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January 28. 1992
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<br /> (f) After due consideration of all such proposals, this Co~/i~cu'I hereby finds and
<br />determines that (a) The First Boston Corporation (the "Purchaser") is a responsible bidder,
<br />Co) of the proposals for the purchase of the Bonds received by the City, the proposal of the
<br />Purchaser (the "Proposal") is the proposal to purchase the Bonds at the lowest true interest
<br />cost to the City, determined by doubling the semiannual interest rate (compounded
<br />semiannually) necessary to discount the principal and interest payments, excluding interest
<br />accrued to the delivery date, on the Bonds from the dates of payment thereof to the date
<br />of the Bonds (January 1, 1992) and to the price bid, (c) the Proposal is the best proposal
<br />for the purchase of the Bonds received by the City, is in accordance with the Detailed Notice
<br />of gale. and should be accepted.
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<br /> SECTION 2. Acceptance of Proposal. The Proposal, being a proposal to
<br />purchase the Bonds at the price of Thirty Million Six Hundred Eifty-Two Thousand Seven
<br />Hundred Thirty and 70/100 Dollars ($30.652.730.70), plus accrued interest from the date of
<br />the Bonds to the date of delivery thereof by the City and payment therefor by the Purchaser.
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<br />with the Bonds to bear interest at the interest rates set forth in Section 4 hereof, is hereby
<br />accepted and the Bonds are hereby awarded to the Purchaser.
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<br /> SECTION 3. Good Faith Checks. The good faith checks of the unsuccessful
<br />bidders shall be returned forthwith. The good faith check of the Purchaser vn'll be deposited
<br />by the City and the proceeds thereof credited against the purchase price due for the Bonds
<br />upon their delivery or retained as and for liquidated damages in the case the Purchaser fails
<br />to accept delivery of and pay for the Bonds in accordance with the Prnp~at.
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<br /> SEC'I/ON 4. Approval of the Details of the Bonds. The details of the Bonds
<br />sex forth in the Detailed Notice of Sale are hereby ratified, approved and confirmed. In
<br />accordance with the provisions of the resolutions referred to in Section l(a) and (b) hereof.
<br />the Detailed Notice of Sale and the Proposal, the Bonds shall be designated and known as
<br />the "City of Portsmouth. Virginia, General Obligation Public Improvement Bonds. Series
<br />1992" and "City of Portsmouth. Virginia. General Obligation Public Utility Bonds. Series
<br />1992" respectively. The Bonds shall be dated January 1. 1992: shall be numbered from No.
<br />PIR-1 upwards in order of issuance ~n the case of the Public Improvement Bonds and from
<br />No. PUR-1 upwards in order of issuance in the case of the Public Utility Bonds: shall be
<br />issued in fully registered form in the denomination of $5.000 each or any integral multiple
<br />thereof; and shall bear interest payable on August L 1992 and semiannually on each
<br />February 1 and August 1 thereafter.
<br />
<br /> The Public Improvement Bonds shall mature on August 1 in each of the years
<br />1993 to 2012. both inclusive, in the principal amounts set forth opposite each such year
<br />below, with the Bonds maturing in each such year bearing interest at the rate per annum set
<br />forth opposite such year, as follows:
<br />
<br /> Principal .Interest Principal Interest
<br />Year Amoun! Rate Year Amount Rate:
<br />
<br />1993 $1,150,000 5.50% 2003 $1,150,000 5.80 %
<br />1994 1,150.000 5.50 2004 1,150,000 5.90
<br />1995 1,150,000 5.50 2005 1.150.000 6.00
<br />1996 1,150,000 5.60 2006 1,150.000 6.125
<br />I997 1,150,000 5.60 2007 1,150.000 6.25
<br />1998 1,150,000 5.60 2008 1,150.000 6.30
<br />1999 1,150,000 5.60 2009 1.150.000 6.375
<br />2000 1,150.000 5.60 2010 1,150,000 6.375
<br />2001 1,150,000 5.60 2011 1.150.000 6.375
<br />2002 1,150,000 5.70 2012 1,185.000 6.375
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<br /> The Public Ut/lity Bonds shali mature or become due and payable on August
<br />1 in each of the years 1993 ro 2012. both inclusive, in the principal amounts set forth
<br />~pposite each such year below, with the Bonds maturing in each such year bearing interest
<br />at the rate per annum set forth opposite such year. as follows:
<br />
<br /> Principal Interest Principal Inmrest
<br />Yea~ Amount Rate Year Amount Rate
<br />
<br />1993 $380.000 5.50% 2003 $ 380,000 5.80%
<br />1994 380,000 5.50 2004 380.000 5.90
<br />1995 380,000 5.50 2005 380.000 6.00
<br />1996 380,000 5.60 2006 380.000 6.125
<br />1997 380,000 5.60 2007 380.000 6.25
<br />1998 380.000 5.60 2008 380.000 630
<br />1999 380.000 5.60 2009 380.000 6375
<br />2000- 380.000 ~ 5.60 2010 380.000 6375
<br />2001 380.000 5.60 2011 380,000 6.375
<br />2002 380.000 5.70 2012 395,000 6.375
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<br />231
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