DECEMBER 9, 1976 SPECIAL SESSIO
MEETING OF TIIE SPI,]CIAL T,,IEETITIG
OF THE
HONORABLE CITY COUNCIL
OF THE
CITY OF VIRGINIA BEACH, VIRGINIA
December 9, 1976
A Special Meeting of the Council of the City of Virginia Beach,
Virginia, was held in the Council Cha,,nbers, Administration
Building, Princess Anne Borough, on Thursday, December 9, 1976,
at 11:30 a.m.
Council Members present: John A. Baum, Robert B. Crordwell, Jr.,
George R. Ferrell Meyera E. Oberndorf, J. Curtis Payne, Vice
Mayor Patrick L. Standing, and Floyd E. Ivaterfield, Jr.
Council Members absent: John R. Griffin, Mayor Clarence A.
lIolland, J. Henry McCoy, Jr., and Roger L. Riggs
ITEM #10274
The City Clerk read the following Public Notice:
On the 29th day of November, 1976, the Council of the City
of Virginia Beach, Virginia, adopted a resolution entitled
"Resolution Authorizing the Issuance and Sale of $16,000,000
Public Improvement Bonds, Series of 1976, of the City of Virginia
Beach, Virginia, Heretofore Authorized, and Providing for the
Form, Details and Payment Thereof."
The purposes for which the bonds are to be issued and the
amount for each purpose are as follows:
Improve and extend streets & highways $ 2,748,000
Site improvernents for Community College 250,000
Construction and improvements of surface
drainage systems 466,000
Planning, construction, site acquisition
and improvements, enlargements and
equipping of school facilities and school
administration building 5,000,000
Planning, purchase or construction, site
improvements, enlarge-ments and equipping
of municipal buildings, including branch
libraries, fire station, ground maintenance
headquarters and storage building, operations
building, social services building, arts and
conference center and Rose Hall 4,666,000
Planning, purchase or construction, site
improvements and equipping of parks and
recreation facilities, including construction
or renovation and equipping of recreation
center, tennis complex and community center
and purchase of and site improvements to
park land - 2,870,000
Total s 6,00(J,000
Any amounts not needed for any such purposes may be used
for any other of such purposes.
By Order of the Council of the City Gf)Virginia, Beach,
Virginia.
Rici@h' P. n
Clerk, C Vi rginia Beach,
Virginia
The City Clerk further stated that on December 6, 1976, at a regularly
scheduled meeting of the Council, a motion was voted on and adopted
authorizing the City Council to meet on Thursday, December 9, 1976,
at 11:30 a.m., for the purpose of receiving bids in accordance with
the Public Nbtice prbviously read.
ITEM #10275
The City Clerk read the following letter from the City 14anager:
December 9, 1976
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 $16 million Public
Iniprovement Bonds. The average net interest costs were as
follows:
Northern Trust Co. & Associates 4.803472%
Morgan Guarnty Trust Co. 4.8159 %
Harris Trust & Savings Bank 4.8223 %
First National Exchange Bank
of Virginia 4.901622%
Northern Trust Co. & Associates 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. Certificate of
calculations is, therefore, confirmed and it is recommended that
City Council award the sale of the bonds to Northern Trust C,. &
Associates.
As a matter of interest, I feel City Council should be
informed that, because of our excellent borid rating and because
of the confidence investors have in the sound financial policies
of the City Council of virginia Beach, we were able to receive
this exceptionally low rate. 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 6.03%. Comparing this
interest rate with the one received, City Council has been able
to "beat the market" by a savings of approximately $2,173,000.00.
Ver@ruly yours,
Hanbury
er
GLFI: gs
On motion by Councilman Payne, seconded by Councilman Cromwell,
and by recorded vote as follows:
Ayes: Council Members John A. Baum, Robert B. Cromwell, Jr.,
George R. Ferrell, Meyera E. Oberndorf, J. Curtis Payne, Vice
Mayor Patrick L. Standing, and Floyd E. Waterfield, Jr.
Nays: None
Absent: Councilmen John R. Griffin, Mayor Clarence A. IIolland,
J. Henry McCoy, Jr., and Roger L. Riggs
City Council voted to accept the bid of Northern Trust Company
and Associates for $16 Million in Public Improvement Bonds,
Series of 1976, at an interest rate of 4.80347-0.
ITEIA @410276
On motion by Councilman Payne, seconded by Councilman Waterfield,
and by acclamation, the meeting adjourned.
R, a d bbon, City Clerk Clarence A. Holland, Mayor
City of Virginia Beach,
Virginia
December 9, 1976
Special Meeting