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<br />
<br />July 29, 1976
<br />
<br /> At a called meeting of the City Council held at 12:30 p.m., on July 29, 1976, there
<br />were present:
<br />
<br />Richard J. Davis, E.
<br />Robert W. Wentz, Jr.,
<br />Attorney.
<br />
<br />Saunders Early, Jr. Archie Elliott, Jr., Edward L. Oast, Jr.,
<br />R. T. Williams, City Manager, Gordon B. Tayloe, Jr., City
<br />
<br />Absent: Jack P. Barnes, James W. Holley.
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council to be held in the Council Chamber,
<br />at 12:30 p.m. on Thursday, July 29, 1976, to consider approving the sale of Ten Million
<br />Dollars of General Obligation Bonds, as provided in resolution adopted by City Council
<br />on July 13, 1976, and fixing the rate of interest of said bonds.
<br />
<br />By order of the Mayor."
<br />
<br />76~514 , The following letter from the City Manager was read:
<br />
<br /> "Bids were received this morning at 12:00 noon for the sale of $10 million of City
<br />of Portsmouth Serial Bonds. These are $10 million of General Obligation Bonds. The bonds
<br />are to be dated August 1, 1976.
<br />
<br />The following bids have been received:
<br />
<br />Lehman Brothers, Inc.
<br />Bankers Trust Company & Assoc.
<br />The Northern Trust Company
<br />First National Exchange Bank &
<br /> ASSOC.
<br />Chase Manhattan Bank, N.A.
<br />First National City Bank
<br />Bache Halsey Stuart, Inc.
<br />
<br />5.55180
<br />5.5557
<br />5.5651419
<br />
<br />5,829,390
<br />5,831.440
<br />5,843,399
<br />
<br />5.5713 5,849,900
<br />5.6401 5,922,150
<br />5.6495 5,932,000
<br />5.7499 6,037,400
<br />
<br /> Lehman Brothers, Inc. offering the best interest rate of 5.55180 to the City of Portsmou'
<br />I recommend the bonds be awarded to this firm and the attached resolution be adopted."
<br />
<br /> On motion of Mr. Wentz and seconded by Mr. Early, to concur in the recommendation
<br />of the City Manager, and the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION ACCEPTING A PROPOSAL TO PURCHASE TEN MILLION DOLLARS
<br />($10,000,000.) PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, FIXING THE RATES OF INTEREST TO BE
<br />BORNE BY SAID BONDS, APPROVING AND AUTHORIZING THE DISTRIBUTION OF
<br />AN OFFICIAL STATEMENT RELATING TO SAID BONDS, AUTHORIZING THE EXECUTION
<br />OF A CERTIFICATE RELATING TO SAID OFFICIAL STATEMENT AND RATIFYING CER-
<br />TAIN ACTS IN CONNECTION WITH THE SALE OF SAID BONDS.
<br />
<br /> ?~EREAS, by a resolution adopted by this Council on July 13, 1976 entitled '~ RESOLUTION
<br />AUTHORIZING-THE ISSUANCE OF TEN MILLION DOLLARS ($10,O00,OO0.) PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS
<br />TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF SAID CITY, FIXING THE FORM OF
<br />SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS", this Council authorized the issuance
<br />of ten million dollars ($10,O00,0OO.) principal amount of General Obligation Bonds (the
<br />"Bonds") of the City of Portsmouth, Virginia (the "City"), and authorized the City Manager
<br />of t~e City to publish and distribute a Notice of Sale relating thereto; and
<br />
<br /> WHEREAS, pursuant to said resolution the said City Manager caused to be published
<br />on July 21, 1976, in Norfolk Virginian~ilot, a newspaper of general circulation in the
<br />City, and in The Daily Bond Buyer, a financial newspaper published in the City of New York,
<br />New York, a Notice of Sale of the Bonds, which Notice of Sale provided that sealed proposals
<br />for the purchase of the Bonds would be received at the office of the said City Manager
<br />at twelve o'clock, noon, Virginia time, on July 29, 1976; and
<br />
<br /> ?~EREAS, pursuant to said Notice of Sale the following proposals for the purchase
<br />of the Bonds were received, each accompanied by a certified or bank cashier'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 />Lehman Brothers, Inc. / ~ $1360.00 5.55180
<br />Bankers Trust Company & Assoc. 2810.00 5.5537
<br />The Northern Trust Co. i01.00 5.5651419
<br />First National Exchange Bank & Assoc. 1100.O0 5.5713
<br />.Chase Manhattan Bank, N.A. 100.00 5.6401 ?
<br />First National City Bank ~ ~ ~ 5.6495
<br />Bache Halsey Stuart, Inc. 2600.00 5.7499
<br />
<br /> NOWTT~REFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. After due consideration of all of the proposals listed above, this Council hereby
<br />finds and determines that (a) Lehman Brothers, Inc. (the "Purchaser,
<br />is a responsible bidder, (b) o~'the proposals received for the purchase of the Bonds the
<br />prgposal of the Purchaser is the offer to purchase the Bonds at the lowest interest cost
<br />
<br />
<br />
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