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HomeMy WebLinkAbout8/5/1980 - Special ~ 8-5-80 15~ Board of County Supervisors Conference Room--430 Clay Street Salem, Virginia August 5, 1980 I Pursuant to the recess of the regular meeting, July 22, 1980, the Board df County Supervisors of Roanoke County, Virginia, met this day in open session in the conference room of the County Administrative Offices at 430 Clay Street, Salem, Virginia, for the purpose of opening of bids for Public Improvement Bonds and awarding a bond sale. Members Present: Chairman Lawrence E. Terry, Supervisors May W. Johnson, Edward C. Park Jr. and Paul B. Matthews. Members Absent: Supervisor Robert E. Myers The meeting was called to order at 11:00 a. m. by Chairman Terry, and County Administr~tor William F. Clark received four (4) sealed bids. I Mr. Clark opened the bids in order received and read each bid publicly (listed on the next page), for the $8.5 million Public Improvement Bonds. After all bids were read, they were given to Edward T. Pettigrew Jr., Senior Vice-President, of Horner, Barksdale & Co., Lynchburg, Virginia, County Financial Advisors, for the purpose of verifying figures and reporting a recommendation to the Board. On motion of Supervisor Johnson and a unanimous voice vote, the Board went into Executive session at 11:15 p.m. to discuss legal matters. At 11:50 a.m. on motion of Supervisor Johnson and a unanimous voice vote, the Board reconvened in open session. I Chairman Terry asked Mr. Pettigrew to give his analysis on the bids received. He informed the Board of recent interest rates as compared with rates in the last several weeks for bond sales by various counties and, in his opinion, the Board should accept the low bid submitted by Citibank with effective interest rate of 7.659245%. He further stated that the bid should be awarded at this time rather than waiting since the interest market is uncertain. ~ r- 8-5-80 1 (i U There being no further comments, Supervisor Johnson moved for adoption of the following resolution: RESOLUTION NO. 2639 AWARDING $8,500,000 PUBLIC IMPROVEMENT BONDS OF ROANOKE COUNTY, VIRGINIA, AND RATIFYING THE NOTICE OF SALE AND APPROVING AND DIRECTING THE EXECUTION OF THE OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING OF SAID BONDS. I WHEREAS, the Board of Supervisors of Roanoke County caused to be published in The Daily Bond Buyer on July 25, 1980 a Notice of Sale in connection with the issuance and sale of $8,500,000 Public Improvement Bonds of Roanoke County, Virginia; and WHEREAS, the Board of Supervisors caused to be prepared and circulated an Official Statement in connection with the offering of the aforementioned Bonds; and WHEREAS, sealed bids were received for and on behalf of Roanoke County for the purchase of the Bonds on August 5, 1980 by the County compliance with the aforementioned Notice of Sale; and I Administrator of Roanoke County until 11:00 A.M., (EDT) pursuant to and in WHEREAS, the following list shows the names of each bidder who submitted a bid, the price offered, the rate of interest for each bond maturity and the net interest cost to Roanoke County of such bid: Bankers Trust Company and Associates $8,500,288.00 YEAR OF NET MATURITY INTEREST INTEREST RATES COST ($) 1981-1990: 8.50% $7,486,912.50 1991 : 7.70% 1992 : 7.60% 1993 : 7.50% 1994 : 7.60% 1995 : 7.75% 1996 : 7.90% 1997-1998: 8.00% 1999-2000: 6.50% I 1981-1988: 8.50 $7,513,624.50 1989 : 8.00% 1990 : 7.00% 1991 : 7.10% 1992 : 7.25% 1993 : 7.40% 1994 : 7.60% 1995 : 7.75% 1996 : 7.90% 1997-1999: 8.00% 2000 : 6.50% NAME OF BIDDER PRICE OFFERED, INCLUDING ANY PREMIUM Citibank, N. A. & Associates $8,500,000.00 ~ .., 8-5----80 I f3 1 < NAME OF BIDDER PRICE OFFERED, INCLUDING ANY PREMIUM < YEAR OF MATURITY INTEREST RATES 1981..:.1988: 9.00% 1989 : 7.10% 1990 : 7.00% 1991 : 7.10% 1992 : 7.30% 1993 : 7.50% 1994 : 7.70% 1995 : 7.90% 1996 : 8.00% 1997 : 8.10% 1998 : 8.20% 1999-2000: 7.00% 1981-1986: 8.50% 1987 : 7.75% 1988 : 6.50% 1989 : 6.70% 1990 : 6.90% 1991 : 7.10% 1992 : 7.25% 1993 : 7.40% 1994 : 7.50% 1995 : 7.70% 1996 : 7.80% 1997-2000: 8.00% NET INTEREST COST ($) I Bache Halsey $8,500,145.25 Stuart Shields Incorporated and Associates $7,559,754.75 The Chase $8,501,480.00 Manhattan Bank (Nationcl Association) and Associates $7,524,732.50 ; and I WHEREAS, the Board of Supervisors has considered the foregoing bids and has deemed it advisable to accept the proposal to purchase said Bonds hereinafter referred to; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Roanoke County, Virginia, as follows: Section 1. The Board of Supervisors hereby accepts the proposal to purchase said bonds, for the purchase price of $8,500,000 and accrued interest to the date of delivery submitted by Citibank, N. A. and Associates, a true copy of which is annexed hereto as Exhibit A. Section 2. The Bonds payable in each of the following years shall bear interest at the respective rates of interest. I Year of Principal Interest Year of Principal Interest Maturity Amount Rate Ma,turity Amount Rate 1981 $250,000 8.50% 1991 $425,000 7.70% 1982 350,000 8.50 1992 425,000 7.60 1983 350,000 8.50 1993 450,000 7.50 1984 350,000 8.50 1994 475,000 7.60 1985 375,000 8.50 1995 475,000 7.75 1986 375,000 8.50 1996 500,000 7.90 1987 375,000 8.50 1997 500,000 8.00 1988 400,000 8.50 1998 525,000 8.00 1989 400,000 8.50 1999 550,000 6.50 1990 400,000 8.50 2000 550,000 6.50 ~ r 8-5-80 162 Section 3. The Notice of Sale published in The Daily Bond Buyer on July 25, 1980, a true copy of which is annexed hereto (filed with minutes of this meeting) as Exhibit B, is hereby ratified, approved and confirmed. Section 4. The Official Statement issued in connection with the aforementioned bonds is hereby approved. In connection with such approval, said Board has examined copies of the Official Statement and has, to the extent and in the manner it has deemed necessary, discussed the contents thereof with the relevant officiers and employees of Roanoke County. The Board does hereby recite that, in the course of its examination and discussion , no facts came to its attention leading it to believe that the Official Statement contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Section 5. The Chairman of the Board of Supervisors, the County Treasurer and the Director of Finance and other proper officials of Roanoke County are hereby authorized and directed to deliver the aforementioned Bonds to the purchaser thereof and to take all other steps necessary to give effect to this Resolution. Section 6. The Chairman of the Board of Supervisors is hereby authorized and directed to execute the Official Statement and to deliver one or more executed copies thereof to the purchaser of the Bonds. * * * * * * * * * * * * * * * * * * * * * * * * On motion of Supervisor Johnson and the following recorded vote, the bid of Citibank was accepted for the Public Improvement Bonds. AYES: Supervisors Terry, Matthews, Park and Johnson NAYS: None ABSENT: Supervisor Myers At 12:00 p. m. on motion of Supervisor Park and a unanimous voice vote, the meeting was adjourned. I I I ,.,.~~ I}I 11;' S..'