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<br /> SECTION 2. Acc~eDtance of proposal. The Proposal,
<br /> proposal to p~rchase the Bonds at the pric~ of Forty-Five
<br /> Dollars ($45,000,000), plus accrued interest f~em the
<br /> the Bonds to the date of delivery thereof by the city and
<br /> therefor ~y the Purchaser, with the Bonds to bear
<br />~st at the interest rate~ set forth in Section 4 hereof, is
<br /> accepted and th~ Bonds~are hereby awarded to the
<br />
<br /> SECTION 3. GOod Faith Checks. The good faith checks
<br />~%F~SUCCeSSfut bidders shall ~e returned forthwith. The
<br />~aith check of the Purchaser will be deposited by the city
<br />le proceeds thereof credited against the purchase price due
<br />~e Bonds upon their delivery or retained as and for
<br />~ted damages in the case the Purchaser fails to accept
<br />~ry of and pay for the Bonds in accordance with the
<br />
<br />Pr6 ~al.
<br />
<br /> SECTION 4. ADnroval of the Details of the Bonds. The
<br />der .s of the Bonds set forth in the Detailed Notice of Sale are
<br />here z ratified, approved and confirmed In accordance with the
<br />provl~zons of the resolutions referred to zn Sectmon l(a) and (b)
<br />.he~eo~, the~Detailed Notice of Sale and the Proposal, the Bonds
<br />s~all be designated and known as the "City of Portsmouth,
<br />Virginia, General Obligation Public Improvement Bonds, Series
<br />
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<br />oppos:
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<br />199R
<br />1998
<br />
<br />1995
<br />
<br />1998
<br />1999
<br />200,
<br />200
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<br />and "City of Portsmouth, Virginia, General Obligation
<br />:Utility Bonds, Series 1991" respectively. The Bonds shall
<br />:ed January 1, 1991; shall be numbered from NO. PIR-1
<br />~s in order of issuance in the case of the Public
<br />~ement Bonds and from No. PUR-1 upwards in order of issuanc~
<br />! case of the Public Utility Bonds; shall be issued in fully
<br />:ered form in the denomination of $5,000 each or any
<br />'al multiple thereof; and shall bear interest payable on
<br />~ 1, 1991 and semiannually on each February 1 and August 1
<br />~fter.
<br />
<br /> The Public Improvement Bonds shall ma=ute on August !
<br />~ of the years 1992 =o 2011, both inclusive, in the
<br />.pal amounts set forth opposite each such year below, with
<br />~nds maturing in each such year bearing interest a= the rate
<br />~num set forth opposite such year, as follows:
<br />
<br />Principal Interest Principal Interest
<br /> Amount Rate Year Amount Rate
<br />
<br />$1,750,000 8.10% 2002 $1,750,000 6.60%
<br />1,750,000 8.10 2003 1,750,000 6.70
<br />1,750,000 8.10 2004 1,750,000 6.75
<br />1,750,000 8.10 2005 1,750,000 6.80
<br />1,750,000 8.10 2006 1,750,000 6.80
<br />1,750,000 7.70 2007 1,750,000 6.80
<br />1,750,000 6.20 ~008 1,750,000 6.80
<br />1,750,000 6.30 2009 1,750,000 6.80
<br />1,7~0,000 6.40 2010 1,750,000 6.80
<br />
<br /> 1,750,000 6.50 2011 1,750,000
<br />
<br /> The Public Utility Bonds shall mauure or becomeUdue and
<br />on August I in each of the years 1992 =o 2011, both
<br />ye, and in the year 2019 in the principal amounts se=
<br />3pposite each such year below, with the Bonds maturing in
<br />/ch year bearing interest a= the rate per annum set forth
<br />
<br />Principal Interest Principal Interest
<br />
<br />$125,000 8.10% 2003 $
<br />130,000 8.10 2004
<br />140,000 8.10 2005
<br />150,000 8.10 2006
<br />160,000 8.10 2007
<br />175,000 7.70 2008
<br />185,000 6.20 2009
<br />200,000 6.30 2010
<br />215,000 6.40 2011
<br />230,000 6.50 2019
<br />245,000 6.60
<br />
<br />260 000 6.70%
<br />280 000 6.75
<br />300 000 6.80
<br />320 000 6.80
<br />340 000 6.80
<br />365 000 6.80
<br />390 000 6.80
<br />420 000 6.80
<br />450 000 6.80
<br />4,920,000 6.90
<br />
<br /> The Bonde of each issue maturing on and before August
<br /> shall no= be subject to redemption prior to their stated
<br /> les. The 8onds of each issue maturing on and after August
<br /> (or portions thereof in installments of $5,000) shall be
<br /> to redemption a~ the option of the City prior to their
<br /> maturities on or after August 1, 2000 in whole at any
<br />)r in part from time to time on any interest payment date
<br />order determined by the City (except that if less than all
<br />Bonds of a given maturity of either issue are called for
<br />:ion, the particu~a~ Bonds or portions thereof in
<br />[men~s of $5,000 o~ such maturity of such issue to be
<br />~d shall be selected by lot), upon payment of the following
<br />:ion prices (expressed as a percentage of principal a~ount
<br />~s to be redeemed), together with the interest accrued on
<br />[ncipal amount to be r~deemed to the date fixed for the
<br />:ion thereof:
<br />
<br />477
<br />
<br />
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