4/15/1986 - Special
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April 15, 1986
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Roanoke County Board of Supervisors
Roanoke County Administration Center
3738 Brambleton Avenue, SW
Roanoke, Virginia 24015
April 15, 1986
The Roanoke County Board of Supervisors of Roanoke
County, Virginia, met this day at the Roanoke County
Administration Center, this being a special meeting on the third
Tuesday in April, 1986, to accept a bid on the sale of the
Roanoke County bonds.
IN RE:
CALL TO ORDER
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Chairman Brittle called the meeting to order at 11:00
a.m. The roll call was taken.
MEMBERS PRESENT:
Chairman Alan H. Brittle; Vice-Chairman Bob
Johnson; Supervisors Bob Johnson and Harry
C. Nickens
MEMBERS ABSENT:
Supervisor Steven A. McGraw
STAFF PRESENT:
Elmer C. Hodge, County Administrator; Paul
M. Mahoney, County Attorney, Bayes Wilson,
Superintendent of Roanoke County Schools,
Homer Duff, Director of Business and
Finance for Roanoke County Schools; Dianne
Hyatt, Fiscal Management; Reta Busher,
Fiscal Management; Alfred C. Anderson,
Treasurer; Sally Turner, Administrative
Analyst; Bobbie Hall, Deputy Clerk; Mary
Allen, County Administrator's staff
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IN RE:
EXECUTIVE SESSION
Chairman Brittle moved to go into Executive Session
pursuant to the Code of Virginia 2.1-344 (a) (1) (2) and (6).
The motion was seconded by Supervisor Johnson and carried by a
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April 15, 1986
unanimous voice vote. Supervisor McGraw arrived during Executive
Session.
IN RE:
OPEN SESSION
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Supervisor Johnson moved to return to Open Session.
The motion was seconded by Supervisor McGraw and carried by a
unanimous voice vote.
Elmer C. Hodge, County Administrator, received a
telephone call from John Chambliss, Assistant County
Administrator of Management Services, who was in Richmond to
receive bids for the bonds. Mr. Hodge reported that six bids had
been received ranging from 6.637% to 6.6675%. The lowest bid
received was from Citicorp Investment Bank and Associates, and
Sovran Bank, NA, and Associates. Mr. Hodge recommended that the
Supervisor Johnson moved to accept the bid of Citicorp
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Board accept this bid.
Investment Bank and Associates, and Sovran Bank, NA, and
Associates, at the interest rate of 6.637 percent. The motion
was seconded by Chairman Brittle.
RESOLUTION 4-15-86-90 AWARDING THE COUNTY
OF ROANOKE, VIRGINIA, $15,000,000 GENERAL
OBLIGATION PUBLIC IMPROVEMENT BONDS
SERIES 1986
WHEREAS, the Board of Supervisors ("Board") of Roanoke
County, Virginia ("County") adopted a resolution on March 11,
1986, ("Resolution") authorizing the issuance of general
obligation bonds of the County in an amount of $15,000,000
("Bonds") to finance all or a portion of the cost of certain
public improvements for the County; and
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WHEREAS, a Preliminary Official Statement and Notice of
Sale with respect to the Bonds have been prepared and distributed
pursuant to the Resolution, bids have been received for the
purchase of the Bonds and the Board proposes to award the Bonds
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April 15, 1986
to the bidder whose proposal results in the lowest interest cost
to the County in accordance with the Notice of Sale.
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NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of Roanoke County, Virginia:
1. That the Board hereby determines that it is
advisable to contract a debt and to issue and sell the Bonds as
set forth in the Resolution for the purposes set forth therein.
The issuance of the Bonds is hereby authorized in the form and
upon the terms set forth herein and in the Resolution.
2. The Board hereby determines that it is in the best
interest of the County and the Commonwealth of Virginia to accept
the bid of Citicorp Investment Bank and Associates and Sovran
Bank, NA, and Associates to purchase the Bonds, at the price and
interest rates and upon the terms set forth therein and such bid
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is hereby accepted.
3. The Bonds shall bear interest at the rates set
forth below:
Interest Interest
Year Amount Rate Year Amount Rate
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1987 $ 325,000 7.75% 1995 $1,075,000 6.30%
1988 550,000 7.75 1996 1,125,000 6.45
1989 650,000 7.75 1997 1,200,000 6.60
1990 725,000 7.75 1998 1,275,000 6.70
1991 825,000 7.75 1999 1,375,000 6.80
1992 875,000 7.75 2000 1,450,000 6.25
1993 950,000 7.50 2001 1,600,000 6.25
1994 1,000,000 6.10
4. The officers and agents of the County are hereby
authorized and directed to take such further action as they deem
necessary regarding the issuance and sale of the Bonds and all
actions taken by such officers and agents in connection with the
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issuance and sale of the Bonds are hereby ratified and confirmed.
5. The appropriate officers and agents of the County
are hereby authorized and directed to file a certified copy of
this Resolution with the Circuit Court of Roanoke County,
virginia, pursuant to Sections 15.1-199 and 15.1-212 of the Code
of Virginia of 1950, as amended.
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April 15, 1986
6. This Resolution shall take effect immediately. The
undersigned County Administrator of Roanoke County Virginia,
hereby certifies that the foregoing constitutes a true and
correct extract from the minutes of a meeting of the Board of
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Supervisors of Roanoke County, Virginia, held on the 15th day of
April, 1986, and of the whole thereof so far as applicable to the
matters referred to in such extract.
On motion of Supervisor Johnson, seconded by Chairman Brittle and
upon the following roll call vote:
AYES: Supervisors Johnson, Nickens, Garrett, McGraw, and Brittle
NAYS: None
IN RE: EXECUTIVE SESSION
Supervisor Johnson moved to return to Executive Session
pursuant to the Code of Virginia 2.1-344 (a) ( 2 ) . The motion was
seconded by Chairman Brittle and carried by a unanimous voice
vote.
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IN RE:
OPEN SESSION
Supervisor Johnson moved to return to Open Session.
The motion was seconded by Chairman Brittle and carried by a
unanimous voice vote.
IN RE:
ADJOURNMENT
Chairman Brittle adjourned the meeting at 12:25 p.m.
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Chairman
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