Minutes 09/27/1977 - Laserfiche WebLink

Home Browse Search

295 September 27, 1977 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 specifi 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 of Portsmouth, Virginia, Bonds" addressed to the undersigned and must be accompanied by a certified 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. The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly executed, and the usual closing papers, including a certificate that no litigation is pending affecting the validity of the Bonds, will be made to the successful bidder in New York, New York, on November 10, 1977, or as soon thereafter as the Bonds may be prepared. Payment of the balance of the purchase price, including of any premium offered, must be made in Federal funds. It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print any such number on any Bond nor any error or omission with respec thereto shall constitute cause for failure or refusal by the successful bidder for the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of its proposal. No CUSIP identification number shall constitute or be deemed to be a part of any Bond or a part of the contract evidenced thereby and no liability shall attach to the City or any of its officers or agents'because of or on account of any such number or any use made thereof All expenses in relation to the printing of CUSIP identification numbers on the Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid by the successful bidder for the Bonds. The respective opinion of Messrs. Wood Dawson Love & O'Brien approving the validity of each issue of Bonds will be furnished the successful bidder for the Bonds. Each such opinion will state that the respective Bonds constitute valid and legally binding obligations of the City and that the City has power and is obligated to levy ad valorem taxes for the payment of such Bonds and the interest thereon upon all property within the City, subject to taxation by the City, without limitation of rate or amount, it being understood that the rights of the holders of such Bonds and the enforceability thereof may be subject to judicial discretion and to valid bankruptcy, insolvency, reorganization, moratorium and other laws for the relief of debtors, and will also state that the interest of such Bonds is exempt from taxation by the United States of America under existing law and under the existing law of the Commonwealth of Virginia such interest is not includable in computing the Virginia income tax. A copy of the respective opinion will be printed on the respective Bonds. Requests for proposal forms, for the official statement pertaining to the Bonds and for further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City of Portsmouth, P. O. Box 820, Portsmouth, Virginia 23705. Proposal forms and the official statement may also be obtained at the office of Messrs. Wood Dawson Love & O'Brien, 48 Wall Street, New York, New York 10005. Robert T. Williams City Manager Portsmouth, Virginia" ~ 11. The City Attorney of the City shall and is hereby directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy hereof, with the Circuit Court of the City of Portsmouth, Virginia, and said City Clerk shall and is hereby directed to publish once within ten (10) days of the date of such filing a notice in The Virginian- Pilot, a newspaper of general circulation in the City, in accordance with Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the followin form: "LEGAL NOTICE Notice is hereby given pursuant to Section 15.1-199 of the Code of Virginia, 1950, as amended, that The Council of the City of Portsmouth, Virginia, adopted on September 27, 1977, resolutions authorizing the issuance of $7,000,000. principal amount of General Obligation Bonds and $3,000,000. principal amount of Public Utility Bonds of said City and caused certifi ed copies of said resolutions to be filed in the Circuit Court of the City of Portsmouth on The proceeds of sale of said General Obligation Bonds shall be applied to the payment of the costs of the following public improvement projects in substan tially the following respective amounts: