My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1992 Resolutions
Portsmouth-City-Attorney
>
RESOLUTIONS
>
1992
>
1992 Resolutions
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/6/2009 3:37:04 PM
Creation date
6/13/2001 5:25:41 PM
Metadata
Fields
Template:
Ord/Resolutions
Year
1992
Ord/Resolutions - Type
Resolutions
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
310
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
-2- <br /> <br /> (c) The City Manager caused a Summary Notice of Sale (the '~Sumrna~ <br />Notice of Sale") of both the Public Improvement Bonds and the Public Ut/i/fy Bonds <br />(collectively, the "Bonds"), to be published on January 16, 1992, in The Bond Bm/er, a <br />financial journal published in the City of New York, New York, and caused a Prelim/nary <br />Official Statement of the City relating to the Bonds, dated Januaw 16, 1992 (the <br />"Preliminary Official Statement"), a Detailed Notice of Sale of the Bonds, dated January 16, <br />1992 (the "Detailed Notice of Sale"), and an Official Proposal Form relating to the Bonds <br />(the "Proposal Form"), to be prepared and distributed to prospective purchasers of the <br />Bonds. <br /> <br /> (d) The Summary Notice of Sale and the Detailed Notice of Sale provided <br />that sealed proposals for the purchase of the Bonds would be received by or on behalf of <br />the City, at the office of the City Manager until Twelve O'Clock Noon, Eastern Standard <br />Time, on Tuesday, January 28, 1992, at which time and place all proposals would be publicly <br />opened. <br /> <br /> (e) Pursuant to the Detailed Notice of Sale. three (3) proposals for the <br />purchase of the Bonds were received by the City, each accompanied by a certified or bank <br />cashier's check in the amount of $306,500 payable to the order of the City of Portsmomh, <br />Virginia. The names of the bidders submitting each such proposal, the purchase price for <br />the Bonds specified in each such proposal and the true interest cost to the City resulting <br />from each such proposal are as follows: <br /> <br />Name of Bidder <br /> <br />Purchase Price Specified <br /> <br />True Interest Cost <br /> <br />The First Boston Corporation <br />Chemical Securities <br />Lehman Brothers <br /> <br />$30,652,730.70 <br /> 30,672,033.00 <br /> 30,650,000.00 <br /> <br />6.0106 % <br />6.0298 <br />6.04055 <br /> <br /> (f) After due consideration of all such proposals, this Council hereby finds and <br />determines that (a) The First Boston Corporation (the "Purchaser") is a responsible bidder, <br />(b) 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 discoum 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 Sale, and should be accepted. <br /> <br /> SECTION 2. Acceptance of Proposal. The Proposal, being a proposal to <br />purchase the Bonds at the price of Thirty Million Six Hundred Fifty-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, <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.