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244 <br /> <br />April 14, 198- <br /> <br />operations and the public schools, and general revenue sharing and <br />such ot~rmatters as may be deemed appropriate." <br /> <br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holley <br />Nays: None <br /> <br /> 87-139 - Letter from the City Manager recommending adoption of <br />resolutions to authorize the issuance and sale of: <br /> <br />a. General Obligation Public Improvement and Refunding Bonds <br /> <br />b.) General Obligation Public Utility and Refunding Bonds. <br /> <br />c.) General Obligation Port Improvement and Refunding Bonds. <br /> <br /> "Last week I made presentations to Moody's and to Standard and <br />?oor's for bond rating purposes, and we are proceeding as rapidly <br />as possible to issue the refunding binds and new issue bonds that <br />the Council previously authorized. Subject to market rates, of cou~ ~e, <br />the amount of savings to the citizens of Portsmouth is still projected <br />to be over $1,000,000, as of the time of this writing. <br /> <br /> In order to optimize <br />advisors and underwriters <br />after Tuesday, April 14, <br /> <br />the pricing conditions, our financial <br />have recommended a pricing date sometime <br />i987, to be determined. <br /> <br /> The enzlosed resolutions would authorize the City ~anager to <br />execute a bond purchase agreement with the underwriters (Craigie <br />Incorporated; Goldman, Sachs & Co.; andScott g Stringfellow, Inc.). <br />resolutions authorize the City Manager to sell the bonds upon <br />such terms and conditions as he shall determine at the time of sale, <br /> ect to the provisions as stated in the resolutions. The resoln- <br />Lion also provide that the refunding bonds must meet the criteria of <br />~he State Council on Local Debt, which require that there be a pre- <br />~ent value savings of at least 5% on the refunding bonds. <br /> <br /> For the last several weeks, market interest rates have been <br />rather volatile. Since it is difficult to estimate what conditions <br />rill be in advance, I Will provide the Council with an or, status <br />~eport on this matter at the Council meeting on April 14, 1987. <br /> <br /> Also enclosed for your information is a d~f~ of the preliminar <br />~fficial statement to be distributed in connection with the sale <br />2he bonds. A copy of the final preliminary official statement' will <br />~e furnished to each Council Member at the Council meeting." <br /> <br />~.) On motion of Mrs. Webb and seconded by Mr. Gray, the following <br />resolution was adopted, and by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF NOT TO <br />~XCEED THIRTY ONE MILLION NINE HUNDRED AND FIV~ THOUSAND <br />($31,905,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT AND REFUNDING BONDS, SERI~S 1987, OF THE CITY <br />OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS <br />TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM <br />CERTAIN PREVIOUSLY ISSUED AND OUTSTANDING PUBLIC IMPROVEMENT <br />BONDS OF SUCH CITY AND TO PAY THE COSTS OF VARIOUS ADDITIONAL <br />PUBLIC ~MPROVEMENT PROJECTS OF AND FOR SUCH CITY, AUTHORIZING <br />THE SALE OF SUCH BONDS BY THE CITY MANAGER AND AUTHORIZING <br />TH~ EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT RE- <br />LATING TO SUCH REFUNDED PUBLIC IMPROVEMENT BONDS AND AUTHO-~ <br />R~ZING TH~ CITY MANAGER TO DESIGNATE SUCH REFUNDED PUBLIC <br />IMPROVEMENT BONDS FOR REDEMPTION AND PROVIDING THE AUTHORI- <br />ZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU OF CERTAIN <br />G~N~RAL OBLIGATION PUBLIC IMPROVEMENT BONDS HERETOFORE <br />AUTHORIZED. <br /> <br /> <br />