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October 19. 1972
<br />
<br /> At a called meeting of the City Council held at 11:30 A.M., on October 19, 1972,
<br />ther~ were present:
<br />
<br /> Jack P. Barnes, E. Saunders Early, Jr., James W. Helley, Burrell R. Johnson,
<br /> Isaac W. King, Raymond B. Smith, Robert W. Wentz, Jr., A. P. Johnson, Jr.,
<br /> City Manager, C. M. Scialdone, Assistant City Attorney.
<br />
<br /> Prayer was offered by Councilman King.
<br />
<br /> The following call £or th~ meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Chamber, at
<br />11:30 A.M., on T~ursday, October 19, 1972, to consider the sale of Three Million Dollars
<br />of Utility Bonds as provided in a resolution adopted by the City Council on September 12,
<br />1972 and Five Million~Dollars of General Obligation Bonds as provided in a resolution
<br />adopted by the City Council on September 26, 1972, and fixing the rate of interest for
<br />said bonds."
<br />
<br />72-443 The following letter £rom the City Manager was read:
<br />
<br /> "Bids were received this morning at 11:00 a.m. for the sale of $8 million of City of
<br />Portsmouth Serial Bonds. These are $5 million of General Obligation Bonds and $3 million
<br />of Utility Bonds. The bonds are to be dated November 1, 1972.
<br />
<br />The following bids have been rece. ived:
<br />
<br />First National City Bank and Associates
<br />Halsey Stuart & Company
<br />Northern Trust Company
<br />Lehman Brothers
<br />Reynolds Securities Inc.
<br />Bank of Virginia Central
<br />Continental Bank of Chicago
<br />Morgan Guaranty g Trust Company
<br />Bankers Trust C~mpany
<br />Blythe, Eastman ~ Company
<br />Weeden & Company
<br />F. S. Smithers & Company
<br />
<br />4.7728
<br />4.78319
<br />4.790952
<br />4.79329
<br />4.7975
<br />4.80273
<br />4.80969
<br />4.8182
<br />4.82511
<br />4.829
<br />4.8972
<br />4.9012
<br />
<br /> First National City Bank and Associates offering the best interest rate of 4.7728
<br />the City of Portsmouth, I recommend the bonds be awarded to this firm and the attached
<br />resolution be adopted."
<br />
<br />to
<br />
<br /> On motion of Mr. Burrell R. Johnson and secondsd by Mr. Raymond B. Smith, the following
<br />resolution was adopted, and by the following vote:
<br />
<br /> "A RESOLUTION TO APPROVE m'
<br /> ,HE SALE OF SS,O00,O00 GENERAL OBLIGATION BONDS-
<br /> OF THE CITY OF PORTSMOUTH, VIRGINIA, AS PROVIDED BY A RESOLUTION THE
<br /> COUNCIL OF THE CITY OF PORTSMOUTH ADOPTED ON SEPTEMBER 26., 1972 AND
<br /> $3,000,0OO UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, AS AUTHO-
<br /> RIZED BY AN ORDINANCE OF SAID CITY ADOPTED BY THE COUNCIL OF THE CITY
<br /> OF PORTSMOUTH ON SEPTEMBER 1S, 1971~ WHICH WAS APPROVED BY THE ELECTORATE
<br /> OF SAID CITY ON NOVEMBER 2, 1971, AND]AS PROVIDED BY A RESOLUTION OF THE
<br /> COUNCIL OF THE CITY OF PORTSMOUTH ADOPTED ON SEPTEMBER 12, 1972; FIXING THE
<br /> RATE OF INTEREST OF SAID BONDS: AND COVENANTING AS TO THE USE OE THE PRO-
<br /> CEEDS THEREOF.~
<br />
<br /> ~ERBAR, the'~ouncil of the Cx~y of Portsmouth, Virginia authorized the issuance
<br />and sale of $S,OO0,OOO General Obligation Bonds (hereinafter referred to:as the
<br />':General Obligation Bonds~?) of said City by a Resolution.adopted on September 26,
<br />1972; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia authorized $3,000,000
<br />Utility Bonds (hereinafter referred to as the -Utility Bonds") by an ordinance adopted
<br />by the City Council on September 15, 1971, which was approved by the electorate of said
<br />City on November 2, 1971, and the issuance and sale of said Utility Bond is provided
<br />by a Resolution of the Council of the City of Portsmouth adopted on September 12, 1972;
<br />and
<br />
<br /> WHEREAS, the City Manager of the City of Portsmouth, Virginia has heretofore caused
<br />to be published and circulated a Notice of Sale for the purchase of ~8,000,OO0 general
<br />obligation bonds of the City of Portsmouth, consisting of the aforesaid $5,OOO,000 General
<br />Obligation Bonds and $3,000,000 Utility Bonds and First National City Bank and Associates
<br />has submitted the best offer for the purchase of said bonds, and the City Manager has
<br />recommended that said offer be accepted.
<br />
<br />NOW, THEREFORE, 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 City
<br /> Bank and Associates for the purchase of $8,000,000 general obligation bonds of the City
<br />· of Portsmouth, consisting of the $5,0OO,OOO General Obligation Bonds and the $3,000,000
<br />Utility Bonds, said bid being a bid of par plus a premxum of ~776.OO and accrued interest
<br />from the date of 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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