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<br />November 23, 1982
<br />
<br />23,
<br />
<br />A special meeting of the Portsmouth City Council held at E:30~p.m. on Tuesday, November
<br />1982, there were present:
<br />
<br />J. E. Johansen, Jack P. Barnes, Ben A. B~amer, Sr., James W. Holley, III, Morton V.
<br />Whitlow, George L. Hanbury, II, Steven Lieberman, City Attorney.
<br />
<br /> Absent: J. Robert Gray, Gloria O. Webb
<br /> S~e letter submitted by City Manager Page 207
<br /> 82-405 - Ag stated in the motion approved on November 9, 1982, the purpose of the special
<br />meeting to consider bids on the sale of $22,000,000 of General Obligation Bonds and $8,000,000
<br />of General Obligation Public Utility Bonds.
<br />
<br /> On motion of Mr. Whitlow and seconded by Mr. Beamer, the following resolution was adopted:
<br />and by the following vote:
<br />
<br />"A RESOLUTION ACCEPTING A PROPOSAL TO PURCHASE TWENTY-TWO MILLION DOLLARS
<br />($22,000,000) PRINCIPAL AMOUNT OF GENERAL OLBIGATION PUBLIC IMPROVEMENT BONDS
<br />AND EIGHT MILLION DOLLARS ($8,000,000) PR~INUIPAL-~[OUNT OF~GENERAL OBLIGATION
<br />PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FIXING THE RATES OF
<br />INTEREST TO BE BORNE BY SUCH BONDS, APPROVING AND AUTHORIZING THE DISTRIBUTION
<br />OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS, AUTHORIZI'NG THE EXECUTION OF
<br />A CERTIFICATE RELATING TO SUCH OFFICIAL STATEMENT AND RATIFTYING CERTAIN ACTS
<br />IN CONNECTION WITH THE SALE OF SUCH BONDS.
<br />
<br /> WHEREAS, by a resolution adopted by this Council on November 9, 1982, entitled !? A
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF TWBBTY-TWO MILLION DOLLARS ($22,000,000) PRINCIPAL
<br />AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS
<br />OF AND FOR SUCH CITY, FIXING THE FORM OF SUCH BONDS, PROVIDING FOR THE SALE OF SUGH BONDS
<br />AND PROVIDING THE AUTHORI%ATION OF SUCH BONDS HEREIN IS, IN PARTi IN LIEU OF CERTAIN GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS HERETOFORE AUTHORtZED"~ this Council authorized the issu-
<br />ance of twenty-two million dollars ($22,000,000) p~incipal a~ount of General Obligation Public
<br />Improvement Bonds (the "Public Improvement Bonds") of the City of Portsmouth, Virginia (the
<br />"City");
<br />
<br /> WHEREAS, by a resolution adopted by this Council on November 9, 1982, entitled "A
<br />RESOLUTION AUTHORIZING THE ISSUANCE OF EIGHT MILLION DOLLARS ($8,000,000) PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION PUBLIC UTILITY BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSt
<br />OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF AND
<br />FOR SUCH CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF VIRGINIA,
<br />FIXING THE FORM OF SUCH BONDS AND PROVIDING FOR THE SALE OF SUCH BONDS", this Council autho-
<br />rized the issuance of eight million dollars ($8,000,000) principal amount of General Obliga-
<br />tion Public Utility Bonds (the "Public Utility Bonds") of the City;
<br />
<br /> WHE~S, each of such resolutions authorized the City Manager of the
<br />distribute a Notice of Sale relating to both the Public Improvement Bonds
<br />Utility Bonds (collectively, the "Bonds");
<br />
<br />City to publish and
<br />and the Public
<br />
<br /> WHEREAS, pursuant to suc~ resolutions the City Manager caused to be published on November
<br />1S, 1982, in TH~ Virginian Pilot, a newspaper of general circulation in the City, and on
<br />November 15, 1982 in The Bond Buyer, a financial newspaper published in: the City of New Yor~,
<br />New York, a Notice of Sale of the Bonds (the "Notice of Sale"), which Notice of Sale provided
<br />that sealed proposals for the purchase of the Bonds would be received at the office of the
<br />City Manager until twelve o'clock noon, Virginia time, on November 23, 1982; and
<br />
<br /> WHEREAS, pursuant to the Notice of Sale the following proposals for the purchase of the
<br />Bonds were receiv6d, each accompanied by a certified or bank cashier's check for $600,000
<br />payable to the order of the City:
<br />
<br />Name~sf~Bidder
<br />
<br />Premium Offered
<br />
<br />Net Interest Cost
<br />
<br />Bankers Trust Company
<br />Morgan Guaranty TRust Company
<br />Chase Manhattan Bank
<br />
<br />14.75 9.1997 %
<br />360 00 9 2775 %
<br />0 9.236904 %
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> 1. After due consideration of all proposals listed above, this Council hereby finds and
<br />determines that (a) Bankers Trust Company (the "Purchaser") is a responsible bidder, (b) of the
<br />proposals received for the purchase of the Bonds the proposal of the Purchaser is the offer to
<br />purchase the Bonds at the lowest net interest ?g~'s_ti~to the City, computed in accordance with
<br />the Notice of Sale, (c) such proposal is the best proposal received for the purchase of the
<br />Bonds, (d) such proposal is in conformity with such Notice of Sale and (e) such proposal shoul8
<br />be accepted.
<br />
<br /> 2. There hereby is accepted the proposal of the Purchase to purchase the Bonds at a price
<br />of par ($~0,000,000) ~lus a premium of Fourteen Dollars and S~veBty-five Cents~Dp~lars f$14.?S~
<br />and accrued interest ~rom the date of the Bonds to the date o± t~e payment in ~u±l of t~
<br />purchase price thereof, the Bonds to bear interest at theeinterest rates set forth ~n S~ctmon
<br />All other proposals received as ~eaa~d f0r the purchse of the Bonds shall be and hereby are
<br />rejected.
<br />
<br /> 3. The Bonds shall be dated as of December 1, 1982; the Public Improvement Bonds shall
<br />mature serially in numerical order $1,10%000 principal amount of Bonds on December liin each
<br />fo the years 1983 to 2002, both inclusive; the Public Utility Bonds shall mature serially in
<br />
<br />
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