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Minutes 04/21/1965
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Minutes 04/21/1965
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City Council
City Council - Type
Adopted Minutes
City Council - Date
4/21/1965
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April 21, 1965 <br /> <br />At a called meeting of the City Council held on April 21, 1965, at--~:30 a.m. there were <br /> <br />R. Irvine Smith, John L. Dillon, George D. Hastes, Burrell R. Johnson, W. T. Leery, <br />A.?P. Johnson, Jr.., City Manager, and M. A. Korb, Jr., City Attorney <br /> <br />Absent Jack ~. Berne% L. L. Knight <br /> <br /> The meeting was opened with prayer by Mr. Smith. <br /> The following call for the meeting was read: <br /> "Please attend a called meeting of the City Councilc~on Wednesday. April 21, 1965, at 11:30 <br />a.m. in the Council Chamber, to consider awarding the bid on the sale of two million dollars in General Obligation <br />Bonds of the C~ty of Portsmouth." <br /> <br />The following letter from=the City Manager was read: <br /> <br /> 65-108 - "Bids were opened at 11:00 a.m. today for the sale of $2j000,000 of General Obligation <br />Bonds. Bids were received as follows: <br /> <br />First Boston Corporation <br />Phelps, Fenn & Company <br />White, Weld & Company <br />Eastman, Dillon Union Securities <br />J. C. ~eat & Company <br />Continental Illinois National Bank ~ Trust Company <br />of Chicago <br />Halsey, Stuart & Company, Incorporated <br />First National City Bank <br />Glore Forgan & Company & William R. Staats & Company <br />Kidder, Peabody & Company <br />The Chase Manhattan Bank <br />Bankers Trust Company <br />Blyth & Company, Incorporated <br />Shields & Company <br />The Philadelphia National Bank <br />The First National Bank of Chicago <br />The Northern Trust Company <br />Harris Trust & Savings Bank <br />Lehman Brothers <br />Morgan Guaranty Trust Company <br /> <br />3.0596 <br />3.0656 <br />3.0752 <br />3.0910 <br />3.1018 <br /> <br />3.1234 <br />3.1290 <br />3.0763 <br />3.0967 <br />3.0846 <br />3.0921 <br />3.1234 <br />3.0815 <br />3.0857 <br />3.1181 <br />3.1256 <br />3.1054 <br />3.1247 <br />3.1355 <br />3.1416 <br /> <br /> Th~ First Boston Corporation being the low bidder, I recommend that the bonds be awarded <br />to this concern at the interest rate prescribed by the attached proposal and recommend that the attached ordinance be: <br />placed on first reading." <br /> <br /> "We make the following offer for the City of Portsmouth Bonds described in the official <br />Notice of Sale which is hereby made a part of this bid by reference. <br /> For the $2,000,000.00 Serial General Obligation Bonds bearing interest as follows: <br /> <br />Year of Rate of Year of Rate of Year of Rate of <br />Maturity Interest Maturity Interest Maturity Interest <br /> <br />1966 4 1/4% 1971 5% 1976 <br />1967 4 1/4% 1972 3% 1977 3% <br />1968 3% 1973 3% 1978 3% <br />1969 3% 1974 3% 1979 3% <br />1970 3% 1975 3% 1980 3% <br /> <br />Year of Rate of <br />Maturity Interest <br /> <br />1981 3.10% <br />1982 3.10% <br />1983 3,10% <br />1984 3.10% <br />1985 3.10% <br /> <br />date of delivery. <br /> <br />We will pay .two million two hundred twenty dollars ($2,000,220.00), plus accrued interest to <br /> <br /> The net interest cost, determined in the manner prescribed by Notice of Sale ~ $642,530.00. <br />Effective rate of interest 3.05966%. <br /> <br /> We enclose a certified or bank cashier's or treasurer's check for $40,000.00 payable to the <br />City of Port.smouth, Virginia, to secure the City against loss resulting from a failure on our part to comply with <br />the terms of this bid." <br /> The First Boston Corporation and Associates <br /> BY: The First Boston Corporation <br /> BY: R. V. McCarthy <br /> Assistant Vice President <br /> <br />20 Exchange Place <br />New York, New YOrk lO00S <br /> <br /> <br />
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