Minutes 11/23/1982 - Laserfiche WebLink

Home Browse Search

207 November 23, 1982 December years 1983 to 2002, both inclusive; and the Bonds maturing in each at the rate per annum set forth opposite such year as follows: Interest Year Rate Year 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1 in numerical order $400,000 principal amount of Bonds on December ~ in each of the such year Shall bear intere Interest Rate 10 10 10 10 10 10 50 10 50 10.25 8.50 8.75 S0 % 1993 9.00 50 % 1994 9.10i~% S0 % 1995 9.25 50 % 1996 9.50 50 % 1997 9.70 % 1998 9.75 % 1999 8.50 % 2OO0 8.50 % 2001 8.50 % 2002 8.50 4. All action taken to date by the officers, employees, agents and attorneys of the City with respect to the sale of the Bonds, including the action of the City Manager of the City i~ causing to be published the Notice of Sale of the Bonds as aforesaid and the action of DirectoT of Finance of the City in causing to be distributed copies of an Official Statement of the Cit' relating to the Bonds ~including the Notice of Sale of the Bonds contained therein and a form of Proposal for the purchase of the Bonds attached thereto) in the respective forms thereof presented at the hereby ordered filed with the minutes of this meeting, and the respective forms and contents of the Official Statement, Notice of Sale and Propsal, be and they hereby are approved, ratified and confirmed. 5. The Official Statement is hereby adopted, and the Director of Finance of the City is hereby authorized to execute for and on behalf of the City, and cause to be delivered to the Purchaser~and o~herwise as he deems necessary or desirable, copies of the Official Statement. 6. The City Manager and Director of Finance of the City are authorized to execute for an on behalf of the City, and to deliver to the Purchser, the certificate referred to in the Official Statement under the caption "Approval and Certification of Official Statement". 7. The Director of Finance of the City is directed tO deposit the good faith check ac- companying the proposal'of the Purchase to purchase the Bonds and apply the proceeds of such check in accordance with the terms of the Notice of Sale, and the City Manager of the City is directed to return forthwith to the other bidders for the Bonds the good faith checks ac- companying their proposals. 8. The City Attorney of the City is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy hereof, with the Clerk of the Circuit Court of the City of Portsmouth, Virginia. This resolution shall take effect from the date of its adoption." Ayes: Barnes, Beamer, Holley, Whitlow, Johansen Nays: None On motion meeting adjourned. APPROVED - eputy City Clerk * Letter from City Manager: "At 12;51 p.m. bids were received for $30,000,000 in General Obligation Bonds City of Portsmouth. Three bids were received from the following syndicates: Bankers Trust Company and Associates Chase Manhatten Bank Morgan Guarantee Trust Company of New York 9.1997% 9.2369% 9.2775% for the Verification computations~have been made by officials of the Finance Department and the Director of Finance and I recommend that City Council and the Municipal Finance Commission award the sale to the apparent lowbidder of 9.1997%. In order for City Council and the public to understand the significarr~eof this sale, the most recent Bond Buyers's Index is 10.20% compared to our favorable sale of 9.1997%. This amounts to a savings to the citizens of Portsmouth of $3,150,7S0 over the life of the bonds. Not only were we able to maintain our A+ rating with Standard and Poors and our A1 rating with Moody's; but, it is obvious from this sale that our investors recognize the importance of the conservative financial management that this Council has exhibited; and therefore, place greater confidence in our bonds than even the favorable rate by the rating agencies."