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23O
<br />
<br />January 28, 1992
<br />
<br /> Motion of Mr. Hawks and seconded by-Mr. King, the
<br />following resolution~was adopted on first and final reading,
<br />and awarding the kid to First Boston CorDoration, ~and by the
<br />f ol lo~l~ ~e
<br />
<br />A RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />PORTSMOUTI~ VIRGINIA, ACCEFrING A PROPK~AL TO
<br />PURCHASE TWENTY-THREE MH J JON THIRTY-FIVE
<br />THOUSAND DOLLARS ($23,035,000) PRINCIPAL AMOUNT OF
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS,
<br />SEI~IES 199'2, AND SEVEN Mn.t.tON SIX HUNDRED
<br />THOUSAND DOLLARS ($7,615,000) PRIN~ AMOUNT OF
<br />GENERAL OBLIGATION PUBLIC D'rIt.ITY BONIX~ SERIFS
<br />1992, OFTHE tzrrY OF PORTSMOUTH, VIRGINIA; FIXING-THE
<br />RATES OF INTEREST TO BE BORNE BY SUCH BONDS;
<br />APPROVING- AND AUTHORIZING THE DISTRIBUTION' OF AN
<br />OFFICIAL STATEMENT R~ATING TO SUCH BONDS;
<br />AUTHORI?JNG THE EXECUTION OF CEk'iI~iCATES
<br />RUJATING TO SUCH OFFICIAL STATEMEArr; AND
<br />RAT~'YING ~TAIN Acrs IN CONNECrlON ~ THE
<br />SALE OF SUCH BONDS
<br />
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA:
<br />
<br /> SECTION 1. Findings and Determinations. (al Pursuant to a resolution
<br />adopted by this Council on January 14, 1992, entitled "A RESOLUTION AUTHORIZING
<br />THE ISSUANCE OF TWENTY-THREE MILLION THIRTY-FIVE THOUSAND
<br />DOLLARS ($23,035,0001 PRINCIPAL AMOUNT OFGENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH. VIRGINIA. FOR THE
<br />PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC
<br />IMPROVEMENT PROJECTS OF AND FOR SUCH CITY: FIXING THE FORM OF
<br />SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS: AND PROVIDING
<br />THAT THE AUTHORIZATION OF SUCH BONDS HEREIN IS. IN PART, IN LIEU
<br />OF CERTAIN GENERAL OBLIGATION BONDS HERETOFORE ALrrHORIZED", this
<br />Council authorized the issuance of twenty-three million thirty-five thousand 'dollars-
<br />($23,035,000) principal amount of General Obligation Public Improvement Bonds (the
<br />"Public Improvement Bonds") of the City of Portsmouth, Virginia [the "City").
<br />
<br /> (b) Pursuant to a resolution adopted by this Council on Janumst 14, 1992.
<br />entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION SiX
<br />HUNDRED FIirrI'EEN THOUSAND DOLLARS ($7,615,000~ PRINCIPALAMOUNT OF
<br />GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF
<br />PORTSMOUTH. VIRGINIA. FOR THE PURPOSE OF MAK/NG CAPITAL
<br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER
<br />SYSTEM OF AND FOR SUCH CITY PURSUANT TO ARTICLE VII. SECTION 10 (al
<br />(2), OF THE CONSTITUTION OF VIRGINIA; FIXING THE FORM OF SUCH BONDS;
<br />AND AUTHORIZING THE SALE OF SUCH BONDS", this Council authorized the
<br />issuance of seven million six hundred fifteen thousand dollars ($7,615,000) principal amount
<br />of General Obligation Public Utility Bonds (the "Public Utility Bonds"} of the City.
<br />
<br /> (el The City Manager,caused a Sununa~ Notice of Sale (the "Summary.
<br /> Notice of Sale") of both the Public Improvement Bonds and the Public Utility Bonds
<br /> (collectively, the "Bonds"), to be published on January 16. 1992, in The Bond Buyer, a
<br /> financial journal published in the City of New York, New York, and caused a Preliminary
<br /> Official Statement of the City relating m the Bonds. dated January 16. 1992 (the
<br /> "Preliminary Official Statement"), a Detailed Notice of Sale of the Bonds, dated January 16.
<br /> 1992 (the "Detailed Notice of Sale"), and an Official Proposal Form relating To the Bonds
<br /> (the ."Proposal Form"), to be prepared and distributed to prospective purchasers of the
<br /> Bonds.
<br />
<br /> (d) The Summary Notice of Sale and the Detailed Notice of Sale provided
<br />that sealed proposals for the purchase of the Bonds would be received by or on behalf of
<br />the City, at the office of the City Manager until Twelve O'Clock Noor~ Eastern Standard
<br />Time. on Tuesday, January 28, 199Z at which time and place all proposals would be publicly
<br />opened.
<br />
<br /> (el Pursuant to the Detailed Notice of Sale. three (3) proposals for the
<br />purchase of the Bonds were received by the City, each accompanied by a certified or bank
<br />cashier's check in the amount of $~306,500 payable to the order of the City of Portsmouth.
<br />Virginia. The names of the bidders submitting each such proposal, the purchase price for
<br />the Bonds speciBnd in each such proposal and the true interest cost to the City resulting
<br />[rom each such proposal are as follows:
<br />
<br />Name of Bidder
<br />
<br />Purchase Price Soecified
<br />
<br />True Interest Cost
<br />
<br />The First Boston Corpormion $30.652,730.70 6.0106 %
<br />Chemical Securities 30.672.033.00 6.0298
<br />Lehman Brothers 30.650,000.00 6.04055
<br />
<br />
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