Minutes 09/27/1977 - Laserfiche WebLink

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288 September 27, 1977 gale shall be in substantially the following form: "NOTICE OF SALE CITY OF PORTSMOUTH, VIRGINIA $10,000,000 GENERAL OBLIGATION BONDS Sealed proposals for the purchase of $10,000,000 general obligation bonds hereinafter described of the City of Portsmouth, Virginia, will be received at the office of the City Manager, Municipal Building, Portsmouth, Virginia, until twelve o'clock Noon, Virginia time, on Thursday, October 27, 1977, at which time and place all proposals will be publicly opened. The bonds offered for sale (the "Bonds") consist of two issues of general obligation bonds: 1. $7,000,000 General Obligation Bonds maturing in the principal amount of $350,000 on January 1 in each of the years 1979 through 1998. 2. $3,000,000 Public Utility Bonds maturing in the principal amount of $150,000 on January 1 in each of the years 1979 through 1998. The Bonds will be dated November 1, 1977; will be in coupon form registrable as to princi' only or as to both principal and interest; will be of the denomination of $5,000 each; and will bear interest payable July 1, 1978, and semi-annually thereafter on January 1 and July 1 of each year. Both principal of and interest on the bonds will be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for the payment of public and private debts, at the principal office of The Chase Manhattan Bank (National Association) in the City of New York, New York, except that interest on any bonds while registered as to both principal and interest shall be paid by the City. The Bonds of each issue maturing on and after January 1, 1989 shall be subject to redempt at the option of the City prior to their stated maturities on or after January 1, 1988 in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a maturity of such issue are called' for redemption, the particular Bonds of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plus a premium of one-half of one percent of the principal amount of each Bond to be redeemed for each six month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond, such premium in any event not to exceed three percent of such principal amount. The General Obligation bonds are to be issued for the purpose of providing funds to pay the cost of various public improvement projects. The full faith and credit of the City Shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation as to rate or amount on all the property subject to taxation by the City. The Public Utility Bonds are to be issued for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of the City shall be pledged to the principal of and interest on such bonds. The principal of and interest on the Public Utility Bonds shall be payable from ad valorem taxes without limitation of rate or amount, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufJ cient for that purpose. Bidders shall specify the rate or rates of interest per annum to be borne by the Bonds, to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall not be restricted as to the number of rates which may be named but the difference between the highest and the lowest interest rates specified shall not exceed two percent. All Bonds of both issues maturing on the same date must bear interest at the same single rate from their date to such maturity date, which single rate of interest shall be represented by a single coupon. Unless all proposals are rejected the Bonds will be awarded on October 27, 1977, to the responsible bidder offering to purchase the Bonds at the lowest cost to the City, to be computed by determining the interest to maturity at the rate or rates specified by the bidder and deducting therefrom any premium offered. No bid will be Considered for less than all of the Bonds of both issues or for a price less than par and accrued interest from the date of the Bonds to the date of their delivery. The right is reserved to reject any and all bids or to waive any irregularities or informalities in any bid. Proposals must be unconditional, must be on the City's proposal form prepared for the purpose, must be submitted in sealed envelopes marked "Proposal for City ~f Portsmouth;.Vi~gin Bonds': addressed to the undersigned and must be accompanied by a certifiea or bank cashier's check in the amount of $200,000 payable to the order of the City of Portsmouth, Virginia, as a guarantee of good faith on the part.of the bidder. No interest will be paid by the City on said good faith deposit. Good faith checks of unsuccessful bidders will be promptly returned to the representatives thereof. The good faith check of the successful bidder will be deposited by the City and the proceeds thereof credited against the purchase price due for the Bonds upon their delivery or retained as and for liquidated damages in the event the successful bidder fails to take up and pay for the Bonds in accordance with its bid. on