DECEMBER 8, 1977
MINUTES OF TIIE HONORABLE CITY COUNCIL
RECESSED FROM
DECEMBER 5, 1977
FOR TEE PURPOSE OF RECEIVING BIDS ON
$15,900,000 OF CITY BO',IDS
The City Council of the City of Virginia Beach, Virginia, reconvened in the Council
Chambers, on Thursday, December 8, 1977, at 12:00 Noon, for the purpose of receiving
bids on $15,900,000 Public Improvement Bonds, Series of 1977, of the City of Virginia
Beach, Virginia.
Council Members present: John A. Baum, Robert B. Cromwell, Jr., George R. Ferrell,
J. Henry McCoy, Jr., Councilwoman Meyera E. Oberndorf, Roger L. Riggs, Vice Mayor
Patrick L. Standing, and Floyd E. Waterfield, Jr.
Council Members absent: John R. Griffin, Mayor Clarence A. Holland, and J.
Curtis Payne
ITEM #11.546
The City Clerk read the following letter from the City Manager:
The Honorable Mayor
Members of the Council
Dear Council Members:
At 11:00 a.m. today, sealed bids were opened in my office
for the receipt of City Council's proposed sale of $15.9
million in Public Improvement Bonds. The average net interest
costs were as follows:
Bankers Trust Company 4.9517%
Bank of Virginia 4.9694%
Harris Trust & Savings Bank 4.9810%
Northern Trust Company &
Associates 4.989634%
Bankers Trust Company was the apparent low bidder. All
calculations have been reviewed by Mr. Giles G. Dodd, Assistant
to the City Manager for Finance and Research, and officials of
the firm of Wainwright and Ramsey.
The Daily Bond Buyer publishes each week an index of selected
20-year general obligation bonds such as we are selling. The most
recent index is 5.47%. This would represent a savings in cost,
because of our favorable bond rating, of $934,174. It is, there-
fore, recommended that City Council award the sale of the bonds to
Bankers Trust Company of New York.
yours,
r
GLH:kdf
ITEM #11547
The City Manager stated that $7,672,000 of the bonds will be utilized for the
planning, site acquisition, construction, etc., for public school facilities.
$1,523,156 will be utilized for the improvement and extension of streets and
highways, including right-of-way acquisition.
$3,283,566 will be utilized for the planning, site acquisition and improvements,
construction, etc., of municipal buildings.
TTEM #11548
The following bids were received for the sale of $15.9 Million in Public Improvement
Bonds. The average net interest costs were as follows:
Bankers Trust Company 4.9517%
Bank of Virginia 4.9694%
Harris Trust and Savings Bank 4.9810%
Northern Trust Company & Associates 4.989634%
On motion by Councilman Cromwell, seconded by Councilman Waterfield, and by
recorded vote as follows:
Ayes: Councilmen John A. Baum, Robert B. Cromwell, Jr., George R. Ferrell, J.
Henry McCoy, Jr., Councilwoman Meyera E. Oberndorf, Roger L. Riggs, Vice Mayor
Patrick L. Standing, and Floyd E. Waterfield, Jr.
Nays: None
Absent: Councilmen John R. Griffin, Mayor Clarence A. Holland, and J. Curtis
Payne
City Council voted to award the sale of $15,900,000 Public Improvement Bonds
to the Bankers Trust Company, at the average net interest rate of 4.9517%,
ITEM #11549
Mr. A. James DeBellis, Director of Economic Development, appeared before Council
and announced that Landmark Communications had purchased property in the Kempsville
Borough of the City for the construction of a new Virginian Pilot/Ledger Star building.
Mr. DeBellis also commended Mr. Jim Davis and other City departments who had worked
long and hard on this project.
Vice Mayor Standing stated that it was an honor for Virginia Beach to have Landmark
Communications become a part of this City.
Councilman Ferrell stated he was very pleased that Landmark was going to build
in Virginia Beacb as part of the industrial community, and especially pleased
they were building in the Kempsville Borough.
ITEM #11550
On motion by Councilman Ferrell, seconded by Councilman Baum, and by acclamation,
the meeting adjourned.
Rich@ ity Clerk Vice ilayor Patrick L. Standing
City of Virginia Beach,
Virginia
December 8, 1977
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