Minutes 10/29/1985 - Laserfiche WebLink

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178 October 29, 1985 City Manager until twelve o'clock noon, Virginia time, on October 29, WHEREAS, pursuant to Bonds were received, each to the order of the City: the Notice of Sale the following proposals accompied by a certified or bank cashier's 1985; and for the purchase of the check for 5600,000 payabl Name of Premium Net Interest Bidder Offered Cost Chase Manhattan Capital Market Corporation & Assoc. 51,215.00 8.028186~ The Northern Prust Company 1,725.00 8.130881% Morgan Guaranty Trust Company of New York 2,445.00 8.148271% Paine Weber, Inc. 17,415.00 8.152805% Continental ~llinois National Bank 480.00 8.194848% Merrill Lynch Capital Markets 10,995.00 8.299724~ NOW, THEREFORE, BE [T RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. After due consideration of all proposals listed above, this Council hereby finds and determines that (a) Chase Manhattan Capital Market Corporation 8 Assoc. (the "Purchaser") is a responsible bidder, (b) of the proposals received for the purchase of the Bonds the pro- posal of the Purchaser ms the offer to purchase the Bonds at the lowest net interest cos~ to the City, computed in accordance with the Notice of Sale, (c) such proposal is the best pro- posal received for the purchase of the Bonds, (d) such proposal is in conformity with such Notice of Sa~e and (e) such proposal should be accepted. 2. There is hereby accepted the proposal of the Purchaser to purchase the Bonds a~ a price of par ($30,000,000) plus a premium of 51,215.00 and accrued interest from the da:e of the Bonds to the date of the payment in full Of the purchase price they, D:f, the Bonds to bear interest at the interest rates se~ forth in paragraph 3. All other proposals received as aforesaid for the purchase of the Bonds are hereby rejected. 3. The Bonds shall be dated as of November 1, 1985; the Public Improvement Bonds shall mature serially $1,005,000 prmncipal amount of Bonds on November 1 in each of the years 1986 to 2004, both inclusive, and $1,055,000 princmpal amount of Bonds on November 1, 2005; the Public Utility Bonds shall mature serially 5495,000 princip_~?d amount of Bonds on November 1 in each of the years 1986 to 2004, both inclusive, and $446,000 principal amount of Bonds on November 1, 2005; and the Bonds maturing in each such year shall bear interest at the rate pe~ annum set forth opposite such year as follows: Tnterest Interest Year Rate Year Rate 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 9.25~ 9.25% 9.25% 9.25% 9 25% 9 25% 9 25% 9 25% 9 00% 9O% 1996 199- 1998 1999 2000 2001 2002 2003 2004 2005 8.10% 8.20% 8.30% 8.40% 8 50% 25% 7 28% 25% 7 25% 25% 4. All actions taken ro date by the officers, employees, agents and attorneys of the City with respect ~o the sale of the Bonds, including the action of the City Manager of the City in causing ~o be published the Notice of Sale of the Bonds as aforesaid and the action of the Director of Finance of the City ~n causing to be distributed copies of an Official Statement of the City relating to the Bonds ~including the Notice of Sale of the Bonds con- tained there~n and a form of Proposal for the purchase of the Bonds attached thereto) in the respective forms thereof presented at and hereby ordered filed with the minutes of this meeting, and the respective forms and contents of the Official Statement, Notice of Sale and Proposal, are hereby approved, ratified and confirmed. 5. All action ~aken to date by the officers, employees, agents and attorneys of the City with respect to the issuance and sale of $1,500,000 principal amoun~ of general obliga- tion bond anticipation notes heretofore issued [n anticipation of and to be retired from the proceeds of sale of the Public Improvement Bonds and 53,000,000 principal amoun~ of general obligation bond anticipation notes heretofore issued [n anticipation of and to be retired from the proceeds of sale of the Public Utility Bonds are hereby approved, ratified and confirmed.