Minutes 06/17/1980 - Laserfiche WebLink

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June 17, 1980 Name of Bidder Premium Offered Net Interest Cost The First National Bank of Chicago The Northern Trust Company Morgan Guaranty Trust Company of New York The Chase Manhattan Bank, N.A. Lehman Brothers Kuhn Loeb, Inc. Bache, Halsey, Stuart Shields, Inc. Citibank, N.A./ Chemical Bank Merrill, Lynch, White, Weld Capital Markets Group % 288.00 6.4307 0 6.436190 30.00 6.5099 1,422.00 6.5231 1,872.00 6.553276 1,644.00 6.S546 0 6.5666 0 6.578095 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. After due consideration of all the proposals listed above, this Council hereby finds and determines that (a) The First National Bank of Chicago and Associates (the "Purchaser") is a responsible bidder, (b) of the proposals received for the purchase of the Bonds~the proposal of the Purchaser is the offer to purchase the Bonds at the lowest interest cost to the City, computed in accordance with said Notice of Sale, (c) said proposal is the best proposal received for the purchase of the Bonds, (d) said proposal is in conformity with said Notice of Sale and (e) said proposal should be accepted. 2. There hereby is accepted the proposal of the Purchaser to purchase the Bonds at a price of par ($12,000,000) plus a premium of Two Hundred Eighty Eight and 00/100 Dollars ($288.00) and accrued interest from the date of the Bonds to the date of the payment in full of the purchase price thereof, the Bonds to bear interest at the interest rates set forth in Section 3 hereof. All other proposals received as aforesaid for the purchase of the Bonds shall be and hereby are rejected. 3. The Bonds shall be dated as of Jul)- 1, 1980; the Public Improvement Bonds shall mature serially in numerical order $3S0,000 principal amount of Bonds on July I in each of the years 1981 to 2000, both inclusive; the Public Utility Bonds shall mature serially in numerical order $250,000 principal amount of Bonds on July .1 in each of the years 1981 to 2000, bo~h inclusive; and the Bonds maturing in each such year shall bear interest at the rate per annum set forth opposite such year as follows: Year Interest Year Interest Rate Rate 1981 6.50% 1991 6.60% 1982 7.002 1992 6.20~ 1983 7.00% 1993 6.30% 1984 7.002 1994 6.50~ 1988 7.00% 1995 6.60% 1986 7.00% 1996 6.80% 1987 7.00% 1997 6.90% 1988 7.00% 1998 7.00% 1989 7.00% 1999 5.00% 1990 7.00% 2000 5.00% 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 in causing to be published the Notice of Sale of the Bonds as aforesaid and the action of the Director of Finance of the City in causing to be distributed copies of an Official Statement of the City 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 and hereby ordered filed with the minutes of this meeting, and the respective forms and contents of said Official Statement, Notice of Sale and Proposal, be and they hereby are approved, ratified and confirmed. 5. Said 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 otherwise as he deems necessary or desirable, copies of said Official Statement. 6. ~The City Manager and Director of Finance of the City are hereby authorized to execute for and on behalf of the City, and to deliver to the Purchaser, the certificate referred to in said Official Statement under the caption "Approval and Certification of Official Statement". ?. The Director of Finance of the City shall and hereby is directed to deposit the good faith check accompanying the proposal of the Purchaser to purchase the Bonds and apply the proceeds of said check in accordance with the terms of said Notice of Sale, and the City Manager of the City shall and hereby is directed to forthwith return to the other bidders for the Bonds the good faith checks accompanying their proposals.