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October 19, 1972
<br />
<br />Year of
<br />Maturity
<br />
<br /> SECTION 2. (a) The 95,000,OO0 General Obligation Bonds shall be dated ~ovember
<br />1, 1972, shall be numbered from 1 to 1, OO0, both inclusive, in order of maturity, shall
<br />be of the denomination of 55,000 each, shall mature serially in numerical order, $250,000
<br />principal amount of the General Obligation Bonds on November 1 in each of the years 1973
<br />to 1992, both inclusive, without option of prior redemption by the City of Portsmouth and,
<br />in accordance with the bid of First National City Bank and Associates, the General Obligatio]
<br />Bonds maturing in the years set forth below shall bear interest, payable semi-annually
<br />on May 1 and ~ovember 1 of each year, at the rate per annum set opposite the respective
<br />year, as follows:
<br />
<br /> Interest Year of Interest
<br /> Rate Maturity Rate
<br />
<br />1973 6.00% 1983 4.60%
<br />~974 6.00% 1984 4.70%
<br />1975 6.00% 1985 4.80%
<br />1976 6.00% 1986 4.90%
<br />1977 6.00% 1987 4.90%
<br />1978 6.00% 1988 5.00%
<br />1979 5.00% 1989 5.00%
<br />1980 4.30% 1990 5.00%
<br />1981 4.40% ~991 4.00%
<br />1982 4.50% 1992 4.00%
<br />
<br />(b) The $3,000,000 Utility Bonds shall be dated November 1, 1972, shall be numbered from
<br />1 to 600, both inclusive, in order of maturity, shall be of the denomination of $5,000
<br />each, shall matur~ serially in numerical order, $150,O00 principal amount of the Utility
<br />Bonds on November 1 in each of the years 1973 to 1992, both inclusive, without option of
<br />prior redemption by'the City of Portsmouth and, in accordance with the bid of First National
<br />City Bank and Associates, the Utility Bonds maturing in the years set forth below shall
<br />bear interest, payable semi-annually on May 1 and November 1 of each year, at the rate
<br />per annum set opposite the respective year, as follows:
<br />
<br />Year of Interest Yea~: ~ %nterest
<br />Maturity Rate Maturity Rate
<br />
<br />1973 6.00% 1983 4.60%
<br />1974 6.00% 1984 4.70%
<br />1975 6.00% 1985 4.80%
<br />1976 6.00% 1986 4.90%
<br />1977 6.00% 1987 4.90%
<br />1978 6.00% 1988 5.00%
<br />1979 5.00% 1989 5.00%
<br />%981 4.40% 1991 4.00%
<br />1982 4.50% 1992 ~.00%
<br />
<br /> Both principal of and interest on each of said issues of bonds shall be payable in
<br />lawful currency of the United States of America at the principal office of The Chase Manhatt~
<br />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 offered
<br />for sale having the date, interest payment dates, numbers, denominations and maturity dates
<br />as set forth above and the form and provisions of the Notice of Sale of said bonds as publis]
<br />ed and circulated by the City Manager and such publication and circulation are hereby rati-
<br />fied, confirmed and approved.
<br />
<br /> SECTION 4. No use of the proceeds of the sale of the aforesaid bonds shall be made
<br />which, if such use had been reasonably exnected on the date of issue of said bonds, would
<br />have caused said bonds to be '~arbitrage bonds'~, as defined in subsection (d) (2) of Section
<br />103 of the U. S. Internal Revenue Code of 1954, subject to treatment under subsection (d)
<br />(1) of said Section 103. The City shall comply with the resuirements of subsection (d)
<br />of Section 103 of said Internal Revenue Code and the applicable regulations of the Internal
<br />Revenue Service adopted thereunder, lhroughout the term of said bonds. The provisions
<br />of this section shall be a covenant with the purchasers of said bonds.
<br />
<br />SECTION 5. ,This resolution shall take effect from its passage."
<br />
<br />A~s: Early, H011ey, Johnson, K'ing, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br />On motion adjourned.
<br />
<br />APPROVED -
<br />
<br /> ~,~ Mayo r
<br />
<br />City Clerk
<br />
<br />n
<br />
<br />
<br />
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