Minutes 01/30/1996 - Laserfiche WebLink

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January 30, 1996 86;9 At a Called Meeting of the City Council on Tuesday, January 30, 1996, there were present: Mayor Gloria O. Webb, *Vice Mayor Johnny M. Clemons, Bernard D. Griffin, Sr., James C. Hawks, James T. Martin, Cameron C. Pitts, Ronald W. Massie, City Manager. 96-39 - The following call for the meeting was read: "Please attend a Called Meeting of the City Council to be held in the City Manager's Conference Room, 6th floor of City Hall, 801 Crawford Street, at 12:00 p.m., Tuesday, January 30, 1996, for the purpose of considering bids for the sale of $40,000,000 in General Obligation Public Improvement Bonds and $13,000,000 in General Obligation Public Utility Bonds. In addition, you may consider a motion to go into an Executive Session. By order of the Mayor." CITY MANAGER'S REPORT 96-40 Letter from the City Manager recommending adoption of a resolution of the Council of the City of Portsmouth, Virginia, authorizing the issuance and sale of forty million dollars ($40,000,000) principal amount of City of Portsmouth, Virginia General Obligation Public Improvement Bonds, Series 1996, and thirteen million dollars {$13,000,000) principal amount of City of Portsmouth, Virginia General Obligation Public Utility Bonds Series 1996; accepting a proposal to purchase such bonds; fixing the rates of interest to be borne by such bonds; fixing the form of such bonds; approving and authorizing the distribution of an official statement relating to such bonds; authorizing the execution of certificates relating to such official statement; authorizing the execution and delivery of a continuing disclosure certificate relating to such bonds; and ratifying certain acts in connection with the sale of such bonds. "The Municipal Finance Commission will meet prior to the City Council meeting to receive and analyze the bids on the bond issue. After opening the bids and discussing the results with our financial advisor and staff, they will formulate a recommendation for the City Council to consider pertaining to the acceptance of the lowest responsive bidder. The attached resolution has been prepared for your consideration to accept the offer on the City's bonds. The resolution contains all the necessary language to sell the bonds and to verify that they will be tax exempt debt instruments. Please do not hesitate to call me should you wish to discuss this matter further." Motion by Mr. Pitts, and seconded by Mr. Griffin, to adopt the proposed resolution. Substitute motion by Mr. Hawks, and seconded by Mr. Clemons, to adopt the following resolution and to add an additional paragraph on page 5 to reflect the maturity dates of term bonds~ and was adopted by the following vote: