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May 15. 1969
<br />
<br />At a called meeting of the City Council held at 12:00 Neon, en May 1S, 1969, there were present:
<br />
<br />Jack P. Barnes, George D. Eastes, James W. Holley, Burrell R. Johnson, Isaac W. ~ng, R. Irv~ne Smith,
<br />Raymond Turner, A. P. Johnson, Jr., City Manager, M. A. Eorb,. Jr.,: C~ty Attorney, and R. D. 8ttavio,
<br />City Auditor.
<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 12.,00 Noon, on Thursday,
<br />May 1S, 1969, to consider approving the sale of Eight ~llion Dollars of General Obligation Bonds as provided
<br />in a resolution adopted by fl%e City Com~cil on March 11, 1969, and fixing the rate of interest for said bonds."
<br />
<br /> 69-155 - 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 $8,000,000 of General Obligation Bonds.
<br /> Bids were received as follows:
<br />
<br />Morgan Guaranty Trust Co.
<br />Halsey Stuart & Co.
<br />Chase Manhattan Bank
<br />Lehman Bros.
<br />Northern Trust Co.
<br />The First Nat'l Bank of Chicago
<br />Blyth & Co., Inc.
<br />
<br />5.2541
<br />5.2445
<br />5.2571
<br />5.2698
<br />5.296
<br />5.3065
<br />5.3244
<br />
<br /> Morgan Guaranty T~ast Co. of New Yolk being the Iow bidder, I recommend that the bonds be awarded to this
<br />concern at the interest rate prescribed hy the attached p~op~s~l~and I recommend that the attached resolution
<br />be adopted."
<br />
<br />On motion of Mr. Smith, the following resolution was adopted by the following vote:
<br />
<br />"A RESOLUTION TO APPROVE THE SALE OF EIGHT HILLION DOLLARS OF GENERAL OBLIGATION BONDS AS PROVIDED
<br />IN A RESOLUTION ADOPTED BY THE CITY COUNCIL ON MARCH 11, 1969, AND FIXING THE RATE OF INTEREST FOR'
<br />SAID BONDS~
<br />
<br /> WHEREAS, the City Manager of the City of Portsmauth,.hasdut~ advertised for and received proposals for
<br />the purchase of Eight MilliDn Dollars of General obligation Mends authorized by a resolution adopted by the
<br />City Council on March I1, 1969, and Morgan Guaranty Trust Company of New York has submitted the best offer for
<br />the purchase of said bonds, and the City Manager has recommended that the said offer be approved.
<br />
<br /> NOW, ~HEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. That the sale of Eight Million Dollars of General Obligation Bonds of the City of Portsmouth, Virginia,
<br /> Authorized by a resolution adopted by the Council of the ~ity of Portsmouth, Virginia, on March 11,
<br /> 1969, to Morgan Guaranty Trust Company of New York in accordance~Wi'th'the terms of the bid submitted,
<br /> the bends to bear interest at the following rates:
<br />
<br /> The bonds becoming due on June 1, 1970, 1971, 1972, 1975, 1974, 1975, 1976, 1977, 1978 and 1979, to
<br /> bear interest at the rate of six (6) per centumper annum;
<br />
<br /> The bonds becoming due on June 1, 1980, to bear interest at the rate of five and one-half (5 1/2) per
<br /> centumper annmm;
<br />
<br /> The bonds becoming due on June 1, 1981, 1982, 1985, 1984, and 1985, to bear interest at the rate of five
<br /> and twenty-hundredths (5.20) per centum per annum;
<br />
<br /> The bonds becoming due on June 1, 1986, 1987, and 1988, to bear interest at the rate ~f five and thirty-
<br /> hundredths (5.50) per centumper annum;
<br />
<br />The bonds becomzng due on June 1, 1989, 1990, 1991, and 1992~ to bear interest at the rate of five and
<br />forty-hundredths (5.40) per centum per annum;
<br />
<br />The bonds becomzng due on June 1, 1993 and 1994, to bear interest at the rate of fotr~ (4) per centum per
<br />annum; be and the same hereby are approved.
<br />
<br />That the bonds be issued at the aforeSaid rates of interest and the City Manager is hereby authorized
<br />to complete sale of ~le said bonds and deliver the same to the purdlaser upon the payment of the p~chas,
<br />price therefor."
<br />
<br />Ayes: Barnes, Hastes, Holley, Johnson, King, Smith, Turner
<br />Nays: None
<br />
<br />On motion adjourned.
<br />
<br />APPROVED -
<br />
<br />~ President
<br />
<br />Deputy City ~lerk
<br />
<br />
<br />
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