Minutes 09/23/1971 - Laserfiche WebLink

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September 23, 1971 At a called meeting of the City Council held at 12:00 Noon, on September 23, 1971, there were present: Jack P. Barnes, James W. Holley, Burrell R. Johnson, Isaac W. King, R. Irvine Smith, Raymond B. Smith, Raymond .Turner, A. P. Johnson, Jr., City Manager, and M. A. Korb, Jr,, City Attorney. The following call for the meeting was read: "Please attend a Called meeting of the City Council in the Council Chamber, at 12:00 Noon, on Thursday, September 23, 1971, to consider approving the Sale of Five Million Dollars of General Obligation Bonds as provided in a resolutien adopted by the City Council on August 24, 1971, and fixing the rate of interest of said bonds." 71,423 - The following letter from the City Manager was read: "Bids were received this morning at '11:00 a.m. for the sale of $5 million of General Obligation Bonds. The following bids were received: The Bank of Virginia The Chase Manhattan Bank F. S. Smithers & Company, Inc. The Northern Trust Company Blyth & Company, Inc. Lehman Brothers, Inc. Morgan Guaranty Trust Company The First National Bank of Chicago Halsey, Stuart & Company, Inc. Continental Illinois National Bank 4.88280 4.9237 4.9388 4.942086 4.989457 5.007790 5.0154 5.04024 5.0471 5.09476 The Bank of Virginia offering the best interest rate to the City of Portsmouth I recommend the bonds be awarded this firm." ' On motion of Mr. Irvine Smith and seconded by Mr. King, to concur with the recommen- datioff of the City Manager, the following resolution was adopted by the following vote: "A RESOLUTION TO APPROVE THE SALE OF FIVE MILLION DOLLARS OF GENERAL OBLIGATION BONDS AS PROVIDED IN A RESOLUTION ADOPTED BY THE CITY COUNCIL ON AUGUST 24, 1971, AND FIXING THE RATE OF INTEREST FOR SAID BONDS. WHEREAS, the City Manager of the City of Portsmouth had duly advertised for and receiv- ed proposals for the purchase of F:ive Million Dollars of General Obligation Bonds authorized by a resolution adopted by the City Council on August 24, 1971, and The Bank of Virginia has submitted the best offer for the purchase of said bonds, and the City Manager has re- commended that the said offer be approved. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the sale of Five Million Dollars of General Obligation Bonds of the City of Portsmouth, Virginia, authorized by a resolution adqpted by the Council of the City of Portsmouth, Virginia, on August 24, 1971, to The Bank of Virginia in accordance with the terms of the bid submitted, the bonds to bear interest at the following rates: The bonds becoming due on October 1, 1972, 1973, 1974, 1975, 1976, 1977, 1978, 1979, 1980 and 1981, to bear interest at the rate of 5.25 per centum per annum; The bonds becoming due on OctOber 1, 1982, to bear interest at the rate of 4.65 per centum per annum; The bonds becoming due on October 1, 1985, to bear.interest at the rate of 4.75 per centum per annum; The bonds becoming due on October 1, 1984, to bear interest at the rate of 4.85 per centum per annum; The bonds becoming due on October 1, 1985, to bear interest at the rate of 4.95 per centum per annum; The bonds becoming due on October 1, 1986, to bear interest at the rate of S.O0 per centum per annum; The bonds becoming due on October 1, 1987, to bear interest at the rate of S.OS per centum per annum; The bonds becoming due on October 1,1988 1989 and 1990, to bear interest at the rate of 5.10 per centum per annum; The bonds becoming due on October 1, 1991 to bear interest at the rate of 3.25 per centum per annum; be and the same hereby are approved. 2. That the said bonds be issued at the aforesaid rates of interest and the City Manager is hereby authorized to complete sale of the said bonds and deliver the same to the purchaser upon the payment of the purchase price therefor."