DECEMBER 12, 1969
of llie lioilo; (11@l, C'il@' Coi@)L(-il
of
Cily of
L)cce))ibc;
i),Iccti)l," ()f 9, 19(;8
Tize Coztncil iceii;l@ oj@ Dccei;zbc;- 9, lgt;, it)ilil 11:00 A. Al.
Tiz irsday, Dece)jib 12, -7968, (71 llic S(,Ir)07 J?ocl)-,'l Co)if(,)@el,ice P).ooi
At tlie a(Ijoiti-ne(I tlie follozf)i)i(@ It i))'c'so)zl: Robei-I
B. Croiiizvell, J;,. , Alb( i'l L. Bo]Z)z@@A' Gco;-gc R. Fc)-I,ell, D. Mii;-,ya3,
Malboi , J. Cit;-Iis P(tAizc@, G. Dei cy Clil(I I@oll,]ICIII N,. IVIlil(,Illtysl.
Coit@icil@ize;2 Ab-@,@ill: AIctA,o;, F (ijtk A. E. Ma),slic@ll, Johil
W. McCoinbs, Ect;-l Al. l@ebcii@ll.
Also pyesc)il at illis )IIC('Iijlg 11)(?;,c: All@. G. Do&l, Dircclo)- of Fii (tncc,
c@id Mi@. La, y Boti@l Co)lsl(ll(,,,,
Mr. Ilari,y Mci)-sliall, Cily Atiol-licy, lo liai),, Deceiiib ;- 23, 24, aild
26 off and I,,)Os g;,a)il(?(l Iiis ;-eqiiest.
7'lie e will bc a Cozi;ic-il @ileeli2l. Aloil(l(iA@, 1), (,t,;)ib(,; 211, 1968, al JO o'clocle
A. M.
M,I-. Scott invited tlie Coitilciz to (li)t) (1) (it ("?-I' of tile eeliiz(,,s
072 iiiol"@,))i by @l)-. s(,(:(,@ilcle(I b@,, a;z(l
tile follol ill," (ICI@lic);i 10 Cli)i)oi;zl);ic ;il@ to llic, city, of Vi@-,@'i)licl acil
Iliditst),i(il A@(1;2o)-iij,, l(i@l-;z:
1. Tlie of Jzt@'@, 25, 1 (i)-, fui(ii(I lo bc ilico,)'rect ii,, lazu i;i
that Mi,. Milloiz D. Ca;-I,,;@ ci;l(l 7(!i)i@,@ 11. Sa@llc;-,iuc;-c )-e(ipl)oi;zlcrl
fo)@ te,;-i;2s of ti o it)lie;-(,cis, b@@ sic(-I! 2@,ei-c ;,c,ciiii -ed to
befo;, tci,i)is of folt;- y(,t@)-s. Tiie scticl ell c@, co)-i-cclc(l hc)-eby
to rej7ecl flial Al)-. Alittoi,, D. C,,i;-Ie;- Jai@2(,'S P. Sa(Ile)- ill faci,
reappoilic',Ifo;- lc;-i)IS of foi(l- Yea;@s IC) C,;Zf! Oil @30, 19 0.
2. Tlicit NI -. Gco)@le J. pa)-l,,(,; is a ic,-1)2 of folt,)-
ai-s ef ily 1, ]@)68, to expi)-c' J,,, 10, 1972.
.Ye feclive Ji
Report o-,i tlie Coi;?I)osili ;i of tlie of lli,@ Vi;-,,iizici P)('(Ich
lizclztsi,)-icil Deucloil)i)iciii .4itIlio;-ii@, (is oj- 12,1968
Naille Te@-i)z Bc@,@i;zs Tci,i)i E,,vl)ii@es Rc,,f,-)'C@)ZCC
5 4@,e(i;-s Ji@ly o'], '69 Ali;zzite Ble 2, 1),)]
Alfred IV. '6 I
Keyr),zit S. La)z(l Ait@- 1, '65 4ye(i;-s Jiil@, 31, '69 Mij?i(te Bk 2,
Fraizk 1,V. K()Ilaiii Sep 1.1, '6 7 4ve(t;-s A?tg 31, '71 Afiizl(te Bk 3,@l
Leu,is D. 7'itit;,slojz Sep t.1, 16 7 4@,eci@-s A It,, 31, '71 Mi),iiiie P@l,, 3,
George TV. @Voody Jitl@@?5, '66 :1 @@ (,,;,s A,,t,,, 30, '70 Mi)zzitc@ Bl,, '3
Dec. 12, 19
(Mr. @Voody @tcts a,@l)oi;llc(l o)l Oci. 1961) to fill Ilic )zcypi)-ed tc)-;ii of All-.
Cayter iulio
Jai;ies P. Sa(Ilci- Jitl),25, '6(; 1 yc(i@-s Ait@@ 30, '70 Mi;iittc Bk, 3
Dec. 12,19,(;@
Geoyg-c J. Pa;,I,@c;- Jitly 1, '68 1 Jit;ze 30, F72 Ali)zllte B,,,, 3 'I
Dec. 12,19
At an adjourried me,eting of tlie Council of the City of
Virginia Beach, Virgini@i,. he.!Id on tlic, 12tli clay of December, 1968:
PRESEN'f: Piobt,j,l C)-o))itf,cll, J;-. , Albert L. Boiii?ey, S'I-. ,
George R. Fei,i,@,11, D. Alit;, -t-ty M(,tlbo,i, P,,ilvitc@, G. I)eivey Sil)l@lloils,
Ife)inelli A. Wllilellll)-st,
ABSENT: Mci@,o;, Fi-tt)il,, A. Lott);@eiict, E. Mct),shall, Jolin W.
McCo ibs, Eci -1 M. Tcb(lifli.
It was reported tc) the mec,t@ing that the following bids
were received by a represent--ative of I,,'Iie,@it & Co., Inc., financial
advisors for the City, at tlie opci-iii)g of bids held in Richmond at
11:00 a.m., on this datc@ foi- $2,000,0@@)O Public Iniprovc!ment Bonds,
Series of 1968 B, of the Cii-y of Virgini@l Beach:
Name of Bidder Amount of Bid
Anderson & Strudwick $200,000 bonds maturing
Shearson, Hammill & Co., Inc. December 1, 1970,at 6 per
Virginia National Bank cent, $1,200,000 bonds
Horner, Barksdale & Co. maturing December 1, 1971
J. Barth & Co. to 1976, incl., at 4.25 -
Cooley & Co. per cent, $600,000 bonds
maturing December I., 1977
to 1979, incl., at 4.40
per cent,
we will pay Two Million,
one hundred sixty and
00/100 Dollars ($2,000,160.00).
State-Planters Bank of Commerce $200,00b bonds maturing
& Trusts December 1, 1970, at 4.70
The Northern Trust Company per cent, $400,000 bonds
Joint Managers maturing December 1, 1971
Trust Company of Georgia to 1972, incl., at 4.00
The Bank of California, N.A. per cent, $1,400,000 bonds
North Carolina National Bank maturing December 1, 1973
Abbott, Proctor & Painc to,1979, incl., at 4 3/8
per cent,
we will pay Two Million,
Two Hundred Ten and NollOO
Dollars ($2,000,210.00).
2
Ilarris Trust and S@ivings Baiik $1,000,000 bonds maturing
December 11 1970 to 1974,
incl., at 4.25 per ceiit,
$1.,000,000 bonds maturing
Decetnber 1, 1975 to 1979,
incl.., at 4.40 per cent,
we will pay Two Million
Eight Hundred and Seven
aiid no/100 Dollars
($2,000,807-00)
Morgan Cuaranty Trust Compaiiy $200,000 bonds maturiiig
of New York and Associat6@-, Deceriber 1, 1970, at
5.875 per cent, $1,200,000
boncls maturj-ng December 1,
1971 to 1976, incl., at
4.30 per cent, $600,000
bonds mattiring December 1,
1977 to 1979, incl., at
4.40 per cent,
we will pay T@@o Million,
One HLindred Seventy Seveil
and no/1.00 Dollars
($2,000,177.00)
Phelps, Fenn & Co. and Associates $400,000 bonds maturing
Deceinber 1, 1970 to 1971,
incl., at 5 1/4 per cent,
$1,200,000 bonds maturiiig
Deceuiber 1 1972 to 1977,
incl., at 4.40 per cent,
$400,000 bonds maturing
DeceTflber 1, 1978 to 1979,
incJ., at 4 1/2 per cent,
we will pay Two million
eight hundred twenty and
00/100 Dollars
($2,000,820.00)
Continental Illinois National Bank $800,000 bonds maturing
and Trust Company of Chicago and December 1, 1970 to 1973,
Associates incl., at 5.00 per cent,
$600,000 bonds niaturing
December 1 1974 to 1976,
incl., at 4.50 per cent,
$600,000 bonds maturing
Deceniber 1, 1977 to 1979,
incl., at 4.60 per cent,
we will pay Two Million
One Hundred Eighty and
No/100 Dollars
($2,000,180.00)
3
Bankers Trust Comp@!ny and $1,000,000 bonds matura-ng
Assbciates Decenil)er 1, 1970 to 1974,
incl., at 4.875 per cent,
$600,000 bonds mattiring
Decetnl)er 1, 1975 to 1977,
incl., at 4.50 per cent,
$400,000 bonds matliring
Decenil)er 1, 1978 to 1979,
incl., at 4.60 per cent,
we will pay Two Million
One Thousand Nine HLindred
Twenty and No/100 Doll.ars
($2,001,920.00).
United California Baiik $400,000 bonds maturing
December 1, 1970 to 1971,
incl., at 5.25 per cent,
$1,000,000 bonds maturing
December 1, 1972 to 1976,
incl., at 4.40 per cent,
$600,000 bonds maturing
December 1, 1977 to 1979,
incl., at 4.50 per cent,
we will pay Two Million
One Thousand Three Hundred
and no/100 Dollars
($2,001,300.00).
Each of the above bids offered to pay accrued interest from the.
date of the bonds to the date of delivery.
It was determined that the bid of State-Planters Bank
of Commerce & Trusts and The Northern Trust Company and Associates
offered to purchase the bonds at tlie lowest cost to the City, which
bid is attached hereto and made a parl of these minutes. A Repre-
setitative of Wheat & Co., Inc., advis,@ci the Council that this is
an excellent bid and recommended its @icceptance.
Thereupon the following resollition was adopted by the
following vote: oil @;,olioTi by Mi@. Pri@,ii(,, s(,co;iclcd by Mr. Boiiney ivitli recordcd
vote as follozvs: Vic(?-Ma@,or Robert B. J@-. , Alberl L. Boiz;ze3,, Sr. ,
AYESi,
George R. Ferre I D. M,-t;@ray Malboji, /. ('t@;-Iis Pa@,izc, G. D(@vey Sil)l@ilons,
Ken;zeth N,.
noiz@,.
BE IT RESOLVED BY THE COUNGII, OF TIIE CITY OF VIRGINIA
BF-ACH, VIRGINIA, that the $2,000,000 P@tl)lic Iiill)rovement Boncls,
Series of 1968 B, of the City of Vii@gi,iiz, Beech, dated December 1,
1968, the form and cletails of whicli hg@,e lieretoforc been prescribed
by resolution adopted Noveniber 25, 1968, be and the same are here-
by awarded to State-PI-anters Bank of Compierce & Trusts and The
Northern Trust Compaiiy and Associates in accordance with the
terms of their bid ind shall bear iriterest as set out in such bid.
012 iiiolio;z by Ali,. S('CO)I(t'e(I b ilii-. Boiiii,ly, Ill,(! I cis
(Ijoll I-)!,ecl.
c 11 a rJ.-W(l )a) O-) 1,
City Cle@-le M(13'0).
City of Vir"illi(i Bc(t(-Il
V Ygi7ii(i
Dec,,eTizber 12, 19(;8