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December 12, 1967
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<br />NOW, THEREFORe, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that:
<br />(1) Aubrey P. Johnson, Jr., City Manager, is authorized to submit ghd sign an application
<br />and all subsequent documents, to the Virginia State Library pursuant to the provisions of the
<br />Federal Library Services and Construction Act requesting a grant to be used to construct and equip
<br />a branch of its public library in the Churchland area.
<br /> (2) The City>'of Portsmouth will provide proper and efficient operation and maintenance of
<br />the branch library after completion of construction thereof.
<br /> (3) The City of Portsmouth agrees the library services in the building to be constructed will
<br />be furnished free of charge and without discrimination to all residents of the City of
<br />Portsmouth."
<br />
<br /> 67-560 - "Bids were received today for the temporary loan of $7,000,000 for the pnrpese of annexation.
<br />The following i~w bids were received:
<br /> First ~ Merchants National Bank - $2,000,000 at 5.70% at par.
<br /> First ~ Merchants National Bank - $1,000,000 a~S.75% at par.
<br /> First ~ Merchants National Bank - $I,000~000 at 5.8% at par.
<br /> Bank of Virginia - $1,800,000 at 5.85~ nlus premium of $41.40.
<br /> American National Bank - $1,200,000 at ~.68%~plus a premium of $12.00. This makes a net interest cost bo the city of S.7S6%.
<br /> I recommend that the attached resolution be adopted authorizing ~he borrowing of
<br />these funds at the interest rate prescl~bed in the bids."
<br />
<br />On-motion of Mr. Hastes the following resolution was adopted, without dissenting vote:
<br />
<br />"A RESOLUTION TO APPROVE THE SALE OF SEVEN MILLION DOLLARS OF TEMPORARY LOAN NOTES PROVIDED
<br />IN A RESOLUTION ADOPTED BY THE CITY COUNCIL ON NOVF>tBER 28, 1967, AM£NDING SAID RESOLUTION WITH
<br />RESPECT TO THE FORM AND TEPeeS OF SAID NOTES, ;~ND FIXING THE RATE OF I~EREST FOR SAID NOTES.
<br />
<br /> ~qEREAS, the City Manager of the City of Portsmouth ]]as received proposals for the purchase of
<br />Seven Million Dollars of Temporary Loan Notes authorized by a resolution adopted by the City Council on
<br />November 28, 1967, and First and Merchants National Bank, American National Bank and the Bank of
<br />Virginia have submitted the best offer for the purchase of said notes, and the City Manager has recommended
<br />that~the said offers be approved.
<br /> NOW, THEREFORE, BH IT P~SOLVED by the Council of the City of Portsmouth, Virginia:
<br /> 1. That the sale of Seven Mill~on Dollars of Temporary Loan Notes of the City of Portsmouth,
<br />Virginia, authorized by a resolution adopted by the Council of the City of Portsmouth, Virginia,
<br />on November 28, 1967, be, and the same hereby are approved, in accordance with the terms of the
<br />respective bids submitted, to the following purchasers:
<br />
<br /> (a) First and Merchants National Bank: Two Million and no/100 ($2,000,000.00) Dollars of Temporary
<br />Loan Notes to bear interest at the rate of three and seventy one-hundredths (5.70) per centum per
<br />
<br /> [b) First and Merchants National Bank: One Million and No/100 ($1,000,000.00) Dollars of Temporary
<br />Loan Notes to bear interest at the rate of three and eighty one-hundredths (~.80) per centum per annum.
<br /> (c) First and Merchants National Bank: One Million and no/lOO ($1~000,000.00) Dollars of
<br />Temporary Loan Notes to bear interest at the rate of three and seventy~it~e one-hundredths ($.7S) per centum
<br />per annum. - ~
<br /> (d) American National Bank: One Million Two Hundred Thousand an~no/lO0 ($1,200,000.00) Dollars
<br />of Temporary Loan Notes tO bear interest at the ra~e of three and sixty-eight one-hundredths
<br />(5.68) per centum per annum.
<br /> (e) The Bank of Virginia: One ~illion Eight Hundred Thousand and no/100 ($i,8~0~Q00.00) Dollars
<br />of Temporary Loan Notes ~o ~ar interest at the rate of three and eighty-five one-hundredths
<br />(5.85) per centum per annu, n.
<br />
<br /> 2. The notes shall be issued in bearer,form with provision for registration as tS principal
<br />and interest. Each note shall be payable ~a to both principal and interest at the pri~ipal
<br />office of the original purchaser; or at such other place as may be designated by the ~nccessful
<br />bidders, shall be signed by the City Treasurer or Deputy City Treasurer and the corP~te seal of
<br />the City of Portsmouth shall be affixed thereto and attested by the City CIerk~r Peputy City
<br />Clerk. The notes shall be issued in substantially the following form:
<br />
<br />UNITED STATES OF AMERICA
<br />CO~!O~TEALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />
<br />BOND ANTICIPATION NOTE
<br />
<br />No.
<br />
<br /> The City of Portsmouth, Virginia, for value received, acknowledges itself indebted and hereby promises
<br />to pay to the bearer, or, if this note be registered, to the registered o~ner hereof, upon presentation
<br />and surrender hereof, the principal sum of
<br />Dollars ($ .... ), together ~ith interest thereon fro~ date hereof at the rate of'
<br /> .. per centum per annum. Both principal of and interest on this note
<br />a~ payable on ,, , upon surrender of this note, at the principal office
<br />of - ' , in anycoin or currency which
<br />on ~aid' ~ate '~ legal tender for payment of ~u~lic and private debts~
<br /> This note is issued pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as
<br />amended, and a Resolution adopted by the Council of the City of Portsmoutk, Virginia, on
<br />November 28, 1967, under said Chapter.
<br />
<br /> This note may be registered as to principal and interest in accordance with the provisions
<br />for registration and transfer endorsed hereon.
<br />
<br />
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