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11. "1971
<br />
<br />At a called meeting of the City Council held at 12:q0 Noon, on March 11, 1971, there were present:
<br />
<br />Jack P. Barnes, James W. Holley, Burrell R. Johnson, Isaac W. King,. R. Irvine Smith, Raymond Smith,
<br />Raymond Turner, A. P. Johnson, Jr., City Manager, and W. J. O'Brien, Jr., Assistant City Attorney.
<br />
<br />Pr~yer was offered by Mr. King.
<br />
<br />The follOwing call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Chamber, at 12:00 Noon, on Thursday,
<br />March 11, 1971, to consider approving the sale of Five M~llion Dollars of General Obligation Bonds as oro-
<br />vided in a resolution adopted by the City Council on February 9, 1971, and fixing the rate of interest-f6r
<br />said bonds." ~
<br />
<br />71-112 - The f~R~J~gletter from the City Manager was read:
<br />
<br /> "Bids were received this morning at 11:00 a.m. for the sale of $5 million of General Obligation Bonds.
<br />The following bids were received:
<br />
<br />Continental Ill. Natl. Bank ~ Trust Co.
<br />Morgan Guaranty Trust Co. of N. Y.
<br />First National City Bank
<br />Blythe ~ Company, Inc.
<br />Bankers Trust Company
<br />The Northern Trust Company
<br />F. S. Smithers ~ Company
<br />Halsey, Stuart ~ Company
<br />
<br />4.52871%
<br />4.5346%
<br />4.5754%
<br />4,5995%
<br />4.6382%
<br />4.6681%
<br />4.683%
<br />4.7766%
<br />
<br /> Continental Ill. Natl. Bank ~ TD~ust Co. offering the best interest rate to the City of Portsmouth, I
<br />recomomend the bonds be awarded to this firm."
<br />
<br /> On moti6n of Mr. Irvine Smith and duly seconded,' the recom~nendation of the City Manager, A. P. Johnson,
<br />Jr., the following resolution was adopted by the following vote:
<br />
<br />"A RESOLUTION TO APPROVE TItE SALE OF FIVE MILLION DOLLARS OF GENERAL OBLIGATION BONDS AS
<br />PROVIDED IN A RESOLUTION ADOPTED BY THE CITY COUNCIL ON FEBRUARY 9, 1971, AND FIXING THE R'A~E
<br />OF INTEREST FOR SAID BONDS.
<br />
<br /> ~*~EREAS, the City Manager of the City of Portsmouth .has duly advertised for and received pronosals for
<br />the purchase of Five Million Dollars of General Obligation Bonds authorized by a resolution adopted by the
<br />City Council on February 9, 1971, and Continental Illinois Natimnal Bank and Trust Company of Chicago has sub-
<br />mitted the best off&r for the purchase of sa~ bonds, and the City Manager has recommended that the said offer
<br />be approved.
<br />
<br />NO~, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. That the sale of Five Million Dollars of General Obligation Bonds of the City of Portsmouth, Virginia
<br />authorized by a resolution adopted by the Co¢nci] of the City of Portsmouth, Virginia, on February 9, 1971, to
<br />Continental Illinois National Bank and Trust Company of ~hicago ~n accordance with the terms of the bid sub-
<br />mitted, the bonds to bear interest at the following rates:
<br />
<br /> The bonds becoming due on April 1, 197~, 1975, 1974, 1975, 1976, 1977, 1978, 1979, 1980, 1981 and
<br />1982, to bear interest a the rate of Five [S.00)~per centum net annum;
<br />
<br /> The bonds becoming due on April 1~ 1983, to bear interest at the rate of Four and Eighty-five
<br />Hundredths (4.85) per centum Der annum;
<br />
<br /> The bonds becoming due on April 1, 1984, to bear interest at the rate of Four and One-half (4.50) per
<br />per annum;
<br />
<br /> The bonds becoming due on April 1, 1985, to bear ~nterest at the rate of Four and Sixty Hundredths
<br />(4.60) per centum per annum;
<br />
<br /> The bonds becoming
<br />per centum per annum;
<br />
<br />due on Aoril 1, ~986, to bear interest at the rate of Four ~nd Seventy-five (4.75)
<br />
<br /> The bonds becoming due on Aoril 1, 1987, to bear interest at the rate of Four and Eighty-five
<br />Hundredths (4.85) per centum per annum;
<br />
<br /> The bonds becoming due on April l, 1988, to bear interest at the rate of Four and Ninety-five
<br />Hundredths (4.95) per centum per annum;
<br />
<br />The bonds becomingydue on April 1, 1989, to bear interest at the rate of Five [5.00) net centum per
<br />
<br /> The bonds ~ecom~ng due on Aoril 1, 1990 and 1991, to bear interest at the rate of Three (3.00) per
<br />centum per annum~;~e and the same hereby are approved.
<br />
<br /> 2. That the said bonds be issued at the aforesaid rates of interest and the City Manager is hereby
<br />authorized to complete sale of the said bonds and deliver the same to the purchased upon the payment of the
<br />~urchase price therefor."
<br />
<br />Ayes: Holley, Johnson, Ling,
<br />Nays: None
<br />
<br />On motion adjourned.
<br />APPROVED~~~
<br />
<br />Irvine Smith,
<br />
<br />Raymond Smith, Turner, Barnes
<br />
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