8/5/1980 - Special
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Board of County Supervisors
Conference Room--430 Clay Street
Salem, Virginia
August 5, 1980
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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.
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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.
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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.
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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.
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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
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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
$8,500,000.00
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NAME
OF
BIDDER
PRICE OFFERED,
INCLUDING
ANY PREMIUM
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YEAR OF
MATURITY
INTEREST RATES
1981..:.1988: 9.00%
1989 : 7.10%
1990 : 7.00%
1991 : 7.10%
1992 : 7.30%
1993 : 7.50%
1994 : 7.70%
1995 : 7.90%
1996 : 8.00%
1997 : 8.10%
1998 : 8.20%
1999-2000: 7.00%
1981-1986: 8.50%
1987 : 7.75%
1988 : 6.50%
1989 : 6.70%
1990 : 6.90%
1991 : 7.10%
1992 : 7.25%
1993 : 7.40%
1994 : 7.50%
1995 : 7.70%
1996 : 7.80%
1997-2000: 8.00%
NET
INTEREST
COST ($)
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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
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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
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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.
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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.
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