />1976 6.00 1986
<br />1977 6.00 1987
<br />1978 6.00 1988
<br />1979 6.00 1989
<br />1980 6.00 19900
<br />1981 6.00 1991
<br />1982 5.30 1992
<br />1983 4.70 1993
<br />
<br />4 75
<br />4 80
<br />4 90
<br />5 00
<br />5 10
<br />$ 10
<br />5 10
<br />5 10
<br />4 00
<br />4 00
<br />
<br /> Both principal of and interest on each of said issues of bonds shall be payable
<br />in lawful currency of the United States of America at the principal office of The Chase
<br />Manhattan Bank .(National Association), in the City of New York, New York.
<br />
<br /> SECTION 3. The action of the City Manager in causing the aforesaid bonds to be
<br />offered for sale having the date, interest payment dates, numbers, denominations and
<br />maturity dates as set forth above and the form and provisions of the Notice of Sale of
<br />said bonds as published and circulated by the City Manager and such publication and circu~
<br />lation are hereby ratified, confirmed and approved.~
<br />
<br /> SECTION 4. CUSIP identification numbers shall be imprinted on the aforesaid bonds.
<br />Such numbers shall not, however, constitute a part of the contract evidenced by said
<br />bonds and no liability shall attach to the:city or-any of the officers or the agents
<br />thereof including the paying agent for such bonds, on account of any error or ommission
<br />with resnect to said numbers.
<br />
<br /> SECTION 5. The City shall comply with the requirements of Section 103(d)(2) of
<br />the Internal Revenue Code of 1954 and the applicable regulations of the Internal Revenue
<br />S¢~ice adopted thereunder, throughout the~term of said bonds. The~provisions of this
<br />Se~¢ion shall be a covenant with the purchasers of said-bonds. 2ic~
<br />
<br />~tk SECTION 6. This resolution shall t~ke effect from its passage."
<br />
<br /> Ayes: Early, Holley, Johnson, King, Smith~,~Wentz
<br />:~ ~ Nays: None ~, ~,.~
<br />
<br />~,c,~.: .~. Motion of Mr, Johnson and seconded by M-r, Smith, the meeting adjourned_ at
<br />
<br />~,, APPROVED . ~,~,, '
<br />
<br />Vice Mayor
<br />
<br /> 12:15 pm.
<br />
<br />City Clerk
<br />
<br />
<br />
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