MARCH 6, 1970
MINUTES OF SPECIAL PIEETING
March 6, 1970
The City Council of the City of Virginia Beach assembzed in the City Council
Chambers in the Administration BuiZding, Gity HAZZ, Princess Anne Station,
Virginia Beach, Virginia at 11:00 o'czock a.m. on Friday, 14arch 6, 1970, at
the caZZ of the City Manager, Mr. Roger Scott, "Puriuant to Section 2-9 of the
Code of the City of Virginia Beach to authorize the issuance and saze of water
and sewer bonds, inczuding the adoption of new ordi@iances and the reconsideration
of exist@@rdinances authorizing the issuance of water and sewer bonds, the
adoption of the resozutions fixing the form, terms and conditions of such bonds
and actions on proposazs for the purchase of such bonds."
PRESENT: Mayor Frank A. Dusch,-Vice Mayor Robert B. CromweZZ, Jr., AZbert L. Bonney, Sr.,
George R. FerreZZ, D. Murray MaZbon, Lmdrence E. ilarshaZZ, Tohn W. McCombs,
J. Curtis Payne, G. Dewey Siffmons, Jr., and Kenneth N. Whitehurst.
ABSENT: Earl M. Tebault
ITEi,l #2091 AN ORDINANCE REPEALING AN ORDINANCE
ADOPTED JULY 28, 1969, AUTHORIZING
THE ISSUANCE AND SALE OF $2,000,000
WATER AND SEWER BONDS OF THE CITY OF
VIRGINIA BEACH, VIRGINIA
WHEREAS, on July 28, 1969, the Council of the City of
Virginia Beach adopted an ordinance entitied "An Ordinance
Authorizing the Issuance of an Additional $2,000,000 Water and
Sewer Bonds of the City of Virginia Beach, Virginia"; and
WHEREAS, the amount of such bonds are being included in
a new ordinance authorizing the issuance of $4,000,000 Water and
Sewer Bonds so that the foregoing ordinance is no longer needed;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH3
VIRGINIA:
1. The foregoing ordinance adopted July 28, 1969 is hereby
repealed.
2. An emergency existing, this ordinance shall take effect
immediately.
On motion by Ilr. @IcCombs, seconded by Air. ifarshaZZ, and by recorded vote as fozzows:
AYES: llayor Frank A. Dusch, Vice I!ayor Robert B. CromweZZ, Tr., AZbert L. Bonney, Sr.,
George R. FerreZZ, D. 1@lurray ?,,'aZbon, Lcwrence E. @larshaZz, John W. iccombs,
J. Curtis Payne, 6. Dewey Simrnons, Jr., and Kenneth N. itehurst.
NAYS: None
ABSENT: Earl Tebault
The above Ordinance was accepted by City Counciz at a @gpeciaz ?feeting on Alarc h 6, 1070,
ITEII #2092 AN ORDINANCE AMENDING AND REENACTING
AN ORDINANCE ADOPTED APRIL 28, 1969,
AUTHORIZING THE ISSUANCE OF $2@0001000
WATER AND SEWEK BONBS OF THE CITY OF
VIRGINIA BEACH, VIRGINIA
WHEREAS, on April 28, 1969, the Council of the City of
Virginia Beach adopted ali ordinance entitled "An Ordinance
Auth orizing the Issuance of $2,000,000 Water and Sewer Bonds of
the City of Virginia Beach, Virginia"; and
WHEREAS, it is now considered desirable to amend and re-
enact such ordinance to reduce the amount of such bonds and to
remove the maximum rate of interest that the bonds may bear;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH,
VIRGINIA, that the foregoing.ordinance is hereby amended and re-
enacted to read as follows:
AN ORDINANCE AUTHORIZING THE
ISSUANCE OF $1,500,000 WATER
AND SEWER BONDS OF THE CITY OF
VIRGINIA BEACH, VIRGINIA
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BF-ACH,
VIRGINIA:
1. It is hereby determined to be necessary and expedient
to improve and extend the water transmission and distribution system
and sewer collection system of the City of Virginia Beach to provide
for the orderly growth and development of the City and to borrow
money for such purpose and issue general obligation bonds therefor.
2. Pursuant to the authority of the Charter of the City of
Virginia Beach (Ch. 147, Acts of Assembly of 1962, as amended) and
the Public Finance Act of 1958, as amended, there are hereby
2
authorizeb to be i8sued One Million Five Hundred Thousand Dollars
($1,500,000) Water and Sewer Bonds of the City of Virginia Beach
to provide funds for improving and extending its water transmission
and distribution system and sewer collection system, including
acqLiisition of rights of"way-
3. The bonds shall bear such date or dates, mature at such
time or times, not exceeding forty years from their dates, bear
interest at such rate or rates, be in such denomination and form,
be executed in such manner and be sold at such time or times and
in such manner as the Council shall h ereafter provide by appropriate
resoltition or resolutions.
4. The bonds @hall be general obligations of the City of
Virginia Beach for the payment of principal of and interest on
which its full faith and credit shall be irrevocably pledged.
5. An'emergency existing, this ordinance shall take effect
immediately.
On motion by L4r. Piccor,,,ba, seconded Ly ,,ir. @'arel@aZZ, and by recorded vote as foZZows:
AYES: !.!ayor Frank A. Dusch, ','ice .'!ayor Robert B. Crorm@eZZ, @Tr., AZbert 1-@. Bonney, Sr.,
Georae P. FerreZZ, D. ".@array ;'!aZbor,, La7@-ence E. @@arshaZZ, Tobn 1-1. P-'CCo,@@s,
J. Curtis Payne, G. Dewey 5-1 @ons, Jr., a7id Zennet@ 7,. Tqqitehurst.
NAYS: None
ABSENT: Earl [!. Teba@Zt
I'he above Ordinance was accept ed bz,, C@@ty CounciZ at a SpeciaZ !,Ieeting on I!arch 6, 1970.
Certified -lo e a true ?c.ry of t@'@e Ilinutes o.f* t7ze City co nciz o.f th,?, City o.f
t,
Virgin,'@a Bea(,h, 1,7irgiria approvea' 'y @ze City CounciZ @'a C, 19@C.
I. T.
ITEM #2093 AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$4,000,000 WATER AND SEWER BONDS OF THE
CITY OF VIRGINIA BEACH, VIRGINIA.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA:
1. It is hereby determined to be necessary and expedient
to i@prove and extend the water transmission and distribution system
and sewer collection system of the City of Virginia Beach to provide
for'the orderly growth and development of the City and to borrow
money for such purpose and issue general obligation bonds therefor.
2. Pursuant to the authority of the Chart6r of the City
of Virginia Beach (Ch. 147, Acts of Assembly of 1962, as amended) and
the Public Finance Act of 1958, as amended, there are hereby auth-
orized to be issued Four Million Dollars ($4,000,000) Water and
Sewer Bonds of the City of Virginia Beach to provide funds for
improving and extending its water transmission and distribution
system and sewer collection system, including acquisition of rights
of way.
3. The bonds shall bear such date or dates, mature at
such time or times, not exceeding forty years from their dates, bear
interest at such rate or rates, be in such denomination and form, be
executed in such manner and be sold at such time or times and in
soch manner as the Council shall hereafter provide by appropriate
resolution or rdsolutions.
4. The bonds s@all be general obligations of the City of
Virginia Beach for the payment of principal of and interest on which
its full faith and credit shall be irrevocably pledged.
5. An emergency existing, this ordinance shall take
effect immediately.
On motion by Mr. FerreZz, seconded by Mr. Ronney, and by recorded vote as foZZCWS:
AYES: Mayor Frank A. Dusch, Vice Mayor Robert B. CromweZZ, Jr., AZbert L. Bonney, Sr.,
George R. FerreZZ, D. Murray MaZbon, Lawrence E. AlarshaZZ, John W. McComb,3,
J. Curtis Payne, G. Dewey Simmons, Jr., and Kenneth N. Whitehurst.
NAYS: None
ABSENT: EarZ Al. Tebauzt
The above ordinance was accepted by city counciz at a Special Pleetiiig on I.!arch 6, 19@0.
4ri
ITEM #2094 At a special meeting of ihe Council of the City of
Virginia Beach, Virginia, duly held on the 6th day of March, 1970,
PRESENT: I!ayor Fran7< A. Dusch, Tlice !!ayor ,?obert B. CromoezZ, Jr.,
AZbert L. Bonney, Sr., Georae R. FerreZZ, D. ?Iurrcy IlaZbon,
Lawrence E. @larshaZZ, John T,,. @!cCorrbs, J. Curtis Payne,
G. Dewey Simmons, Jr., and Fenneth ii. Aitehurst.
ABSENT: EarZ PI. TebauZt
On motion by Mr. CromweZZ, seconded by M@. 1-farshazZ,
The following resolution was adopted by the following vote:
AYES: i@ayor Frank A. Dusch, Vice @!cyor Robert B. Croml,,ezz, Tr., AZbert
L. Bonney, Sr., Geor,.7e R. FerreZ@, D. I!urray 1@aZbon, Lawrence E.
MarshaZZ, Jo@nn W. !@,cCombs, J. Cz,.rtis Payne, G. Dewey Simmons, Jr.,
and Kenrzeth 11. [Oiitehurst.
NAYS: None
ITEM #2094 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
OF $1,500,000 WATER AND SEWER BONDS, SERIES OF
1969, OF THE CITY OF VIRGINIA BEACH, VIRGINIA,
HERETOFORE AUTHORIZED, AND P.ROVIDING FOR THE
FORM, DETAILS AND PAYMENT THEREOF
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA:
1. The issuance of water and sewer bonds of the City of
Virginia Beach, Virginia, in the amount of $1,500,000 having been
authorized by an ordinance 6dopted by the Council of the City of
Virginia Beach on April 28, 1969, as amended and reenacted on this
date, tbere are hereby authorized to be sold $1,5.00,000 water and
sewer bonds of the City of Virginia Beach.
2. The bonds shall be coupon bonds without privilege of
registration, shall be designated "Water and Sewer Bonds, Series
2
of 1969," shall be dated April 1, 1970, shall be of the denom-
ination of $5,000 each, shall be numbered from I to 300, inclusive,
and shall mature in numerical order in installments of $300,000
on April 1 in each of the years 1971 and 1972, $350,000 on April 1
in jeach of the years 1973 and 1974, and $200,000 on April 1, 1975,
without option of prior redemption. The bonds shall bear interest
at such rate or rates as determined at the time of sale, payable
semiannually on April I and October 1. Both principal and interest
shall be payable at the principal office of First & Merchants
National Bank, Richmond, Virgini8, or Bankers Trust Company, New
York, New York, at the 6ption of the holder.
3. The bonds shall be signed by the facsimile signature
of the Mayor of the City of Virginia Beach, shall be countersigned
by the Clerk of the City and a facsimile of its seal shall be printed
on the bonds. The coupons attached to the bonds shall be authen-
ticated by the facsimile signatures of the Mayor dnd Clerk.
4. The bonds and coupons shall be in substantially the
following form,
Certified to be a tr@e copy of the llinutes of the C@"ty Council of the City of
Yirginia Beach, Ilirginia approved by the C,'ity (,'ounciZ -,!arch 6, 1970.
R@char(!, J. bL')On, Cll'ty C7.erk
(FORM OF BOND)
No. $5,000
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
CITY OF VIRGINIA BEACH
Water and Sewer Bond, Series of 1969
The City of Virginia Beach, Virginia, for value received
hereby acknowledges itself indebted and promises to pay to bearer
upon presentation and surrender hereof the sum of
FIVE THOUSAND DOLIARS ($5,000)
on April 1, 19 and to pay interest thereon from the date hereof
to maturity at the rafe of
per cent per year, payable semiannually on April 1 and
October 1 upon presentation and surrender of the attached coupons
as they become due. Both principal of and interest on this bond
are payable in lawful money of the United States of America at the
principal office of First & Merchants.National Bank, Richmond,
Virginia, or Bankers Trust Company, New York, New York, at the
option of the holder.
This b.ond is one of an issue of $1,500,000 Water and
Sewer Bonds, Series of 1969, of like date and tenor, except as to
number, rate of interest and maturity, authorized by an ordinance
duly ad6pted by the Council of the City of Vi@ginia Beach on April
28, 1969, as amended and reenacted on March 6, 1970, and is issued
pursuant to the Constitution and statutes of the Commonwealth of
Virginia, includirig the Charter of the City of Virginia Beach
(Chaptor 147, Acts of Assembly of 1962, as amended) and the Public
4.
Finance Act of 1958, as amended, eo provide funds to improve and
extend the City's water transmission and distributioil system and
its sewer tollection system.
The full faith and credit of the City of Virginia Beach
are hereby irrevocably pl@dged for the payment of principal of
and interest on this bond.
All acts, conditions and things required by the Constitution
and statutes of the Commonwealth of Virginia to happen, exist or
be performed precedent to and in the is.suance of this bond have
happened, exist and have been performed, and the issue of bonds of
which this bond is one, to-gether with all other indebtedness of the
City of Virginia Beach, is within every debt and other limit pre-
scribed by the Constitution and statutes of the Commonwealth of
Virginia.
IN WITNESS WHEREOF, the City of Virginia Beach, Virginia,
has caused this bond to be signed by the facsimile signature of
its Mayor, to be countersigned by its Clerk, a facsimile.of its
seal to be printed hereo-,i, the attached interest coupons to be
authenticated by the facsimile signatures of its Mayor and Clerk,
and this bond to be dated as of April 1, 1970.
COUNTERSIGNED:
(SEAL)
Clerk, City of Virginia Beach, Mayor, City of Virginia Beach,
Virginia Virginia
5.
(FORM OF COUPON)
No. $
April
On October 1, 19 the City of Virginia Beach,
Virginia, will pay to bearer the amount shown hereon in lawful
-ne y of the United States of America at the principal office
of First & Merchants National Bank, Richmond, Virginia, or
Bankers Trust Company, New York, New York, at the option of the
holder, being the semiannual interest then due on its Water and
Sewer Bond, Series of 1969, dated April 1, 1970, and numbered
Clerk, City of Virginia Beach, Mayor, City of Virginia Beach,
Virginia Virginia
6
5. The full faith and,credit of the City of VirginIia
Beach are hereby irrevocably pledged for the payment of principal
of and interest on the bonds. There $hall be levied and collected
annually on all locally taxable property in the City an ad valorem
tax over and above all 6ther taxes authorized or limited by law,.
sufficient to pay such principal and interest as the same respectively
become due and payable.
6. After bids have been received and the bonds awarded,
the Mayor and Clerk are hereby authorized and directed to take all
proper steps to have the bonds prepared and executed in accordance
with their terms and to deliver the bonds to the purchaser-thereof
upon payment therefor..
7. The Clerk is hereby authorized and directed to see
to the immediate filing of a certified copy of this resolution with
the Circuit Court of the City of Virginia Beach, and within ten
days thereafter to cause to be published once in a newspaper having
general circulation in the City of Virginia Beach, a notice setting
forth (1) in brief and-general terms the purpose for which the bonds
are to be issued and (2) the amount of such bonds.
8. This resolution shall take effect immediately.
The undersigned Clerk of the City of Virginia Beach,
Virginia, hereby certifies that the foregoing constitutes a true
and correct extract from the minutes of a special meeting of the
,Council of the City of Virginia Beach held March 6, 1970, and of the
whole thereof so far as applicable to the matters referred to in
such extract.
7
WITNESS my hand and the seal of the City of Virginia
Beach, Virginia, this day of March, 1970.
Clerk, City of Virginia Beach,
(SEAL) Virginia
ITEM #2095 At a special meeting of the Council of the City of
Virginia Beach, Virginia, duly held on the 6th day of March, 1970,
PRESENT- Mayor Frank A. Dusch, Vice Pjayor Robert B. CromweZZ, 7r.,
AZbert L. Bonney, Sr., George R. FerreZZ, D. P!urray
?,!aZbon, Lawrence E. MarshaZZ, 7ohn W. A-fcCombs,
IT, Curtis Payne, G. Dewey Simmons, Jr., and
Kenneth N. Whitehurst.
ABSENT: EarZ M. TebauZt
On motion by Mr. Bonney, seconded by Mr. CrorweZz,
The following resolution was adopted by the foliowing vote:
AYES: Ilayor Frank A. Dusch, Vice Mayor Robert B. CromezZ, Jr., AZbert
L. Bonney, Sr., George R. FerreZZ, D. Murray MaZbon, Lawrence E. AlarshaZZ, John W.
ITAY@ McCombs, J. Curtis Payne, G. Dewey Simmons, Jr., & Kenneth
N. Whitehurst.
NAYS: IVone
ITEM #2095 A RESOLUTION AUTHORIZING THE ISSU-ANCE AND SALE
OF $4,000,000 WATER AND SEWER BONDS, SERIES OF
1970, OF THE CITY OF VIRGINIA BF-ACH, VIRGINIA,
HERETOFORE AUTHORIZED, AND PROVIDING FOR THE
FORM, DETAILS AND PAYMENT THEREOF
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA:
1. The issuance of water and sewer bonds of the City of
Virginia Beach, Virginia, in the amount of $4,000,000 having been
authorized by an ordinance previously adopted by the Council of the
City of Virginia Beach on this date, there are'hereby authorized to
be sold $4,000,000 water and sewer bonds of the City of Virginia
Beach.
2. The bonds shall be coupon bonds without privilege of
registration, shall be designated."Water and Sewer Bonds, Series
2
of 1970,11 shall be dated April l@, 1970, shall be of th, denom-
ination of $5,000 each, shall be numbered from I to 800, indlusive,
and @l mature in numerical order in installments of $150,000
on April 1, 1975, and $350,000 on April I in each of the years
1976 to 1986, inclusive,'without option of prior redemption. The
bonds shall bear interest at such rate or rates as determined at
the time of sale, payable semiannually on April I and October 1.
Both principal and interest shall be payable at the principal office
of First & Merchants National Bank, Richmond, Virginia, or Bankers
Trust Company, New York, New York, at the option of the holder.
3. The bonds shall be signed by the facsimile signature
of the Mayor of the City of Virginia Beach, shall be countersigned
by the Clerk of the City and a facsimile of its seal shall be printed
on the bonds. The coupons attached to the bonds shall be authenticated
by the.facsimile signatures of the Mayor and Clerk.
4. The bonds and coupons shall be in substantially the
following form:
3
(FORM OF BPND)
No. $5,000
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
CITY OF VIRGINIA BEACH
Water and Sewer Bond, Series of 1970
The City of Virginia Beach, Virginia, for value received
hereby acknowledges itself indebted and promises to pay to bearer
upon presentation and surrender hereof the sum of
FIVE THOUSAND DOLLARS ($5,000)
on April 1, 19_, and to pay interest thereon from the date hereof
to maturity at the rate of
per cent 7.) per year, payable semiannually on April I and
October I upon presentation and surrender of the attached coupons
as they become due. Both principal of and interest on this bond
aro payable in lawful money of the United States of America at the
principal office of First & Merchants National Bank, Richmond,
Virginia, or Bankers Trust Company, New York, New York, at the
option of the holder.
This bond is one of an issue of $4,000,000 Water and
Sewer Bonds, Series of 1970, of like date and tenor, except as to
number, rate of interest and maturity, authorized by an ordinance
duly adopted by the Council of the City of Virginia Beach on March 6,
1970, and is issued pursuant to the Constitution and statutes of
the Commonwealth of Virginia, including the Charter'of the City of
Virginia Beach (Chapter 147, Acts of Assembly of 1962, as amended)
4
and the Public Finance Act of 1958, as amended, to provide funcis
to improve and extend the City's water transnission and distribution
syst and its sewer collection system.
The full faith and credit of the City of Virginia Beach
are.hereby irrevocably @ledged for the payment of ptincipal of
and interest on this bond.
All acts, conditions and things required by the Constituti-
and statutes of the Commonwealth o.f Virginia to happen, exist or
be performed precedent to and in the issuance of this bond have
happened, exist and have been performed, and the issue of bonds of
which this bond is one, together with all other indebtedness of the
City of Virginia Beach, is within every debt and other limit pre-
scribed by the Constitution and statutes of the Commonwealth of
Virginia.
IN WITNESS WHEREOF, the City of Virginia Beach, Virginia,
has caused this bond to be signed by the facsimile signature of
its Mayor, to be countersigned by its Clerk, a facsimile of its
seal to be printed hereon, the attached interest coupons to be
authenticated by the facsimile signatures of its Mayor and Clerk,
and this bond to be dated as of April 1, 1970.
COUNTERSIGNED-
_(SEAL)
Clerk, City of Virginia B6ach, Mayor, City of Virginia Beach,
Virginia Virginia
4.
and the Public Finance Act of 1958, as amended, to provide funds
to improve and extend the City's water transmission and distribution
system and its sewer collection system.
The full faith and credit of the City of virginia Bbach
are hereby irrevocably @ledged for the payment of principal of
and interest on this bond.
All acts, conditions and things required by the Constitution
and statutes of the Commonwealth of Virginia to happen, exist or
be performed precedent to and in the issuance of this bond have
happened, exist and have been performed, and the issue of bonds of
which this bond is one, together with all other-indebtedness of the
City of Virginia Beach, is within every debt and other limit pre-
scribed by the Constitution and statutes of the Commonwealth of
Virginia.
IN 'WITNESS WHEREOF, the City of Virginia Beach, Virginia,
has caused this bond to be signed by the facsimile @signature of
its Mayor, to be countersigned by its Clerk, a facsimile of its
seal to be printed hereon, the attached interest coupons to be
authenticated by the facsimile signatures of its Mayor and Clerk,
and this bond to.be dated as of April 1, 1970.
COUNTERSIGNED.-
(SEAL)
.Clerk, City of V.irginia Beach, Mayor, City o Virginia Beach,
Virginia Virginia
5.
(FORM OF COUPON)
No. $
April
On October 1, 19 the City of Virginia Beach,
Virginia, will pay to bearer the amount shown hereon in lawful
money of the United States of America at the principal office
of First & Merchants National Bank, Richmond, Virginia, or
Bankers Trust Company, New York, New York, at the option of the
holder, being the semiannual interest then due on its Water and
Sewer Bond, Series of 1970, dated April 1, 1970, and numbered
Clerk, City of Virginia Beach, Mayor, City of Virginia Beach,
Virginia Virginia
6
5. The full faith and credit of the City of Virgi@ia
Beach are hereby irrevocably pledged for the payment of principal
of and interest on the bonds. There shall be levied and collected
annually on all locally @axable property in the City an ad valorem
tax.over and above all 6ther taxes authorized or limited by law,
sufficient to pay such principal and interest as the same respoctively
become due and payable.
6. After bids have been received and the bonds awarded,
the Mayor and Clerk are hereby authorized and directed to take all
proper steps to have the bonds prepared and executed in accordance
with their terms and to deliver the bonds to the purchaser thereof
upon payment therefor.
7. The Cleik is hereby authorized and directed to see
to the immediate filing of a certified copy of this resolution with
the Circuit Court of the City of Virginia Beach, and within ten
days thereafter to cause to be published once in a newspaper having
general circulation in the City of Virginia Beach, a notice setting
forth (1) in brief and general terms the purpose for which the bonds
are to be issued and (2) the amount of such bonds.
8. This resolution shall take effect immediately.
The undersigned Clerk of the City of Virginia Beach,
Virgini6, hereby certifies that the foregoing'constitutes a true
and correct extract from the minutes of a special meeting of the
Council of the City of Virginia Beach held March 6, 1970, and of
the whole thereof.so far as applicable to the matters referred to
in such extract.
7
WITNESS my hand and th. seal of the City of Virginil.
Beach, Virginia, this day of March, 1970.
Clerk, City of Virginia Beach,
(SEAL) Virginia
ITEM #2096 At a special meeting of the Council of the City of
Virginia Beach, Virginia, held on the 6th day of March, 1970:
PRESENT: Mayor Frank A. Dusch, Vice Playor Robert B. CronmezZ, Jr.,
AZbert L. Bonney, Sr., George R. FerreZZ, D. 14urray MaZbon,
Lawrence E. AlarshaZZ, John W. I!cCombs, J. Curtis Payne,
G. Dewey Sinnons, Jr., and Kenneth N. Whitehurst
ABSENT: EarZ M. Tebault
It was reported to the meeting that the following bids
were received by a representative of Wheat & Co., Inc., financial
advisors for the City, at the opening of bids held in Richmond at
11:00 a.m., on this date for Five Million Five Hundred Thousand
Dollars ($5,500,000) Water and Sewer Bonds, consisting of two issues
designated Series of 1969 and Series of 1970, of the City of
Virginia Beach, Virginia:
Name of Bidder Amount of Bid
Chase Manhattan Bank $3,750,000 bonds maturing April
Anderson & Strudwick 1, 1971 to 1981, incl., at 5 1/2%,
and Associates $700,000 bonds maturing April 11
1982 to 1983, incl., at 5.60%,
$1,050,000 bonds maturing April 11
1984, to 1986, incl., at 5.70%, -
we will pay $5,502,260.00.
Halsey Stuart & Co. $2,700,060 bonds maturing April
1, 1971 to 1978, incl., at 6%,
$2,450,000 bonds maturing April 1,
1979 to 1985, incl., at 5.75%,
$350,000 bonds maturing April 1,
1986, at 4%,
we will pay $5,502,475.00.
2
The Northern Trust Company $3,400,000 bonds maturing April 1,
United Virginia Bank/State Planters 1971, to 1980, incl., at 5 1/2%,
L. F. Rothschild and Associates $1,050,000 bonds maturing April 11
1981, to 1983, incl., at 5.60%,
$1,050,000 bonds maturing April 11
1984, to 1986, incl., at 5 3/4%,
we will pay $5,500,101-00.
The Bank of Virginia $3,050,000 bonds maturing April 1,
Morgan Guaranty Trust Company 1971, to 1979, incl., at 6%,
F. I. du Pont $2,100,000 bonds maturingApril 11
and Associates 1980, to 1985, incl., at 5.75%,
$350,000 bonds maturing April 11
1986, at 4%,
we will pay $5,503,007.00.
Continental Illinois National $2,000,000 bonds maturing April 11
Bank 1971 to 1976, incl., at 5.20%,
$2,800,000 bonds maturing April 11
1977, to 1.984, incl., at 5.70%,
$700,000 bonds maturing April 11
1985, to 1986, incl., at 5.80%,
we will pay $5,509,140.00.
Harr3@-s Trust Company of $2,700,000 bonds maturing April 11
Chicago 1971, to 1978, incl., at 5.75%,
$2,450,000 bonds maturing April 11
1979, to 1985, incl., at 5.90%,
$350,000 bondg maturing April 11
1986, at 4%,
we will pay $5,50i,050.00.
Bankers Trust Company of $2,000,000 bonds maturing April 1,
New York 1971, to 1976, incl., at 5.25%,
$1,750,000 bonds maturing April 11
1977, to 1981, incl., at 5.50%,
$1,750,000 bonds maturing April 11
1982, to 1986, incl., at 5.875%,
we will pay $5,500,229.00.
Phelps, Fenn & Co. $600,000'bonds maturing April 1,
Merrill Lyn6h, Pierce, Fenner 1971, to 1972, incl., at 6 1/2%,
& Smith, Inc. $2,800,000 bonds maturing April 1,
Craigie Incorporated 1973,to 1980, incl., at 5 1/2%,
R. W. Press'prich & Co., Inc. $2,100,000 bonds maturing April 11
Dominick & Dominick, Inc. 1981,to 1986, incl., at 5 3/4%,
Reynolds & Co.
we will pay $5,500,825.00.
Each of the above bids offered bo pay accrued interest from the
date of the bonds to the date of payment-of the purchase price.
It was determined that the bid of Chase Manhattan Bank,
Anderson & Strudwick and Associates offered to purchase the
bonds at the lowest cost to the City, which bid is attached hereto
and made a part of these minutes. Representatives of Wheat & Co.,
Inc., advised the Council that this is an excellent bid and
recommended its acceptance.
Thereupon the following resolution was adopted by the
following vote:
AYES: Mayor Frank A. Dusch, Vice Mayor I?obert B. CronweZZ, Tr.,
AZbert L. Bonney, Sr., George R. FerreZZ, D. Murray MaZbon,
Lawrence E. @larshaZZ, John W. McCombs, J. Curtis Payne,
G. Dewey Siumons, Jr., and Kenneth N. Whitehurst.
NAYS: None
ABSENT: EarZ M. TebauZt
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA, that the Five Million Five Hundred Thousand
Dollars ($5,500,000) Water and Sewer Bonds, consisting of two
issues designated Series of 1969 and Series of 1970, of the City
of Virginia Beach, dated April 1, 1970, the form and details of
which have heretofore been prescribed by resolutions adopted on
this date, be an@d the same are hereby awarded to Chase Manhattan
Bank, Anderson & Strudwick and Associates in accordance with the
terms of their bid and shall bear interest as set out in such bid.
The undersigned C lerk of the City of Virginia Beach,
Virginia, hereby certifies that the foregoing constitutes a true
and correct extract from the minutes of a special meeting of the
Council of the City of Virginia Beach held on the 6th day of
March, 1970, and of the whole tttereof so far as applicable t6 the
matters referred to in such extract.
WITNESS my hand and the seal of the City of Virginia
Beach, this @el,day of March, 1970.
(SEAL)
Clerk, Ci@)r)of Virginia Beach,
Virgini@
ITEM #2097 B ID F O'R M
March 1970
Council of the City of Virg3@nia Beach
c/o wheat & Co'., Inc.
17th Floor Conference Room, Ross Building
801 East Mbin Street
Richmond, Virginia 23219
Dear Sirs:
FQr the $5,500,000 Water and Sewer Bonds of the City of
Virginia Beach, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, @hich is made a part hereof, we submit the
following bid:
bonds maturing April 1, 19zz, to 19,@-, incl., at
@C@ eco bonds maturing April 1, 19.L>,, to 19Zj, incl., at i-Z- 4
$
i-e c bonds maturing April 1, 19 to 19
incl., at
p@y 4
we will
/100 Dollars ($ 1 plus accrued
infer@st from the date of the bonds to the date of delivery.
We enclose a e.ertified or bank cashier's check for $110,000
drawn upon an incorporated bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
against any loss resulting from our failure to comply with the terms
of this bid. If our bid is accepted, the check will be deposited by
the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
bccept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the. bonds. We under-
stand that no interest will be paid on the check.
e-, C
NO ADD--TION OR ALTEPATION, EXCEPT AS PROVIDED ABOVE, IS TO BE MADE TO
THIS BID:
(NOTE - The following is stated for information only and is not part
of the bid: The aggregate amount of interest upon all of the bonds from
their date until their respective maturities, after deducting any
premium, is $ 7, 74/0-. The av'erage net interest cost for this
bid is
@l 0
IN',IESTIIIENT SECURITIES
HMOND, VIRGINIA No. 006024
PAY
DATE -6-70 AMOUNT @110000.00
3
ITEM #2098
TO THE 0 ANDERSON &STRUDWICK
ORDER
OF
FIRST & MERC
RICH.0
&':c
PLEASE DO TJOT FOLD OR MUTILATE CHECK.
DETACH STUB BEFORE CASHING. No. 006024
CHECK DESCRIPTION: GOOD FAITH DEPOSIT VIRGINIA BEACII BONDS
ACCOIIT 10 SR REP OEIT NET A.OV@T
37 T9
0
CITY OF VIRGINII BEICH
OFFICE OF THE CITY MANAGER PRINCESS ANNE STATION
VIRGINIA BEACH, VIRGINIA
23456
March 4, 1970
The Honorable Mayor
Members of the Council
Gentlemen:
Pursuant to Section 2-9 of the Code of the City of.
Virginia Beach, there will be a Special Meeting of the
Council held in the Council Ch.ambers, on Friday,
March 6, 1970, at 11:00 A.M., to authorize the issuance
and sale of water and sewer bonds, including the adoption
of new ordinances and the reconsideration of existing
ordinances authorizing the issuance of water and sewer
bonds, the adoption of the resolutions fixin@e form,
terms and conditions of such bbnds a
proposals for the purchase of such b
9 Scott,
t anager
RMS:gs
ITEM #2099 March 12, 1970
Noti6es were delivered to t@e city Councilmen concerning
Special Meeting on Friday, March 6, 1970:
ELIVERED TO DELIVERED BY DATE APPROXIMATE TIME
Mayor P. A. Dusch G.H.Swertfeger 3-4-70 4:00 P.m.
Kenneth Whitehurst Ptl. Gary Mallinder F'nl
3-4-70
George Ferrell Ptl. Gary Mallinder
3-4-70
Albert Bonney Ptl. Gary Mallinder
3-4-70
Earl Tebault Ptl. Gary mallinder
3-4-70 About dark
Robert Cromwell Ptl. George T. Vick
3-4-70
Larry Marshall Ptl. George T. Vick
3-4-70
Curtis Payne Ptl. J.D.Abshire 3-4-70 7:15 P.M.
John McCombs Ptl. Robert E. Ryan
-4-70 -/77
3 t
Murray Malbon Lt.Robert Hladky 3-4-70 6:00 or 6:30 P.M.
Dewey Sinnons Ptl.Richard L. Allen
3-4-70 6:30 P.m.
The persons noted on the above Zisting have certified that the Notice
of SpeciaZ CounciZ Meeting (copy attached) was dezivered by them to
the Councilmen
n, City CZerk
te.of Virginia ITEM #2100
y of Norfolk to-@it AFFIDAVIT
day ROBE[IrrA JEAN
personolly
eared before me and ofter being duly sworn made ooth that:
(He) (She) is affidavit clerk of @".',IIAIl PILC)T
poper published by Landm.rk Communications, Inc., in the cities of Norfolk, Portsmouth,
eake, Suffolk and Virginia Beach, State of Virginia;
s OF o
That the adverti em@n,t he S'tP' $5,500,0 0. 00
IJ tp@,nnexed of
has been published in said
spoper on the fol owing dates;
70
ni@
cribed and sworn to before me in my city and S.
-- day of - --
ommission expires
n ExpiFC5 August 4970
v NOTARY PUB
B I D l@' 0: R@l
Marc-Ii 3,970
Council of tlie City of Virginia Bcach
c/o Wheat & Co., Inc.
17tli Floor Coiiferc@nce Room, Ross Bu'llding
801 I'@st Miiii Strect
Richniond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sexicr Bonds of the City of
Virginia Beacb, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, which is made a part hereof, we submit thd
following bid:
bonds maturing April 1, 19X/, to 19,*,9, incl., at
bonds maturing April 1, 19@, to 19 T, incl., at
0 @(i 9 bonds maturing April 1, 1 9 at 9,@Ve
we will pay @/v@ @)VLA
@/v@ @- @1/100 Dollars ($ plus accrued
interest from the date of the bonds to t e date of elivery.
We enclose a certified or bank cashier's check for @110,000
drawn upon an incorporated baiik or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
against any loss resulting from out' failure to comply with the terms
of this bid. If our bid is accepted, the check will be deposited by
.the City and credited on the purcnase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bbnds. If our bid is not accepted,
the check will be returned promptly upon av7ard of the bonds. We under-
stand that no interest will be paid on the check.
NO ADDITION OR ALTER.ATION, EXCEPT AS PROVIDED ABOVE, IS TO BE @IADE TO
TIIIS BID:
(NOTE - The follo@,ling is stated for information only and is' not part
of tlie bid: Tlie aggrclgite amot;llt of interest upon all of the bonds from
tlieir date until their respective mattirities after dcductin@ any
PreilliLIM, iS The average net interest cost for this
bi.cl is
B I D F 0,@ RM
March 6 1970
Council of the City of Virginia Beach
c/o Wheat &-Co., Inc.
17th Floor Conference Room, Ross Building
801 East Main Street
Richmond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sewer Bouds of the City of
Virgini 'a Beach, Virginia, ctated April 1, 1070, an8 described in the
official NOTICE OF SALE, which is made a part hereof, we submit the
following bid:
$ 304000000 bonds maturing April 1, 1971, to 1980, incl., at 2 7,
$ 1,050,000 bonds maturing April 1, 1981, to 1983, incl., at S.60 %
$ 1,050,000 bonds maturing April 1, 19 84 , to 1986,incl., at 5 3/4 %)
we will pay Five Million, Five Hundred Thousand, One Hundred One
'@d NO /100 Dollars ($5,500,101-00.) , plu, accrued
interest from the date of the bonds to the date of delivery.
We enclose a certifie d or bank cashier's check for $iio,ooo
drawn upon an incorporated bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
aga@nst any loss resulting from our failure to comply with the terms
of this bid. If.our bid is accepted, the check will be deposited by
the City and credited on the purchase Drice. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid'is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on the check.
THE NORTHERNTRUST C(TIPANY
UNIM VIRGINIA BANK/STATEP RS JOINT
NWAGE
"o @8CIATES
BY: UNITED VIRGINIA BANK/STATE PLANTERS
BY:
IIA-"U@lu @yd
NO ADDITION OR-ALTERATION, EXCEPT AS PROVIDED ABOVE, IS -.0 BE MADE TO
THIS BID:
(NOTE - The following is st@ted for information only and is not part
of the bid: The aggregate amol;nt of interest upon all of the bonds from
their date until their respective maturities, after deducting any
premium, is $2,661,624.00 The average net interest cost for this
bid is !).609323
B I D F O@R M
March 6 1970
Council of the 6ity of Virginia Beach
c/o Wheat & Co.., Inc.
17th Floor Conference Room, Ross Building
801 East Main Street
Richmond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sewer Bonds of the City of
Virginia Beach, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, which is made a part hereof, we submit the
following bid:
$ 3,050,000 bonds maturing April 1, 1971 to 19 79, incl., at .00
$ 2,100,000 bonds maturing April 1, 19 80, to 19 85, incl., at
$ 350,000 bonds maturing April 1, 19 86, to 19 incl., at 4_00
we will piy Five Million, Five Hundred and Three Thousand and Seven Dollars and
no/hundreds ----------------- /100 Dollars ($5,503,007.00 plus accrued
interest from the date of the bonds to the date of delivery.
We enclose a certified or bank cashier's check for $110,000
drawn upon an incorporatod bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
against any loss resul-Ling from our failure 'L-o comply with the terms
of this bid. If our bid is accepted, the check will be deposite(2 by
the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on the check.
The Bank of Virginia
i --- ), JOINT
k6r@iin' 6ua-'-
ran y rustCo. MANAGERS
P, 1, du Pont
-and A:@'S' "@iates
By,
Jonathan A. Hawkins
t/Assistant Vice President
THE BANK OF VIRGINIA
NO ADDITION OR ALTERATION, EXCEPT AS PROVIDED ABOVE, IS -.0 BE MADE TO
THIS BID:
(NOTE - The following is stated for,information only and is not part
of the bid: The aggregate amotint of interest upon I all of the bonds from
their date until their respective maturities after deducting any
premium, is $ 2,666,368.00 The average net interest cost for this
bid is
70
B I D F O-R @l
Marcli 1970
Council of the City of Virginia Beich
c/a Wheat & Co., Inc.
17th Floor ConPerence Room, Ross Building
801 East Main Street
Richiiioiid, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Seller Bonds of the City of
Virginia Beach, Virginia, dzited April 1, 1970, and described in tlie
official NOTICE OF SALE, which is made a part hei.-eof, we subinit the
following bid:
$ -,0001719@ bonds maturing April 1, 19 7/, to 19@,, incl. , at %
$ bonds maturing April 1, 19@, to 19 incl., at /-o %l
$ /@00(7@7@ bonds maturing April 1, 199@-, to 19,9(,, incl. , at 5.@
we will pay
EAID @"/100 D.llars plus accrued
interest fro.. th@ d@ te of the bonds to the date of delivery.
We enclose a certified or bank cashier's checl, for $110,000
drawn upon an incorporated bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
against any loss resulting from ourfailure to comply with the terms
of tbis bid. If our bid is accepted, the check will be deposited by
.the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on the check.
r
7
NO ADDITION OR AITEPATION, EXCEPT AS PROVIDED ABOVE, IS-TO BE IIADE TO
TIIIS BID:
(NOTE - The folloi,,ing is stated for inforniation only and is not part
of the bid: The agg)-,ogate amot;nt of interest upon all of the bonds from
tlieir date until their respective maturities, after deducting any
preiniLiiii, is $ e e
;t)67@. The average net int r st cost for this
bid is
B I D P O@R M
March 1970
Council of the City of Virginia Beach
c/o Wheat &@Co., Inc.
17th Floor Conference Room, Ross Building
801 East Main Street
Richmond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sewer Bonds of the City of
Virginia Beach, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, which is made a part hereof, we submit the
following bid:
$ 2,,,-0,1 @70 bonds maturing April 1, 19 @/, to 19.L7, incl., at
@O ,7,70 bonds maturing April 1, 19", to 19.L7, incl., at
$ bonds maturing April 1, 19 at 9
we will pay Vz.-
100 Dollars plus accrued
interest from the date of the bonds to the' dat'e of delivery.
We enclose a certified or bank cashier's checl@ for $110,000
drawn upon an incorporated bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
aga4.r,,st any loss resul.ti--, f--om our failure "o comply with the terms
of this bid. If our bid is accepted, the check will be deposited by
the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on the check.
NO ADDITION OR ALTERATION, EXCEPT AS PROVIDED ABOVE, IS -@O BE @IADE TO
THIS BID:
(NOTE - The following is stated for information only and is not part
of the bid: The aggregate amot;nt of interest upon all of the bonds from
their date until their respective maturities, after deducting any
premium, is $ @,7. ib@ The average net interest cost for this
bid is
B I D P O-R @l
Mircli 1970
Council of tlie City of Virginii Bc@,ich
c/o IIhoat & Co., Inc.
17th Floor Coiifererice RooiR, Ross BL;ilding i
801 East Main Strect
Richniond, Virginia 23219
Dear Sirs:
For tlie $5,500,000 Water aftd Sel4er Bonds of the City of
Virginia Beach, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, which is made a part hereof, we submit the
following bid:
@ilo bonds maturing April 1, 19-U, to 19Z., incl., at
(71@,@ bonds maturing April 1, 19@, to 19,? I/
incl., at
@!V bonds maturing April 1, 19.?,7 to 19'?@, incl., at
we will pay 7wl,?Cl@@NP 7wo
/y,""t @,4 IV@100 Dollars ($ -@ 1,@Y plus iccrued
interest from the date Tf- the bonds to th6 date of delivery.
We enclose a certified or bank cashier's checl, for $110,000
drawn upon an incorporatdd bank or trust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
against any loss resulting frbm ourfailure to comply ilith the terms
of tbis bid. If our bid is accepted, the check will be deposited by
the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on thc check.
NO ADDITION OR ATTERATION, EXCEPT AS PROVIDED ABOVE, IS TO BE MADE TO
TIIIS BID:
(NOTE - The following is stated for information only and is not part
of the bid: The aggregate amot;l-lt of interest upon all of tlie bonds from
their date until their respective niattiriti.es, after cledlicting any
Pi,ciniLim, is Tlie ivc,.ragc,- net interest cost for this
bid is
B I D F 04R M
March 6 1970
Council of the City of Virginia Beach
c/o Wheat &,Co., Inc. I
17th Floor Conference Room, Ross Building
801 East Main Street
Richmond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sewer Bonds of the City of
Virginia Beach, Virginia, dated April 1, 1970, and described in the
official NOTICE OF SALE, which is made a part hereof, we submit the
following bid:
$ 600,000-00 bonds maturing April 1, 19 71, to 19_U, incl., at 2
$ 2,800,000.00 bonds maturing April 1, 19 73, to 19EL, incl., at 2
$ 2,100,000.00 bonds maturing April 1, 19 81, to 19@, incl., at
we will p@y Five million, five hundred thou@@nd @ibt hundred and twenty-fivp
and no /100 Dollars ($ 5,500,825.00 ), plus accrued
interest from the date of the bonds to the date of delivery.
We enclose a certified or bank cashier's check for $110,000
drawn upon an incorporated bank or tr.ust company and payable uncondi-
tionally to the order of the City of Virginia Beach to secure the City
agains" any loss result4--g from o-@,-@ faillure to compl-y w',,--h llhc Ilerms
of this bid. If our bid is accepted, the check will be deposited by
the City and credited on the Purchase Drice- The proceeds of the check
will be retained by the City as liquidated damages in case we fail to
accept delivery of and pay for the bonds. If our bid is not accepted,
the check will be returned promptly upon award of the bonds. We under-
stand that no interest will be paid on the check.
Phelps, Fenri & Co., Manager
Merrill Lynch, Pierce, Fenner & Smith, Inc
Craigie Incorporated
R.' W. Pressprich & Co., Inc.
Dominick & Dominick, Tnc,
Reynolds & Co.
R41Z
B@:/ A(I G I@ IN COR@O
17
NO ADDT-TION OR ALTERATION, EXCEPT AS PR@@@DED ABOV@". TS-TOBE MADE'TO
THIS BID:
(NOTE - The following is stated for information only and is* not part
of the bid: The aggregate amount of interest upon all of the bonds from
their date until their respective maturities, after deducting any
premium, is $ 2,688.800.oo The average net interest cost for this
bid is -5.66(5
March 12, 1970
Notices were delivered to the city councilmen concerning
Special Meeting on Friday, March 6, 1970:
ELIVERED TO DELIVERED BY DATE APPROXIMATE TIME
Mayor F. A. Dusch G.H.Swertfeger 3-4-70 4:00 P.m.
Kenneth Whitehurst Ptl. Gary Mallinder
3-4-70
George Ferrell Ptl. Gary Mallinder
3-4-70
Albert Bonney Ptl. Gary Mallinder
3-4-70
Earl Tebault Ptl. Gary Mallinder
3-4-70 About dark
Robert Cromwell Ptl. George T. Vick
3-.4-70
Larry Marshall Ptl. George T. Vick
3-4-70
Curtis Payne Ptl. J.D.Abshire 3-4-70 7:15 P.M.
John McCombs Ptl. Robert E. Ryan
3-4-70
Murray Malbon Lt.Robert Hladky 3-4-70 6:00 or 6:30 P.m.
Dewey Si=ons Ptl.Richard L. Pllen
3-4-70 6:30 P.m.
The persons noted on the above Zisting have certified that the Notice
of SpeciaZ CounciZ Meeting (copy attached) was dezivered by them to
the CounciZmen
N 0 T I C E
TO THE MEMBERS OF THE COUNCIL;
Pursuant to Section 2-9 of the Code of the City of Virginia
Beach, there will be a Special Meeting of the Council held in the
Council Chambers, on Friday, March 6, 1970, at IlsOO o'clock a. m.,
to authorize the issuance and sale of water and sewer bonds, including
the adoption of new ordinances and the reconsideration of existing
ordinances authorizing the issuance of water and sewer bonds, the
adoption of the resolutions fixing the form, terms and conditions
of such bonds and actions on proposals for the purchase of such bonds.
00 y C,
rA
0
0.
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0
0
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VQ
0
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0
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B I D F 0 R M
March 1970
Council of the'City of Virginia Beach
C/0 Wheat & co., Inc.
17th Floor Conference Room, Ross Building
801 East Main Street
Richmond, Virginia 23219
Dear Sirs:
For the $5,500,000 Water and Sewer Bonds of the City of
Virginia Beach, virginia, dated April 1, 1"70, and described in the
Official LIOTICE OF SALE, which is made a part hereof, we subinit th6
following bid:
$ bonds maturing April 1, 19 to 19 incl., at
$ bonds maturing April 1, 19-, to 19_, incl., at
$ bonds maturing April 1, 19-, to 19-, incl., at
we will pay
interest -/100 Dollars ($ Plus accrued
e of the bonds to't'b. dte f dlivery.
We enclose a certified or bank cashier's cbeck for $11.0 000
drawn upon an incorporated bank r trust company and payable uncondi-
tionally to the order of the CitYo of Virginia Beach to secure the City
against any loss resulting from our failure to comply with the terma
of this bid. If our bid is accepted, the check will be deposited by
the City and credited on the purchase price. The proceeds of the check
will be retained by the City as liquidated damages in case ve fail to
accept delivery of and pay for the bonds If our bid is not accepted,
the check will be returned promptly upon.award of the bonds. We under-
stand that no interest will be paid on the check.
NO ADDITION OR ALTERATION, EXCEPT AS PROVIDRD ABOVE, IS TO BE @LADE TO
THIS BID:
(NOTE - The following is stqted for information only and is not part
of the bid: The aggregate amount of interest upon all of the' bonds from
their date.until their respective maturitles, after deducting any
premium, is The avernge net interest cost for this
bid is
2
results in the lowest cost to the City, such dost to be determined
by deducting the,total amount of any pr@mium bid from the aggregate
amount of interest upon all of the bonds until their respective
maturities. The premium, if any, must be paid in funds as part of
the purchase price and will be allocated to each issue in the pro-
rtion which the amount of each issue bears to the total amount
both issues.
Each proposal should be enclosed in a sealed envelope,
marked on the outside "Bid for City of Virginia Beach Water and
Sewer Bonds'@, should be addressed to the Council of the City Of
Virginia Beach, c/o Wheat & Co., Inc., 17th Floor Conference Room,
Ross Building, 801 East 14ain Street, Richmond, Virginia, and must
be accompanied by a certified or cashier's cbeck for $110,000 drawn
upon an incorporated bank or trust company and payable unconditionally
to tbe order of the City of Virginia Beach, Virginia, to secure the
City against any loss resulting from the failure of the bidder to
domply with the terms of his proposal. The check of the successful
bidder will be deposited and credited on the purchase price and no
interest will be allowed tbereon. The proceeds of the check will be
retained by the City as liquidated damages in case tbe bidder fails
to accept delivery of and pay for tbe bonds. Cbecks of unsuccessful
bidders will be returned promptly upon award of the bonds.
The bonds will be delivered at @icbmond, Virginia, or
New York, New York, at the option of the purchaser, at the expense
the City, about April 9, 1970.
The unqualified opinion of Messrs. Hunton, Williams, Gay,
Powell & Gibson, of Richmond, Virginia, will be furnished to the
successful bidder without cbarge, will be printed on the back of
the bonds and will state that the bonds constitute valid and legally
binding obligations of the City and that its'Council is authorized
nd required by law to levy ad valorem taxes, without limitation of
rate or amount, upon all locally taxable proporty in the City to pay
he principal of and interest on the bonds. The usual closing papers
ill also be furnished, including a certificate signed by the officers
o signed the bonds stating that no litigation is then pending, or,
o their knoxqledge, threatened to restrain or enjoin the issuance or
elivery of the bonds or the levy and collection of taxes to pay
rincipal and interest, or in any manner questioning the proceedings
nd authority under which the bonds are issued.
The City Council will be in session at 11:30 o'clock A. M.,
n the date of the sale for tbe purpose of taking prompt action on
he bids.
Bidders are requested to use the bid form, which together
th additional information for bidders, may be obtained from Wheat &
Inc at 801 East Main Street, Richmond, Virginia.
CITY OF VIRGINIA BFACH, VIRGINJA
By: Richard J. Webbon
City Clerk
NOTICE OF SALE,
$5,500,000,
CITY OF VIRGINIA BEACH, VIRGINIA
Water and Sevier Bonds. Series of 1969 and 1970
Scaled bids will be received for the City of Virginia
Beach, Virginia, until 11 q'clock A. M., Eastern Standard Time,-
on March 6, 1970, at the office of its financial adviser, Wheat
& Co., Inc., 17th Floor Conference Room, Ross Building, 801 tast
Main Street, Richmond, Virginia, for the purchase of all of both
of the issues of bonds described berein, at which time the bids
will be publicly opened.
The two issues are:
(1) $1,500,000 Water and Sewer Bonds, Series of 1969,
payable in annual installments of $300,000 on April 1 in each of
the years 1971 and 1972, $350,000 on April I in each of the years
1973 and.1974, and $200,000,on April 1, 1975, without option of
prior redemption.
(2) $4,000,000 Water and Sewer -@onds, Series of 1970,
payable in annual installments of $150,000 on April 1, 1975, and
$350,000 on April I in each of the years 1976 to 1986, inclusive,
without option of prior redemption.
The bonds are d@ted April 1, 1970, are of tte denomination
of $5,000 each and are in coupon form without privilege of regis-
tratiob. Interest is payable semi-annually April I and October 1,
and both principal and interest are payable at the principal office
.of First & Mercbants National Bank, Richmond, Virginia, or Bankers
Trust Company, New York, New York, at tbe option of the bolder.
The full faith and credit of the City are pledged to the payment
of principal and interest on tbe bonds.
No bid for less than all of the bonds of botb issues will
be considered and each bid must be for both issues as a whole.
Bidders are invited to name tbe rate or rates of interest which the
bonds are to bear, in multiples of 1/8 or 1/20 of 1%. No bid may
name more than three rates, each rate named must be for consecutive
maturities and the highest rate may not exceed the lowest rate by
more than 2%. If any rate is repeated efier a different rate has
been named, it shall be considered an additional-rate. All bonds
@turing on the same date must bear interest at the same rate and
interest sball be represented by only one coupon for each interest
payment date. No bid for less than per qnd qccrued i.nterest will
be considered. The right to reject any or all bids and to waive
irregularities in any bi.d l.s hereby reserved. Unless all bids are
rejected, the bonds wlil be awarded to tbe bidder whose proposal
CITY OF VIRGI@IA BPACn'
-FFICE OF THE CITY MANAGER PRINCESS ANNE STATION
VIRGINIA BEACH, VIRGINIA
23456
March 4, 1970
The Honorable Mayor
Members of the Council
Gentlemen:
Pursuant to Section 2-9 of the Code of the City of
Virginia Beach, there will be a Special Meeting of the
Council held in t'he Council Chambers, on Friday,
March 6, 1970, at 11:00 A.M., to authorize the issuance
and sale of water and sewer bonds, including the adoption
of new ordinances and the reconsideration of existing
ordinances autborizing the issuance of water and sewer
bonds, the adoption of the resolutio form,
terms and conditions of such bonds a
proposals for the purchase of such b
c
RMS:gs
On motion by Mr. @e-elZ, seconded by lir. Whiteh-t@ the meeting acuourned.
F7, c ty cz
Ci ach, Virginia
March 6, 1970