10/13/1982 - Regular
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10-13-82
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Roanoke County Board of Supervisors
County Administrator's Conference Room
430 East Clay Street
Salem, Virginia
October 13, 1982
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Chairman Athena E. Burton convened this adjourned meeting of the
County Board of Supervisors which was adjourned from October 12, 1982,
and called to order at 11:00 a.m. in the Conference Room at the County
Administration Office at 430 East Clay Street in Salem, Virginia.
MEMBERS PRESENT:
Chairman Athena E. Burton, Supervisors Harry C. Nickens,
Gary J. Minter, and May W. Johnson
MEMBERS ABSENT:
Supervisor Robert E. Myers
IN RE:
OPEN SESSION
Chairman Burton called the meeting to order stating that
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this was an adjourned meeting of the Roanoke County Board of Supervisors
for the purpose of receiving bids for the $10 million bond issue. She
then asked staff to check with the C & P time service to ascertain if the
time was 11:00 O'Clock; after an affirmative response, she announced
the bids were officially closed. Chairman Burton then stated the Board
would consider the bids in hand.
County Administrator Flanders then introduced Mr. Edward
T. Pettigrew, Jr., Senior Vice President, Horner, Barksdale & Company,
Lynchburg, Virginia, Financial Consultant to the County for this bond issue.
The County Administrator advised the County Board that
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five bids had been received by the closing time for receipt of bids.
Administrator Flanders advised that Mr. Pettigrew, John Chambliss,
Superintendent, Department of Fiscal Management, and County Treasurer,
Alfred Anderson would assist in opening and tabulating the bids for the
Board's consideration.
Mrs. Burton directed that the bids be opened as the C & P
time service had been consulted and the hour for receipt of bids had passed.
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10-13-82
The following bids were presented:
NET INTEREST
COST (DOLLARS)
NET INTEREST
COST (PERCENT
The First National Bank of Chicago
For the Managers
$6,320,116.40
7.71373%
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After the opening and reading of the first bid, a
representative of another firm desiring to submit a bid requested authority
to present his firm~ bid. Mrs. Burton called for an opinion by County
Attorney Buchholtz. He stated that the hour for receipt had been checked,
the bid period had been closed, and the first bid opened and read. He
recommended that the bid not be received.
Chairman Burtbn advised the individual that pursuant to
the County Attorney's opinion the late bid could not be considered.
The balance of the bids received before the bid deadline
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were opened and tabulated as follows:
NET INTEREST
COST (DOLLARS)
NET INTEREST
COST (PERCENT)
Smith Barney, Harris Upham & Company
Inc., Mgr. Horner, Barksdale &
Company, as Agent
$6,028,052.83
7.357265%
Bache, Halsey, Stuart, Shields, Inc.
$6,132,158.67
7.4843%
The Chase Manhattan Bank, NA
Bank of Virginia
$6,341,697.83
7.7400%
First National Exchange Bank of
Virginia, as Agent for Bankers
Trust and Associates
$6,343,256.40
7.7419%
County Administrator Flanders then requested a recess so
that interest figures could be checked by staff and the consultant.
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IN RE
RECESS
Supervisor Johnson then moved to recess to allow staff
and consultant to review bids at 11:10 a.m. The motion carried.
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IN RE
RECONVENEMENT
Supervisor Nickens moved to reconvene at 11:20 a.m.
The motion carried.
The County Administrator reported that the bids were
checked and that the interest rates as listed in all bids were accurate.
Administrator Flanders stated he was most pleased with the interest rate
proposed and recommended acceptance of bid of Smith Barney, Harris Upham
& Company for purchase of $10,000,000 General Obligation Public Improvement
Bonds. Mr. Pettigrew emphasized his pleasure with the bids as well.
Supervisor Johnson then moved to approve the low bid
of Smith Barney, Harris Upham & Company, Inc. Motion was adopted by the
following roll call vote:
AYES:
Supervisors Nickens, Minter, Johnson and Burton
NAYS:
None
ABSENT:
Supervisor Myers
Chairman Burton and each member of the County Board
present expressed their pleasure at bids received and expressed appreciation
to Mr. Pettigrew and Mrs. Cooper of Horner, Barksdale and County staff for
their efforts in receiving such an excellent rate.
Mr. Buchholtz, County Attorney, then introduced Mrs.
Bonnie France of the firm of McGuire, Woods & Battle, Bond Cou~sel for the
County for the bond issue. Mrs. France reviewed the resolution required
to be adopted to formalize acceptance of the bid and the plan to conclude
sale and delivery of the bonds.
After explanation of the resolution to be adopted
Supervisor Minter moved for adoption of the following prepared resolution.
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10-13-82
BOARD OF SUPERVISORS OF ROANOKE COUNTY,
VIRGINIA
RESOLUTION NO. ,286
DATE: October 13, 1982
At an adjourned meeting of the Board of Supervisors of Roanoke County,
Salem, Virginia.
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Virginia, held on the 13th day of October, 1982, at 430 East Clay Street in
PRESENT:
Chairman Athena E. Burton, Supervisors May W. Johnson,
Gary James Minter, Harry C. Nickens
ABSENT:
Supervisor Robert E. Myers
on motion of Supervisor May Winn Johnson, seconded by Supervisor Gary James
Minter, the following resolution was adopted by a majority of the members
of the Board of Supervisors by a roll call vote the ayes and nays being
recorded as follows:
MEMBER VOTE
Supervisor Harry C. Nickens Yes
Supervisor Gary James Minter Yes
Supervisor May Winn Johnson Yes
Supervisor Athena E. Burton Yes
Supervisor Robert E. Myers Absent
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RESOLUTION NO. 3287 AUTHORIZING ROANOKE COUNTY TO ISSUE AND
SELL ITS GENERAL OBLIGATION BONDS IN AN AMOUNT OF UP TO $10,000,000
AND AWARDING SUCH BONDS
WHEREAS, a majority of the voters of Roanoke County, Virginia
(the "County"), at an election held on November 3, 1981 (the "Courthouse
Bond Election"), approved the issuance of up to $7,000,000 general
obligation bonds of the County for the purpose of financing improvements
to the County's Courthouse facility (the "Courthouse Bonds"); and
WHEREAS, the Circuit Court of the County on November 13, 1981, entered
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an Order authorizing the Board of Supervisors of the County to carry out
the wishes of the voters as expressed at the Courthouse Bond Election; and
WHEREAS, a majority of the voters of the County, at an election held
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on November 5, 1974 (the "Sewer Bond Election"), approved the issuance of
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up to $8,700,000 general obligation bonds for the purpose of financing
improvements to the sewer system of the County; and
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WHEREAS, the Circuit Court of the County on December 30, 1974,
entered an Order authorizing the Board to carry out the wishes of the
voters as expressed at the Sewer Bond Election; and
WHEREAS, the County has previously issued its general obligation
bonds in the amount of $2,000,000 pursuant to the authority granted
by the Sewer Bond Election and intends to issue additional general
obligation bonds in the amount of $3,000,000 pursuant to such authority
(the "Sewer Bonds"); and
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WHEREAS, the Board of Supervisors of the County adopted Resolution
No. 3258, on September 28, 1982, authorizing the officers and agents
of the County to publish and distribute a Notice of Sale and an Official
Statement and to assist in the preparation, execution and delivery of
such other documents as may be necessary to expedite the sale of the
Courthouse Bonds and the Sewer Bonds in the amounts and for the purposes
for which such bonds have been authorized; and
WHEREAS, bids have been received for the sale of the herein defined
Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
ROANOKE COUNTY, VIRGINIA:
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1. The Board of Supervisors of the County, hereby determines that
it is advisable to contract a debt and issue and sell (a) the Courthouse
Bonds in an amount of up to $7,000,000 and (b) the Sewer Bonds in an amount
of up to $3,000,000 (collectively, the "Bonds"). The issuance and sale
of the Bonds is hereby authorized. The proceeds of the Bonds shall be
used for the purposes for which the Courthouse Bonds and the Sewer Bonds
have been authorized.
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10-13-82
2. The bids received for the Bonds are attached hereto as Exhibit B.
The bid of Smith Barney, Harris Upham & Co., Incorporated is the lowest
cost to the County. The Board of Supervisors of the County hereby
determines that it is in the best interests of the County and the Common-
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wealth of Virginia to accept the proposal of Smith Barney, Harris Upham
& Co., Incorporated to purchase the Bonds, at the price and interest rates,
and upon the terms set forth in said proposal, and said proposal is hereby
accepted.
3. The Bonds shall be dated November 1, 1982 and shall mature in
annual installments on December 1 in the years and amounts, and shall
bear interest at the rates as follows:
YEAR AMOUNT RATE YEAR AMOUNT RATE
1983 $ 100,000 9.00% 1989 $1,200,000 7.00%
1984 100,000 9.00% 1990 1,300,000 7.20%
1985 100,000 9.00% 1991 1,500,000 7.25%
1986 600,000 9.00% 1992 1,700,00 7.00%
1987 600,000 9.00% 1993 1,800,000 7.00%
1988 1,000,000 8.90%
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Bonds maturing on and after December 1, 1990 shall be subject to prior
I redemption at the option of the County as provided therein. The Bonds
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shall be coupon bonds without privilege of registration, shall be numbered
from 1 through 2,000 inclusive and shall be in the denomination of
$5,000 each. The Bonds shall be in substantially the form attached
hereto as Exhibit A.
4. The full faith and credit of the County are hereby pledged for the
prompt payment of the principal of and interest on the Bonds as the same
shall become due, and each year while any of the Bonds remain outstanding
and unpaid, unless other funds are lawfully available and appropriated for
the timely payment thereof, there shall be levied, without limitation as
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to rate or amount, and collected in accordance with law, an annual ad
valorem tax on all taxable property in the County subject to local taxation
sufficient to provide for payment of the principal of and interest on the
Bonds as the same shall become due.
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5. The Bonds shall have CUSIP identification numbers printed thereon.
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No such number shall constitute a part of the contract evidenced by the
Bond on which it is imprinted and no liability shall attach to the County,
or any officer or agent thereof by reason of such numbers or any use made
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thereof, including any use thereof made by the County and any such officer
or agent, or by reason of any inaccuracy, error or omission with respect
thereto.
6. The Chairman and Clerk of the Board of Supervisors of the County
are hereby authorized and directed to execute the Bonds, and the Clerk of
the Board of Supervisors of the County is hereby authorized to affix or
imprint the seal of the County (or a facsimile thereof) on the Bonds and
to attes.t the same thereon. The form of execution, imprinting of the seal
and the attestation thereof may be by facsimile as permitted by law. The
execution of the Bonds as set forth herein is hereby adopted as a due and
sufficient authentication of the Bonds. Upon receipt of payment therefor,
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the Chairman or Clerk of the Board of Supervisors of the County shall issue
and deliver the Bonds to the purchaser or purchasers thereof. The officers
and agents of the County are hereby further authorized and directed to do
all acts required by the Bonds and by this Resolution for the full, punctual
and complete performance of all things necessary for this borrowing.
7. First & Merchants National Bank, Richmond, Virginia and Bankers
Trust Company, New York, New York are hereby named co-paying agents on
the Bonds.
8. Any other action taken by the officers and agents of the County
in connection with the transactions described above is hereby approved,
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ratified and confirmed.
9. The Clerk of the Board of Supervisors of the County is hereby
authorized and directed to immediately cause a certified copy of this
Resolution setting forth the form and details of the Bonds, to be filed
with the Circuit Court of Roanoke County pursuant to Sections 15.1-199
and 15.1-212 of the Code of Virginia of 1950, as amended.
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10. This Resolution shall take effect immediately.
EXHIBIT A
UNITED STATES OF AMERICA
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COMMONWEALTH OF VIRGINIA
ROANOKE COUNTY
GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND
Series of 1982
No.
$5,000
ROANOKE COUNTY, VIRGINIA (the "County"), for value received,
hereby acknowledges itself indebted and promises to pay to bearer upon
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presentation and surrender hereof the sum of Five Thousand Dollars ($5,000)
on December 1, 19 , and to pay interest hereon from the date hereof to
maturity at the rate of
percent ( %) per annum, payable semi-annuall~
surrender of the coupons attached hereto as the same become due and payable.
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on December 1 and June 1, beginning June 1, 1983, upon presentation and
Both principal of and interest on this Bond are payable in lawful money of
the United States of America at the principal office of First & Merchants
National Bank in Richmond, Virginia or at the option of the holder hereof
at the principal office of Bankers Trust Company in the Borough of
Manhattan, City and State of New York.
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The full faith and credit of the County are hereby pledged for
the payment of the principal of and interest on this Bond.
This Bond is one of a series of bonds (the "Bonds") of like date,
denomination and tenor, except as to number, maturity, interest rate and
privilege of redemption, authorized and issued under the authority of
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and in full compliance with the Constitution and laws of the Commonwealth
I of Virginia and, more particularly, issued pursuant to the Public
Finance Act, Chapter 5 of Title 15.1 of the Code of Virginia of 1950, as
amended, the vote of a maiority of the qualified voters of the County
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voting at elections duly called and held on November 3, 1981 and
November 5, 1974, Orders of the Circuit Court of Roanoke County, Virginia
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authorizing the Board of Supervisors of the County to carry out the wishes
of the voters as expressed at said elections and resolutions duly adopted
by the Board of Supervisors of the County on May 25, 1982, September 28, 1982
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and October 13, 1982.
Bonds maturing on and after December 1, 1990, shall be subject to
redemption at the option of the County prior to their stated maturities,
upon at least thirty (30) days' prior published notice, at any time on
or after December 1, 1989, in whole or in part from time to time in such
order as may be determined by the County (except that if at any time less
than all of the Bonds of a maturity are called for redemption, the
particular Bonds of such maturity 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 (1/4) of one percent (1%) of the principal amount
of each Bond to be redeemed for each six (6) months period or fraction
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thereof from and excluding the date fixed for redemption to and including
the stated maturity date of such Bond, at such premium in any event not
to exceed two percent (2%) of such principal amount.
It is hereby certified and recited that all acts, conditions and
things required by the Constitution and statutes of the Commonwealth of
Virginia to happen, exist or be performed precedent to the issuance of
this Bond have happened, existed or been performed in due time, form
and manner as so required.
IN WITNESS WHEREOF, the Board of Supervisors of Roanoke County,
Virginia, has caused this Bond to be signed on behalf of the County by
I its Chairman, and its seal to be affixed and attested by its Clerk, and
this Bond to be dated November 1, 1982.
(SEAL)
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Chairman, Board of Supervisors
of Roanoke County, Virginia
Clerk, Board of Supervisors
of Roanoke County, Virginia
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FORM OF COUPON
COUPON NO.
$
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On June l/December 1, 19 , unless the bond to which this
coupon is attached has been duly called for prior redemption and
provision made for payment thereof, ROANOKE COUNTY, VIRGINIA will pay
to the bearer hereof, at the principal office of First & Merchants
National Bank in Richmond, Virginia, or, at the option of the holder,
at the principal office of Bankers Trust Company, in the Borough of
Manhattan, City and State of New York, upon presentation and surrender
hereof, the amount shown hereon in lawful money of the United States of
America, such amount being the interest then due on its General
Obligation Public Improvement Bond, Series of 1982, dated Novemberl, 1982,
and numbered
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Chairman, Board of Supervisors
of Roanoke County, Virginia
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B ard of Supervisors of Roanoke County. Virginia
C nfcrence Room
C unly Administrative OfJkc'i
4 E. Clay Streel"
S em.V^~4153
A . entlon: Mr. bonalJ R. Flanders
County Admini'itr;llor
G ntlemen:
October I J. IIJH2
We hcrcinafter bid for all hut not less than all. of till' SIll.OOU,fKI() PUIlI.IC IMPROVEME:-.IT
8, :'-lDS of the COUNTY OF ROANOKE. VIRGINIA. Jl:'>L'rih~li in your otYicial NOTICE OF SAL~,
apubhshcd In The Bond Buyer. This bid is submitlcd 'iubJc~.t '0 all rrovisions containcu in <.lIch notice
osaJe.
! The bonds shall be duteu Novcmoer I. 1982. and shall f1\atllr~ on Dc\.:cmber I in ctlch of ,the years
a ~ in the amounts, and shall bear interest at the nile! as follows:
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VEAJl AMOUNT RATE n:AR A!\1otJNT RAn:
-;:;---1') --..- ;,-('(, ~'I'
1983 $ 100.000 .f'/:' '" II)K') 1>1.200,000
1984 100,000 'I. ('(" I 'NO 1.300.000. '/ ").r'
1985 100.000 q, tY'l 1991 1.500.000. "I,~'J
1986 600.000 . ,: ('0 11)92 1.700,000. '/ i' (\
1987 bOO.OOO, q ,C'{l 11)1)) I.HllO.OOO. " I ,a'"~
19S8 I.()()).OOO ,~ ')('
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.Redeemable December I, 19H9, anu thereafler. ilS provided in the Noti<:e of Sale.
We will pay par ($10.000.000) plus a premium of S..!LiL~; .l'~. We will pay accnled intere..t from
d c of the bonds to the date of dcli\'ery thereof and payment therefor.
We enclose a certified or bank cashier's check in Ihe amount uf 5200.000 drawn to the order of the
asurer ()f the County of Roanoke. Virlinia, 10 ~eCUfC the Counly of Roanoke against any loss
ulting from our failure to comply with the terms of Ihis propo..al. If our proposal is a,(erled. the \
ck will be deposited by the COllllly ot Roanoke and Ihe pwcecds thereof cred.ted atlain'il Ihe
chase price. or retained b~ the C<)unty of Roanoke as ltquidated dalllage'i in case we f,\l1 to accept
ivery of and pay for Ihe honds. The cheek will he returned 10 u, if' we arc an unslIccc:'s'itullll(llIcr for I
bonds. II is agreed that no inlcrcst wlUbe aJlowc!d on slIch good faith check. or the amount thereof.
sm~ th ~'J~~~~r-llillU1ln ~r~_lllcurpClUltedl
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The ahovc ~,I()d faith chc(k 1l.L$ been returned
ami receipt thereof is duly acknowledged.
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NOTE: The following is staleu for infonnation only and is nol a part of this bid:
Aggregale amounl of inter~1 on Ihe bond! frum their dale tu
h . . .' . $ (~ ()). $? , IJ Cj ~;. t:'3
t elr respecllve matun'les ...................".,:.. I
Less premium ,:...................................... !/lJ 3. (' (\
Net interest cosl . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. S .~. /) ,-is. () s;J" ~ 3
N' 7 .~:)-'7.J,.(.:;;,..
1 el intcresl rate . . . . . . . . . . . . . . . . , . . .' . . . . . . . . . . , '. . . . . . . . v
NOADOITION OR AL.TERNATION. EXCEPT AS
PROVIDED ABOVE, SHOULD DE MADE TO TIUS BID
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1110 FORM
Board of Supervt'iors of Roanoke tounlY. Virginia
Conference Room
County Administrativ~ OHi\:c'\
430 E. Clay Slrcet
Salcm. VA ~.J153
Octobc 13. 1982
.Rcdeemable December I. ,1989, a~d thereafter. as provided in the Notice of Sale.
We will p"y par lSIO.OOQ.OOO) plus a premium of $ t.J (' ,:, ,'" . We win pay accruell inte est from
date: of the bonds to the date.ofdelivery thereof and paymcnl therefor.
We enclose a certified or bank cashier's check in the amount of $200.000 drawn to the or er of the
Treasurer of the County of Ro4nokc, Virginia. to secure the Cuunty of Roanoke against
resulting from our failure to com'"ry with the terms of thts proposal. If our proposal is ace
check will be deposited by the County of Roanoke and the pmceeds thercof credited a
purchase price. or retained by the County of Roanoke as hquillated l.hlm;'lges in case we fail
delivery of and pay for the bonds. The chcck wilt be returnCOlo LIS if we arc an unsuc~essful
the bonds. It is agreed that no interf!st will be allowed on such good faith check, or the amoun
The rir~t National Bank
roc the
Attention: Mr. Donald R. Flanders
County Administrator
Gentlemen:
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We hereinafter bid for all but' not less than all. of the 'Stn.OOO.OOO 11lJBUC IMPRO
BONDS of Ihe COUNTY OF ROANOKE. VIRGINIA. ,tcsl.:lihcd in your oUkial NOTICE.
as publishell in The Bond Uu~'er. Thts bid is submitted sllhJl'~t to all provisions contained in s
of sale.
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The bonds shall be oatcd N~!vembcr l. 1~82, and shall mature on December' in each of
and in the amounts, anll shall bear interest at the rates as follows:
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AMml~T
RATE
AMO\JN'(
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S I .:00.000
1,300.0()().
1.500,000.
1.700.00W
I.HOO.(lOW
n:AM
19149
1990
19lJI
19')2
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YE,\R
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1984
1985
1986
1987
19N8
S 10().OOO
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100.00U'
100.000
600.000
600.000
1.000.000
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NOTE: The following is stQted for information only Hnd is 1101 a part of this bid:
AggregHtc amount of interest on the bonds from their date to
their respective maturiti~s .........................
Less premium '. . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . ' ,
Net interest cost . . . . . ., . . . , . . . . . . . . . . . . . . . . , . . . . . . . . . .
G ' ?~. (l
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Net inlerest rate ... i'.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NO,ADDIT10N OR ALTERNATION. EXCEPT AS
PROVIDED ABOVE, SHOULD BE MADE TO THIS BID
EMENT
F SALE
h notice
he years
ny loss
led. the
inst the
) accept
'dller for
thereof.
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Bard of Supervisors of Roanoke County, Virginia
C nferenee Room
C lUnty Administrative Olfices
4 0 E. Clay Street
S~ km. V A Z.H53
October 13, 1982
A tent ion: Mr. Donald R. Flanders
County Administrator
G ntlemen:
l:
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We hereinafter bid for all but nut Jess than all, of the SJO.OOO,OOO PUBLIC IMPROVEMENT
B NDS of the COUNTY OF ROANOKE, VIRGINIA, de~cribed in your official NOTICE OF SALE
as published in The Bond Buyer. This bid is submitted subjeclto all provisions contained in such notice
of sale.
The bonds shall be dated November 1. 1982, and shall mature on December I in each of the years
in the amounts, and shall bear interest at the rates as follows:
YEAR AMOUNT RATE YEAH AMOUST RATE
--
1983 $ 100.000 9.25 19~t} $1,200,000 7.25
1984 100,000 9.25 1(1)0 1.300,000. 7.50
1985 100.000 9.25 1991 1,500,000. 7.75
1986 600,000 9.25 1992 1,700.000. 7.75
1987 600,000 9.25 1993 1,800,000. 7.75
1988 1,000,000 7.25
.Redeemable December I, 1989, and thereafter, as provided in the Notice of Sale.
We will pay par ($10,000.000) plus a premium of $ 82].00 . We will pay accrued interest from
da e ()f the bondi to the dale of delivery thereof and payment therefor.
We enclose a certified or bank cashier's check in the amount of $200,000 drawn to the order of the
Trasurer of the County of Roanoke" Virginia, to secure the COllnty of Roanoke against any loss
re Iting from our failure to comply with the terms of this proposal. If ollr proposal is accepted, the
ch ck will be deposited by the County of Roanoke and the proceeds thereof credited against the
pu hase price. or retained by the COunty of Roanoke as liquidated damages in case we fail to accept
de very of and pay for the bonds. The check will be returneu to liS if we are an unsuccessful bidder for
th bonds. It is agreed that no interest will be allowed on slIch good faith check, or the amount thereof.
TilE CHASE MANlIATTAN M:, NA. 'j?iZ/
HANK OF VIHGINiA /. ~ 1. ~- ,_~,
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And As!wcilltes ~' , ,
13Y: RAN!< OF VIRGINIA, Sanfjord I). Teu, III, Sr.V ce
The above od aith che has been returned Pres den
an t r f is d cknowledged.
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NOTE: The following is stated for information only and is not a part of this bid:
Aggregate amount of interest on the bonds from lheir date to
theirrespective rriaturities ......................... S 61342,520.8]
Less premium.... . . .............. ...... . .. . .. . . . . .. . . 823.00
Net interest cost.. . :..................... . . .. . . . . . .. .. S 6,341,697.83
Net interest rate. . J. . ....., ........... . .... . . . . . . . . '" . .
7.7400
%
NO ADDITION OR ALTERNATION, EXCEPT AS
PROVIDED ABOVE, SHOULD BE MADE TO THIS BID
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BID FORM
Board of Supervisors of Roanoke County. Virginia
Conferem:e Room
Counly Administrative Offices
430 E. Clay Street
Salem. VA 24153
October I 1982
Attention: Mr. Donald R. Flanders
County Administrator
Gentlemen:
I
We hereinafter bid for all but nol.less than aU. of th~ $IO,OOO.OO(l PU8l1C IMPROVE
BONDS of the COUNTY OF ROANOKE, VIRGINIA. described in your otlicial NOnCE OF
as published in The Bond Buyer. This bid is submitted subject to ;111 provisions contained in such
of sale.
The bonds shall be dated November I. 1982. and shall mature on Oecember I in ea~h of th
and in the amounts. and shall bear intcrc'itl at thc flltes as "o/lows:
"'[AR AMOUNT !!!! VUII AMOUNT IIATE
1983 $ 100.000 ~.'/~' 1989 S 1.200.000 "1.10
1984 100.000 ',s.'1i 1990 , .300.()(K). 'J .;'b-
198' 100.000 :1.1; 1991 I.~OO,OOO. '7, 'i"
1986 600.000 , ';'1',' 1992 1.700,000. '7 · ,~.&.'
1981 600.000 ~ 0 '1> 1993 1.800,000. 0', ,.'(:
1988 t .000,000 '1 ')..
-Redeemable December I. 1989. and Ihereafter. as pro\'ided in the Notice of Sale.
We will pay par ($10.000.000) plus'a premium of $-4-L~. We will pay accrued intere
date of the bonds to the dale of delivcry thereof and payment theretor.
We enclose a certified or bank cashier's che~k in the amount of 5200,000 drawn to the orde
Treasurer of the County of Roanoke, Virginia, to secure the County of Roanoke against a
resulting from our failure to comply with the terms of this proposal. If our proposal is a~ccpt
check will be deposited by the County of Roanoke and the proceeds thereof credited agai
purchase price. or retained by the County of Roanoke as liquidated damages in case we fail to
delivery of and pay for the bonds. The check will be retumt:d 10 us if we are an unsuccessful bid
Ihe bonds. It is agreed that no interest will b~ allowed on ~uch ~uod faith check. or the amount I
C)' '.-~.-:...+~." / , , ,
fthe
loss
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cc:epl
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reof.
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The above good failh check has been r
~cor i. dolyacknowlcdgcd
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NOTE: The followin& is staled for information only and is not a part of this bid:
Allregate amount of interest on the bonds from their date to
their respective maturities .... 0 0 . . . . . . . . . . . , . . . . . . .
less premium .. 0 . . . . . . ; . . . , . . . . . . . . . . . . . . . . . . 0 . . . . . . .
Net inlttest cost . 0 . . . . . 0,' . . . . . . . . . . . . . . . 0 . . 0 . . 0 . . . . . . .
Nei interest rilte . 0 . . . . . . . . . . . . . . . . . . . . . . . . . 0 . . , . . . 0 0 . .
NO ADDl'nON OR AI4TERNA1'ION, EXCEPT AS
.-ItOVIDED ABOVE. SHOULD DE MADE TO THIS BID
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IIID FORM
ard of Supervisors of Roanoke County. Virginia
nference Room
unty Administrative Otftl:CS
4 0 E. Clay Street
lem.VA:!4153
October 13. 19M2
tcntion: Mr. Donald R. Flanders
County Administrator
'ntlcmcn:
We hereinafter bid fl)r all but not l\:ss th..n all. of the '!>\II.OOO.OOO PUBLiC IMPROVEMENT
NOS of the COUNTY OF ROANOKE. VIRGINIA. ue\clihcd in yuur ollicial NOTICE OF SALE
a published in The Bond Buyer. This hid is sub milieu \UhlCd III all provisions contained in such notice
o sale.
The bonds shall be dated Novemher I, 19K2. and shallmatlllc on December I in each of the years
a d in the amounts. and shall bear interest at the rates as fullows:
VUR AMOllNT RATE n:,\R AMOUNT RAn:
(141.,' ---
1983 $ 100.000 19K9 $I.:!OO,OOO 7LJt'
1984 100.000 ., qt.' 1990 1.300.000. ".,t'
1985 100.000 () 'i t, 1991 1.500.000. 7~,t
1986 hOO.OOO 'z'lt: 1992 1.700.000- U~I
I~H7 6(}O.OOO .'Mt 1993 I. lH)O. ()()()- 1<.'-'
1988 1.000.000 :,..:(, ,
-Redeemable December I. 1989. and thereafter. as provided in the Notice of Sale.
We will pay par ($10.000.000) plus a premium of $ '} }{lJ. ti;. We will pay accrued interest from
d e of the bonds to the d~\te of delivery thereof and payment therefor.
We enclose a certified or bank cashier's check in the amount of 5200.000 drawn to the order of the
T asurer of the County of Roanoke. Virginia. to secure the County of Roanoke against any loss
ulting from our failure to comply with the terms of this proposal. If our proposal is accepted. the
ck will be deposited by the County of Roanoke and the prOl.:eeds thereof credited against the
chase price. or retained by the County of Roanoke as liquidated damages in case we fail to accept
ivery of and pay for the bonds. The check will be returned to us if we arc an unsuccessful bidder for
bonds. It is agreed that no interest will be allowed on such ~ood faith check. or the amount thereof.
fU;\T 1'v/ln'.!J,- C '-(//,/lII(t.. /,/1111(' f':' ~:'l/I\,'.II
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17111/1 ./))t.: ",/it:) .///-)Ji-l<<
The above good faith check has been returned
and receipt thereo js d,..ly- ;4cknowledgcd.
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NOTE: The following is stated for information only and is not a part of this bid:
Aggregate amount of interest on the bonds from their date to .
h . . . . $ (. ~ '--/'-/. ) LL, '/ t'
t elr respective matunhes ......................... 41 - ,,.
L . ; I ~ l', (L. t..:
ess premIum ......................................., ,
N . ?, ~ '-I) 1.. \L "it"
et mterest cost .., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ I "
N 7. '7 '1/1
et interest rate ......................................
%
NO ADDITION OR ALTERNATION. EXCEPT AS
PROVIDED ABOVE. SHOULD BE MADE TO THIS BID
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IN RE
ADJOURNMENT
Supervisor Nickens moved to adjourn at 11:29 a.m. The
motion was carried.
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Chairman
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