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177
<br />
<br />October 29, 1985
<br />
<br /> At a called meeting of the City Council held at 1:00 p.m. on Tuesday, October 29, 198S,
<br />there were presen%:
<br />
<br />James W. Holl6y, III, Ben A. Beamer, Sr., E. G. Corprew, Jr., J. Robert Gray,
<br />Gloria O. Webb, Morton V. Whitlow, Roy W. Cherry, Assistant City Manager,
<br />James T. Martin, Assistant City Attorney.
<br />
<br />Absent: L. Louise Lucas
<br />85-336
<br />The following call for the
<br />
<br />meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Chamber, 6th floor
<br />of City Hall, 801 Crawford Street, at 1:00 p.m., on Tuesday, October 29, 1985, to consider
<br />approvmng the sale of Twenty Million One Hundred Fifty Thousand Dollars of General Obligation
<br />Public Improvement Bonds and Nine Million Eight Hundred Fifty Thousand Dollars of General
<br />Obligation Public Utility Bonds, as provided in resolutions adopted by City Council on October
<br />1, 198S, and fixing the rate of interest for said bonds.
<br />
<br />By order of the Mayor and Council."
<br />
<br /> 85-335 The following recommendation was submitted by Roy W. Cherry, Assistant City
<br />Manager, Administration and Finance:
<br />
<br /> "Attached is a proposed resolution for your consideration which, if adopted, wil$ accept
<br />the proposal of the lowest responsible bidder (i.e., lowest net interest cost to the City) to
<br />purchase $30,000,000 principal amount of General Dbligation Bonds of the City of Portsmouth.
<br />The name of and net interest cost offered by each of the bidders are included in the resolutio;
<br />
<br /> The Municipal Finance Commission has met and considered the bids, and voted to recommend
<br />to the City Council acceptance of the bid of the lowest responsible bidder, Chase Manhattan
<br />Capital Market Corporation ~ Assoc. i have conferred with the City Manager by telephone, and
<br />Mr. Hanbury also recommends that Council accept the lowest responsible bid by adopting the
<br />enclosed resolution. Therefore, this resolution is submitted for your adoption, with the
<br />favorable recommendation of the Municipal Finance Commission, the City Manager, and myself.
<br />
<br /> As Mr. Hanbury has recently informed the Council, the upgrade of the City's bond rating
<br />to AA has had a very favorable impact on this interest rate which will save the taxpayers of
<br />Portsmouth millions of dollars over the life of the bonds."
<br />
<br /> On motion of Mr. Whitlow and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLbTION OF THE CCUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ACCEPTING A
<br />PROPOSAL TO PURCHASE TWENTY MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS ($20,150,000)
<br />PRINCIPAL ~MOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS AND NINE MILLION
<br />EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($9,850,000) PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA; FIXING THE
<br />RATES OF INTEREST TO BE BORNE BY SUCH BONDS; APPROVING AND AUTHORIZING THE
<br />DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE
<br />EXECUTION OF A CERTIFICATE RELATING TO SUCH OFFICIAL STATEMENT; ANE RATIFYING
<br />CERTAIN ACTS IN CONNECTION WITH THE SALE OF SUCH BONDS AND OF THE BOND ANTICIPATION
<br />NOTES ISSUED IN ANTICIPATION OF SUCH BONDS.
<br />
<br /> WHEREAS, by a resolution adopted by this Council on October 1, 1985, entitled "A RESOLU-
<br />TION AUTHORIZING THE ISSUANCE OF TWENTY MILLION ONE HUNDRED FIFTY THOUSAND DOLLJkRS
<br />($20,150,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC
<br />IMPROVEMENT PROJECTS OF AND FOR SUCH CITY, FIXING THE FO~M OF SUCH BONDS, PROVIDING FOR THE
<br />SALE OF SUCH BONDS AND PROVIDING THE AUTHORIZATION OF SUCH BONDS HEREIN IS, IN PART, IN LIEU
<br />OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS HERETOFORE AUTHORIZED", this Council
<br />authorized the issuance of twenty million one hundred fifty thousand dollars ($20,150,000)
<br />principal amount of General Obligation Public Improvement Bonds (the "Public rmprovement Bonds
<br />of the City of Portsmouth, Virginia (the "City"),
<br />
<br /> WHEREAS, by a resolution adojted by this Council on October 1, 1985, entitled "A RESOLU-
<br />TION AUTHORIZING THE ISSUANCE OF NINE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($9,850,000
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF ~HE CITY OF PORTSMOUTH, VIRGINI.
<br />FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND
<br />SEWER SYSTEM OF AND FOR SUCH CITY PRUSUANT PO ARTICLE VII, SECTION 10 (a) (2), OF THE CON-
<br />STITUTION OF VIRGINIA, FIXING THE FORM OF SUCH BONDS AND PROVIDING FOR EHE SALE OF SUCH BONDS"
<br />this Council authorized the ~ssuance of nine million eight hundred fifty thousand dollars
<br />($9,850,000) principal amount of General Obligation Public Utility Bonds (the "Public Utility
<br />Bonds") of the City;
<br />
<br /> WHEREAS, eadh of such resolutions authorized the City Manager of the City to publish
<br />distribute a Notice of Sale relating to both the Public Improvement Bonds and the Public
<br />Utility Bonds (collectively, the "Bonds"~ ;
<br />
<br />and
<br />
<br /> WHEREAS, pursuant to such resolutions the City Manager caused so be published on October
<br />21, 1985, in The Virginian Pilot, a newspaper of general circulation in the City, and on
<br />October 21, 1985 in The Bond Buyer, a finanaial newspaper published in the City of New York,
<br />New York, a Notice of Sale o£ the Bonds (the "Notice of Sale"), which Notice of Sale provided
<br />that sealed proposals for the purchase o£ the Bonds would be received at the office of the
<br />
<br />
<br />
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