Minutes 01/30/1996 - Laserfiche WebLink

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(e) The Summ~ry Notice of Sale and the Decailed Notice of Sale provided that sealed proposals for the purchase of the Bonds would be received by or on behalf of the City, ac the office of the City Manager until 11:30 A.M.~ Eastern Standard Time, on Tuesday, January 30, 1996, ac which time and place all proposals would be publicly opened. (f) Pursuant to the Detailed Notice of Sale, seven proposals for the purchase of the Bonds were received by the City, each accompanied by a certified or bank treasurer's or cashier's check in the amount of $530,000.00 (or, in lieu thereof, a Surety Bond as described in the Detailed Notice of Sale) payable to the order of the City of Portsmouth, Virginl~. The names of the bidders submitting each such proposal% the purchase price for the Bonds specified in each such proposal and the true interesn cosn to the City resulting from each such proposal are as follows: Name of Bidder Purchase Price Specified True Cost Paine Webber Prudential Securities, Inc. ABN Amro Merrill Lynch Legg Mason Wood Walker, Inc. Craigie Incorporated First Union Capital Markets Corporation $53 046,193.10 5.01534 53 203,083.80 53 162,757.05 53 003,118.00 53 000,000.00 53 000,000.00 53 000,662.15 5.0268% 5.0360% 5.0455% 5.0560% 5.0789% 5.0873% (g) After due consideration of all such proposals, this Council hereby finds and determines that (i) Paine Webber (the "Purchaser") is a responsible bidder; (ii) of the proposals for the purchase of the Bonds received by the City, the proposal of the Purchaser (the "Proposal") is the proposal to purchase the Bonds at the lowest true interest cost to the City, determined in accordance with the provisions of the Detailed Notice of Sale; and (iii) the Proposal is the best proposal for the purchase of the Bonds received by the City, is in accordance with the Detailed Notice of Sale, and should be accepted. SECTION 2. The Proposal, being a proposal to purchase the Bonds at the price of $5~,046,193.10 plus accrued interest from the date of the Bonds to the date of delivery thereof by the City and payment therefor by the Purchaser, with the Bonds to bear interest at the interest rates set forth in Section 4 hereof, is hereby accepted and the Bonds are hereby awarded to the Purchaser. SECTION 3. The good faith checks of the unsuccessful bidders shall be returned forthwith. The good faith check of the Purchaser will be deposited by the City and the proceeds thereof credited against the purchase price due for the Bonds upon their delivery or retained as and for liquidated damagesi in the case the Purchaser fails to accept delivery of and pay for the Bonds in accordance with the Proposal. SECTION 4. The details of the Bonds set forth in the Detailed Notice of Sale are hereby ratified, approved and confirmed. In accordance with the provisions of the resolution referred to in Section !(a) hereof 'and the ordinance referred to in Section l(b) hereof, the Detailed Notice of Sale and the i Proposal, the Bonds shall be designated and known as the "City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, Series 1996" and "City of Portsmouth, Virginia, General Obligation Ptfolic Utility Bonds, Series 1996", respectively. The Bonds shall be dated January 1, 1996; shall be numbered