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165
<br />
<br /> At a called meeting of the City Council, held at 12:00 noon, on November 15, 1973,
<br />there were present:
<br />
<br />E. Saunders Early, Jr., James W. Holley, Burrell R. Johnson, Isaac W. King,
<br />Raymond B. Smith, Robert W. WBntz, Jr., A. P. Johnson, gr., City Manager,
<br />W. J. O'Brien, Jr,, City Attorney.
<br />
<br />Absent: Jack P. Barnes
<br />
<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
<br />12:00 Noon, on Thursday, November 15, 19732 to consider approving the sale of Four Million
<br />Five Hundred Thousand Dollars of General Obligation Bonds and Two Million Five Hundred
<br />Thousand Dollars of Utility Bonds, as provided in resolutions adopted by City Council on
<br />October 23, 1973, and fixing the rate of interest for said bonds."
<br />
<br />73-475 - The following letter from the City Manager was read:
<br />
<br /> "Bids were received this morning at 11:00 a.m. for the sale of $7 million of City
<br />of Portsmouth Serial Bonds. These are $4,5 million of General Obligation Bonds and $2.5
<br />million of Utility Bonds. The bonds are to be dated December 1, 1973.
<br />
<br />The following bids have been received:
<br />
<br />Shearson Hammill & Co.
<br />Merrill Lynch Fenner & Smith
<br />Northern Trust Co.
<br />First National Bank of Chicago
<br />Chase Manhatten
<br />Halsey Stuart
<br />W. H. Morton ~ Co.
<br />Continental Illinois Nt. Bk. ~ Trust
<br />Lehman Bros.
<br />First National City Bank
<br />Bank of Virginia Central
<br />
<br />5 1117
<br />5 045457
<br />5 04762911
<br />4 9847
<br />5 0626
<br />5 0783
<br />5 1917
<br />5 08881
<br />5 076519
<br />5 0497
<br />5 02904
<br />
<br /> First National Bank of Chicago offering
<br />City of Portsmouth, I recommend the bonds be
<br />resolution be adopted."
<br />
<br />the best interest rate of 4.9847 to the
<br />awarded to this firm and th~ attached
<br />
<br /> On motion of Mr. Smith and seconded by Mr. Johnson, to concur with the recommendation
<br />of the City Manager, the following resolution was adopted by the following vote:
<br />
<br />"A RESOLUTION TO APPROVE THE SALE OF $4,500,000 GENERAL OBLIGATION BONDS
<br />OF THE CITY OF PORTSMOUTH, VIRGINIA, AS PROVIDED BY A RESOLUTION OF THE
<br />COUNCIL OF THE CITY OF PORTSMOUTH ADOPTED ON OCTOBER 25, 1973, AND
<br />$2,$00~000 UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, AS AUTHORIZED
<br />BY AN ORDINANCE OF SAID CITY ADOPTED BY THE COUNCIL OF THE CITY OF PORTSMOUTH
<br />ON SEPTEMBER 15, 1971, WHICH NAS APPROVED BY THE ELECTORATE OF SAID CITY
<br />ON NOVEMBER 2, 1971, AND AS PROVIDED BY A RESOLUTION OF THE COUNCIL OF
<br />THE CITY OF PORTSMOUTH ADOPTED ON OCTOBER 23, 1973; FIXING THE RATE OF
<br />INTEREST OF SAID BONDS; AND COVENANTING AS TO TIlE USE OF THE PROCEEDS
<br />THEREOF.
<br />
<br /> ~EREAS, the Council of the City of Portsmouth, Virginia, authorized the issuance
<br />and sale of $4,500,000 General Obligation Bonds (hereinafter referred to as the "General
<br />Obligation Bonds") of said City by a Resolution adopted on October 23, 1975; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth. Virginia, authorized $2,500,000
<br />Utility Bonds (hereinafter referred to as the "Utility Bonds") by an ordinance adopted
<br />by the City Council on September 15, 1971, ~hich was approved by the electorate of
<br />said City on November 2, 1971, and the issuance and sale of said Utility Bonds is
<br />provided by a Resolution of the Council of the City of Portsmouth adopted on October
<br />23, 1973; and
<br />
<br /> W~REAS, the City Manager of the City of Portsmouth, Virginia, has heretofore
<br />caused to be published and circulated a Notice of Sa~e for the purchase of $7,000,000
<br />general obligation bonds of the City of Portsmouth. consisting of the aforesaid $4,500,000
<br />General Obligation Bonds and $2,500,000 Utility Bonds and First National Bank of Chicago
<br />has submitted the best offer for the purchase of said bonds, and the City Manager
<br />has recommended that said offer be accepted.
<br />
<br />NOW, TF~RBFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> SECTION 1. There shall be, and hereby is, accepted the bid of First National
<br />Bank of Chicago for the purchase of $7,000,000 general ~bligation bonds of the City
<br />of Portsmouth, consisting of the $4,500,000 General Obligation Bonds and the $2,500,000
<br />Utility Bonds, said bid being a bid of par plus a premium ot.$157.40 and accrued interest
<br />from the date o£ said bonds to the date of delivery of and payment thereof for bonds
<br />of each issue as set forth in Section 2 hereof.
<br />
<br />
<br />
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