Minutes 01/22/1980 - Laserfiche WebLink

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36O January 22, 1980 10. The City Manager of the City is hereby authorized to publish and distribute a ~otice of sale of the Bonds, such publication to be made in The Daily Bond Buyer, a financial newspaper published in the City of New York, New York, and in the Virginian Pilot, a newspape~ of general circulation in the'City, at least once in each such paper, with the date of the first publication to be at least seven (7) days prior to the date of sale of the Bonds. Such notice of sale shall be in substantially the following form: "NOTICE OF SALE CITY OF PORTSMOUTH, VIRGINIA $12,OOO,O00 GENERAL OBLIGATION BONDS Sealed proposals for the purchase of $12,0OO,OO0 general obligation bonds hereinafter described of the City of Portsmouth, Virginia, will be received at the office of the City Manager, Municipal Building, Portsmouth, Virginia, until twelve o'clock Noon, Virginia time, on Thursday, February 28, 1980, at which time and place all proposals will be publicly opened. The bonds offered for sale (the "Bonds") consist of two issues of general obligation bonds: 1. $7,O00,000 General Obligation Public Improvement Bonds maturing in the principal amount of $350,000 on March 1 in each of the years 1981 through 2000. 2. $5,O00,000 General Obligation Public Utility Bonds maturing in the principal amount of $250,000 on March I in each of the years 1981 through 2000. The Bonds will be dated March 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 will bear interest payable September 1, 1980, and semi-annually thereafter on March 1 and September 1 of each year. Both principal of and interest on the Bonds will be payable in such coin or currency 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 and Bcnd 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 interest 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 March 1, 1991 shall be subject to redemp- tion at the option of the City prior to their stated maturities on or after March I, 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 all 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 of 1%) of the principal amount of each Bond to be redeemed for each 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 improvement projects. The full faith and credit of the City sha~l be pledged to the payment of the principal of and interest on such Bonds as the same becgm~ 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 property within the City subject to taxation by the City. The Public Utility Bcnds are to be issued for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of the City shall be pledged to the principal of and interest on such Bonds as the same'become due. For the Fayment 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 property of the City subject to taxation by the City, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient fo~ 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 shal% not be r~yicted .as to the number of rates which may be named but the difference between the highest~and the lowest interest rates specified shall not exceed two percent in couFon rate. Ail Bonds of both issues maturing on the same date must bear interest at the same single rate 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 on February 28, 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 specified by the bidder and deducting therefrom any premium offered. No bid will be considered for less than all 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 anF 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, Virginia, Bonds" addressed to the undersigned and must be accompanied by a certified or bank