Minutes 05/27/1980 - Laserfiche WebLink

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May 27~ 1980 "NOTICE OF SALE CITY OE PORTSMOUTH, VIRGINIA $12,000,000 GENERAL OBLIGATION BONDS Sealed proposals for the purchase of $12,OOO,OOO general obligation bonds hereinafter described of the City of Portsmouth, Virginia, will be received at the office of the City Manager, City Hall, 801 Crawford Street, Portsmouth, Virginia until twelve o'clock noon, Virginia time, on Tuesday, June 17, 1980, at which time and place all proposals will be pub~ licly opened. The bonds offered for sale (the "Bonds") consist of two issues of general obligation bonds: 1. $7,000,000 General Obligation Public ImproYemen~ Bonds maturing in the principal amount of $350,000 on July 1 in each of the years 1981 through 2000. 2. $5,OOO,OOO General Obligation Public Utility Bonds maturing in the principal amount of $250,000 on July 1 in each of the years 1981 through 2000. The Bonds will be dated July 1, 1980; will be in coupon form registrable as to principal only or as to both principal and interest; will be, of the denomination of $5,000 each; and wil bear interest payable January 1, 1981, and semi-annually thereafter on July 1 and January 1 of each year. Both principal of and interest on the Bonds will be payable in such coin or curren of the United. States of America as at the respective dates of payment is legal tender for public and private debts, at the principal office of Virginia National Bank, in Norfolk, Virginia, or, at the option of the holder of any Bond or coupon pertaining thereto, at the principal office of The Chase Manhattan Bank (National Association); in the City of New York, New York, except that interelst on any Bond while registered as to both principal and interest shall be paid by the City. The Bonds of each issue maturing on and after July 1, 1991, shall be subject to redemptio at the option of the City prior to their stated maturities on or after July 1, 1990, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than ali of the Bonds of a maturity of such issue are called for redemption, the particular Bonds of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plus a premium of one- quarter of one percent ~1/4 ~f 1%) of the principal amount of each Bond to be redeemed for eac twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond. The Public Improvement Bonds are to be issued for the purpose of providing funds to pay the cost of various public i~provement projects. The full faith and credit of the City shall b pledged to the payment of th principal of and interest on such Bonds as the same become due. For the payment of such prinzipal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all property within the City subject to taxation by the City. The Public Utility Bond are to be issued for the purpose of providing funds to pay the cost of capital mmprovements extensions and additions to the City's revenue-producing water and sewerage system. The ful faith and credit of the City shall be pledged to the principal o and interest on such Bonds a the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all p~operty within the City subject to taxation by the City, if the revenues of the undertaking zonsisting of the water and sewerage system of the City are insuf~ ficient for that purpose. Bidders shall specify the rate or rates of interest per annum to be borne by the Bonds, to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall not be restricted as to the lumber of rates which may be named but the difference between the highest and the lowest terest rates specified shall not exceed two percent in coupon rate. All Bonds of both issues maturing on the same date must bear interest at the same single rare from their date to such maturity date, which single rate of interest shall be represented by a single coupon. Unless all proposals are rejected the Bonds will be awarded June 17, 1980 to the responsible bidder offering to purchase the Bonds at the lowest cost to the City, to be computed by determining the interest to maturity at the rate or rates specifi by the bidder and deducting therefrom any premium offered. No bid will be considered for les~ than ali of the Bonds of both issues, or for a price less than par and accrued interest from the date of the Bonds to the date of their delivery. The right is reserved to reject any and all bids or to waive any irregularities or informalities in any bid. Proposals must be unconditional, must be on the City's proposal form prepared for the purpose, must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virgiz Bonds" addressed to the undersigned and must be accompanied by a certified or bank cashier's check in the amount of ~240,000 pgyable to the order of the City of Portsmouth, Virginia, as guarantee of good faith on the part of the bidder. No interest will be paid by the City on said good faith deposit. Good fai.th checks of unsuccessful bidders will be promptly returned the representatives thereof. The good faith check of the successful biddsr will be deposited by the City and the proceeds thereof credited against the purchase price due for the Bonds upc their delivery or retained as and for liquidated damages in the event the successful bidder fails to take up and pay for the Bonds in accordance with its bid.