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June 17, 1980
<br />
<br /> At a called meeting of the City Council held at 12:00 noon on June 17, 1980, there were
<br />present:
<br />
<br />Richard J. Davis, Jack P. Barnes, Ben A. Beamer, Sr., E.Saunders Early, Jr.,
<br />J. Robert Gray, James W. Holley, III, Edward L. Oast, Jr., Robert ~. Williams,
<br />Ci~:~anager, Steven Lieberman, City Attorney.
<br />
<br />The following call for the meeting was read:
<br />
<br /> "Please attend a called meeting of the City Council, in the Council Conference Room, 6th
<br />floor of the New City Hall, 801 Crawford Street, at 12:00 noon on Tuesday, June 17, 1980, to
<br />consider approving the sale of Twelve Million Dollars of Bonds consisting of Seven Million
<br />Dollars of General Obligation Public Improvements Bonds and Five Million of General Obligation
<br />Public Utility Bonds, as provided in resolutions adopted by City Council on May 27, 1980, and
<br />fixing the rate of interest ~or said bonds.
<br />
<br />By order of the Mayor and Council."
<br />
<br />80-214 The following recommendation was submitted by the City Manager:
<br />
<br /> "This resolution accepts the low bid from the First National Bank of Chicago for the $12
<br />Million Dollar Bond issue at an effective interest rate of 6.4307%.
<br />
<br /> The City was very fortunate to have received eight (8) bids from the financial institu$
<br />tions for~the 612 Million Dollar Bond issue. The names of the bidders, as well as the net
<br />effective interest~offered by each of the bidders, are included in the resolution.
<br />
<br /> The bids that have been received indicate that the City's bond rating is trading as
<br />a very strong A-1 and even appears to be bid as a Double A Bond.
<br />
<br /> The $12 Million Dollar Bond issue will be dated July 1, 1980 with the proposed closing
<br />for the bond sale to take place in New York on July 2, 1980.
<br />
<br /> The City Manager recommends adoption of the resolution."
<br />
<br /> On motion of Mr~ Early and seconded by Mr. Barnes, to concur with the recommendation
<br />of the City Manager, the following resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION ACCEPTING A PROPOSAL TO PURCHASE SEVEN MILLION DOLLARS ($7,000,000)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS AND FIVE MILLION
<br />DOLLARS ($5,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY BONDS
<br />OF THE CITY OF PORTSMOUTH, VIRGINIA, FIXING THE RATES OF INTEREST TO BE BORNE
<br />BY SAID BONDS, APPROVING AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT
<br />RELATING TO SAID BONDS, AUTHORIZING THE. EXECUTION OF A CERTIFICATE RELATING TO
<br />SAID OFFICIAL STATEMENT AND RATIFYING CERTAIN ACTS IN CONNECTION WITH THE SALE
<br />OF SAID BONDS.
<br />
<br /> WHEREAS, by a resolution adopted by this Council on May 27, 1980, entitled "A RESOLUTION
<br />AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE
<br />OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF SAID CITY, FIXIN(
<br />THE FORM OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS", this Council authorized
<br />the issuance of seven million dollars ($7,000,000) principal amount of General Obligation
<br />Public Improvement Bonds (the "Public Improvement Bonds") of the City of Portsmouth, Virginia
<br />(the "City");
<br />
<br /> WHEREAS, by a resolution adopted by this Council on May 27, 1980, entitled "A RESOLUTION
<br />AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,000) PRINCIPAL AMOUNT OF GENERAL
<br />OBLISATION PUBLIC UTILITY BONDS OF THE CITY OF POR,TSMOUTH, VIRGINIA, FOR THE PURPOSE OF
<br />MAKING-CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF
<br />SAID CITY PURSUANT TO ARTICLE VII, SECTION 10 (a) (2), OF THE CONSTITUTION OF VIRGINIA,
<br />F~KING THE FORM OF SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS", this Council
<br />authorized the issuance of five million dollars ($5,000,000) principal amount of General
<br />Obligations-Public Utility Bonds (the "Public Utility Bonds") of the City;
<br />
<br /> WHEREAS, each of said resolutions authorized the City Manager of the City to publish
<br />and distribute a Notice of Sale relating to both the Pub.lic Improvement Bonds and the Public
<br />Utility Bonds (collectively, the "Bonds");
<br />
<br /> WHEREAS, pursuant to said resolutions the said City Manager caused to be published on
<br />June 9, 1980, in the Virginian Pilot, a newspaper of general circulation in the City, and
<br />on June 5, 1980 in The Daily Bond Buyer, a financial newspaper published in the City of
<br />New York, New York, a Notice of Sale of the Bonds, which Notice of Sal~ provided that
<br />sealed proposals for the purchase of the Bonds would be received at the office of the said
<br />City Manager at twelve o'clock, Noon, Virginia time, on June 17, 1980; and
<br />
<br /> WHEREAS, pursuant to said Notice of Sale the following proposals for the purchase of
<br />the Bonds were received, each accompanied by a certified or bank cashier's check for
<br />$240,000 payable to the order of the City:
<br />
<br />
<br />
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