2/15/1977 - Special
2-15-77
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Office of the County Executive
306-A East Main Street
Salem, Virginia
February 15, 1977
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Pursuant to the adjournment of the meeting of February 8, 1977, the Board
of County Supervisors of Roanoke County, Virginia, met this day in special session
in the conference room adjoining the County Executive's Office at 306-A East Main
Street in Salem, Virginia, the purpose of this meeting being to open bids on Water
Bonds of Roanoke County and awarding a bond sale.
Members Present: Vice-Chairman R. Wayne Compton, Supervisors C. Lawrence
Dodson, and E. Deal Tompkins. Absent: Chairman Robert E. Myers, and Supervisor
May W. Johnson.
Prior to official convening of the meeting, County Executive William F.
Clark rec~ived sealed bids for and on behalf of the Board of County Supervisors.
The bids which were opened and read by the County Executive at 11:00 a.m. for
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$4,500,000 Water Bonds of Roanoke County are listed elsewhere in these minutes.
After all bids had been opened and publicly read, they were given to Mr.
Ed Pettigrew of Horner, Barksdale & Company, County Financial Advisors, for the
purpose of verifying figures and reporting back a recommendation.
In the absence of Chairmay Myers, Acting Chairman Compton officially
convened the meeting at 11:50 a.m., at which time Mr. Pettigrew reported his recom-
mendation that the low bid of Virginia National Bank and Associates be accepted.
Mr. Pettigrew stated that the bidder would be paying the sum of $4,502.627.01, whicl
sum is the total amount of bonds plus premium. He further advised that the rates
from 1978 through 1990 would be 4.75% and from 1991 through 1997 would be 5.00%.
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Mr. Kenneth Bond of Reed, McCarthy & Giordano, County Bond Counsel,
commented on a prepared resolution, which incorporates all of the above, and briefl'
explained the contents of the proposed resolution.
There being no further comments, Supervisor Tompkins moved adoption of thE
following resolution:
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RESOLUTION NO. 1714 AWARDING $4,500,000 WATER 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.
IN RE:
WHEREAS, the Board of County Supervisors of Roanoke County caused to be
published in The Daily Bond Buyer on February 7, 1977 a Notice of Sale in connectio
with the issuance and sale of $4,500,000 Water Bonds of Roanoke County, Virginia;
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and
WHEREAS, the Board of County Supervisors caused to be prepared and circu-
1ated an Official Statement dated February 7, 1977 in connection with the offering
of the aforementioned Bonds; and
WHEREAS, sealed bids were received for and on behalf of Roanoke County
for the purchase of the Bonds on February 7, 1977 by the County Executive of Roanok
County until 11:00 o'clock, A.M., (EST) pursuant to and in compliance with the
aforementioned Notice of Sale; and
WHEREAS, the following list shows the names of each bidder who submitted
a bid, the price offered, the rate of interest for each bond maturity and the net
interest cost to Roanoke County of such bid:
Name of Bidder Price Offered, Year of Maturity/ Net Interest
Including Interest Rates Cost ($)
Any Premium
Virginia National Bank
and Associates $ 4,502,627.01 1978-1990: 4.75% $ 2,574,122. 9
1991-1997: 5.00%
Citibank, N.A. and Assoc. $ 4,500,000.00 1978-1979: 4.75% $ 2,596,125.
1980-1991: 4.875%
1992-1997: 5.00%
The Chase Manhattan Bank,
Bank of Virginia and Assoc.
$ 4,500,455.00
Bach Halsey Stuart, Inc.
$ 4,500,450.00
Morgan Guaranty Trust Co.
of New York
$ 4,500,000.00
Lehman Brothers, Inc.
$ 4,500,000.00
Reynolds Securities, Inc.
and Assoc.
$ 4,501,191. 75
First National Exchange Bank
of Virginia
$ 4,501,282.75
1978-1983: 4.75%
1984-1991: 4.90%
1992-1997 : 5.00%
1978 3.00%
1979 3.25%
1980-1991: 4.875%
1992-1997: 5.00%
1978-1979: 4.75%
1980 4.80%
1981-1990: 4.90%
1991-1997: 5.00%
1978-1985: 4.50%
1986-1988: 4.60%
1989 4.70%
1990 4.80%
1991 4.90%
1992-1994: 5.10%
1995-1997: 5.20%
1978-1991: 4.80%
1992-1993: 5.00%
1994-1997: 5.10%
1978
1979-1989:
1990-1997 :
4.80%
4.90%
5.00%
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$ 2,596,857. 0
$ 2,588,550. 0
$ 2,605,325. 0
$ 2,586,600. 0
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$ 2,598,108. 5
$ 2,608,267. 5
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The Philadelphia National
Bank, et aI, and Assoc.
$4,500,999.75
1978
1979-1982:
1983-1991:
1992-1997:
4.75%
4.90%
5.00%
5.10%
$ 2,651,425.2
and
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WHEREAS, the Board of County 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 County Supervisors of Roanoke County,
Virginia, as follows:
Section 1. The Board of County Supervisors hereby accepts the proposal
to purchase said Bonds for the purchase price of $4,502,627.01 and accrued interest
to the date of delivery submitted by Virginia National Bank 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:
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Year of Principal Int. Rate/ Year of Principal Int. Rate/
Maturity Amount Yield Maturity Amount Yield
1978 $150,000 4.75%-2.90% 1988 $250,000 4.75%-4.55
1979 150,000 4.75%-3.20% 1989 250,000 4.75%-4.70
1980 150,000 4.75%-3.50% 1990 250,000 4.75%-4.800
1981 175,000 4.75%-3.70% 1991 275,000 5.00%-4.900
1982 175,000 4.75%-3.90% 1992 275,000 5.00%-5.000
1983 175,000 4.75%-4.00% 1993 275,000 5.00%-5.100
1984 200,000 4.75%-4.15% 1994 275,000 5.00%-5.150
1985 200,000 4.75%-4.25% 1995 275,000 5.00%-5.200
1986 225,000 4.75%-4.35% 1996 275,000 5.00%-5.250
1987 225,000 4.75%-4.45% 1997 275,000 5.00%-5.300
Section 3. The Notice of Sale published in The Daily Bond Buyer on
February 7, 1977, a true copy of which is annexed hereto as Exhibit B, is hereby
ratified, approved and confirmed.
Section 4, The Official Statement dated February 7, 1977 is hereby
approved, a true copy of which is annexed hereto as Exhibit C. In connection with
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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 thereo
with the relevant officers and employees of Roanoke County. The Board does hereby
recite that, in the course of its examination and discussions, 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.
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Section 5. The Chairman of the Board of County Supervisors and the
Director of Finance and other proper officials of Roanoke County are hereby au tho-
rizea 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 County 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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* * * * * * * * * * * * * * * *
The foregoing resolution was adopted on motion of Supervisor Tompkins
and the following recorded vote:
AYES:
NAYS:
ABSENT:
Mr. Compton, Mr. Dodson, Mr. Tompkins
None
Mrs. Johnson, Mr. Myers
Supervisor Tompkins thanked all agencies for taking the time to bid on
the water bonds. Supervisor Dodson stated that the low interest rates received
were indicative of a viable County.
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This concluded the business before the Board at this session, and on
the motion of Supervisor Tompkins and the unanimous voice vote of the members
present, the meeting was adjourned at 12:00 Noon.
ACTING CHAIRMAN
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