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<br />
<br />Oc~aber 27, 1977
<br />
<br /> At a called meeting of
<br />there were present:
<br />
<br />the City Council held at 12:30 p.m., on October 27, 1977,
<br />
<br />JaCk P. Barnes,
<br />Edward L. Oast,
<br />City Attorney.
<br />
<br />E. Saunders Early, Jr., Archie Elliott, Jr., James W. Holley,
<br />Jr., R. T. Williams, City Manager, Gordon B. Tayloe, Jr.,
<br />
<br />Absent: Richard J. Davis, Robert W. Wentz, Jr.,
<br />
<br />The C~ty Attorney presided in the absence of the Mayor and Vice Mayor.
<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 12:50 p.m
<br />on Thursday, October 27, 1977, to consider approving the sale of Ten Million Dollars of
<br />Bonds consisting of Seven Million Dollars of General Obligations Bonds and Three Million
<br />Dollars of Public Utility Bonds, as:provided in resolution adopted by City Council on
<br />September 27, 1977, and fixing the rate of interest for said bonds."
<br />
<br />774~88~ ~he ~oll~wi~;:recommendation was submitted by the City Manager:
<br />
<br /> "Recommendation of the adoption of the resolution accepting Chase Manhattan's proposal
<br />as the low bidder for the Ten Million Dollars ($10,000,000) bond issue at a net effective
<br />im~emt~,~rate:af 5.0549 to include a Two Hundred'Dollar ($200.00) premium on the said bonds."
<br />
<br /> On motion of Mr. Barnes and seconded by Mr. Elliott, to concur with the recommendation
<br />of the City Manager, the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION ACCEPTING A PROPOSAL TO PURCHASE SEVEN MILLION DOLLARS ($7,000,OOO.)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS AND THREE MILLION DOLLARS ($5,O00,O00.)
<br />PRINCIPAL AMOUNT OF PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FIX-
<br />ING THE RATES OF INTEREST TO BE BORNE BY SAID BONDS, APPROVING AND AUTHORIZING THE
<br />DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SAID BONDS, AUTHORIZING THE EX-
<br />ECUTION OF A CERTIFICATE RELATING TO SAID OFFICIAL STATEMENT AND RATIFYING CERTN~N
<br />ACTS IN CONNECTION WITH THE SALE OF SAID BONDS.
<br />
<br /> WHEREAS, by a resolution adopted by this Council on September 27, 1977 entitled ~A
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,OO0,000.) PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING
<br />FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF SAID CITY, FIXING THE
<br />FORM OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS*, this Council authorized
<br />the issuance of seven million dollars ($7,000,000.) principal amount or'General Obligation
<br />Bonds (the ~General Obligation Bonds') of the City of Portsmouth, Virginia (the 'City');
<br />
<br /> WHEREAS, by a resolution adopted by this Council on September 27, 1977 entitled
<br />'A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION DOLLARS ($5,O00,000.) PRINCIPAL
<br />AMOUNT OF PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF
<br />MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF
<br />SAID CITY PURSUANT TO ARTICLE VII, SECTION lO(a)(2), OF THE CONSTITUT.ION OF VIRGINIA,
<br />FIXING THE FO~ OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS~, this Council
<br />authorizedthe~issua~e of th~ee!~illi~n~idOlla~6$~,00~O00~)_princiPalamount~of.Pub~ic
<br />Utility Bonds (the ~"Public Utility Bonds') of the City;
<br />
<br /> WHEREAS, each of said resolutions authorized the City Manager of the City to publish
<br />and distribute a Notice of Sale relating to both the General Obligation Bonds and the
<br />Public Utility Bonds [collectively, the 'Bondsm);
<br />
<br /> WHEREAS, pursuant to said resolutions the said City Manager caused to be published
<br />on October 19, 1977, in the Virginian-Pilot, a newspaper of general circulation in the
<br />City, and in The Daily Bond Buyer, a financial newspaper published in the City of New
<br />York, New York, a Notice of Sale of the Bonds, which Notice of Sale provided that sealed
<br />proposals for the purchase of the Bonds would be received at the office of the said City
<br />Manager at twelve o'clock, noon, Virginia time, on October 27, 1977; and
<br />
<br /> WHER~$~p~suant to said Notice of Sale the following proposals for the purchase
<br />of the Bonds were received, each accompanied by a certified or bank chashier's check for
<br />$200,000. payable to the order of the City:
<br />
<br />Name of Bidder
<br />
<br />Premium Offered
<br />
<br />Net Interest Cost
<br />
<br /> $ %
<br />Citibank 0 5.0611
<br />Merrill Lynch 0 5.155711
<br />Chase Manhattan 200. 5.0549
<br />Lehman Brothers 205. 5.155594
<br />Bache Halsey 240. 5.0830
<br />First National Exchange
<br /> Bank ~40. $.0966
<br />Northern Trust Company O 5.072754
<br />Continental Bank 120. 5.04458
<br />
<br />NOW THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. After due consideration of all the proposals listed above, this Council hereby
<br />finds and determines that (a) Chase Manhattan Bank (the 'Purchaser~) is a responsible
<br />bidder, (b) of the proposals received for the purchase of the Bonds the proposal of the
<br />
<br />
<br />
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