HomeMy WebLinkAboutOCTOBER 20, 1971
@IINUTES OF THE HONORABLE CITY COUNCIL
OF TffE
CITY OF VIR6INIA BEACH, VIRGINIA
October 20, 1971
A Special @feeting of the City Council of the City of Virginia Beach, Virginia
was held in the Council Chambers of the Administration Building, in the Borough
Princess Anne, on lvednesday, October 20, 1971, at 11:00 a.m. in accordance
th the notice herein contained and for the purposes set forth as follows:
OFFICE OF THE CITY CLERK MUNICIPAL CE TER
COORDINATOR OF URBAN AFFAIRS VIRGI.IA BEAC., VIRGINIA @3456
October 19, 1971
NOTICE OF SPECIAL MEETING
In accordance with the Code of the City of Virginia Beach, Section 2-9
Due notice is hereon given that on Wednesday, October 20, 1971,
at 11:00 a.m. the City Council will assemble in the City Council Chambers,
Administration Building, Municipal Complex, Princess Anne Station, Virginia
Beach, Virginia,@ for the following purposes:
1. To receive, consider and act upon bids received for
the sale of six million dollars of bonds of the City
of Virginia Beach.
2. To appoint a jail physician and appropriate the sum
of $12,000. as the yearly compensation for the subject
position.
R fully submitted,
R J. IVebbon
cc: to all City Councilmen
to the City Manager
to the City Attorney
to the City Manager for press
IIRESENT: Councilman Robert 11. Callis, Jr.
Councilman [Zobert B. Cromwell, Jr.
Councilpian Frank A. Dusch
Councilman F. Reid Ervin
Councilman 1). \Iurrav @@lilbon
Vice Mayor Earl M. iebault
Councilman Floyd E. Waterfield, Jl-.
Mayor Donald Ii. Rhodes
ABSENT: Councilman George R. Ferrell
Councilman Clarence A. llolland
Councilman J. Curtis Payne
ITEM #3846
1 motion by Councilman @Vaterfield, seconded by Councilman Dusch, and by
@corded vote as follows:
Ayes: Councilmen Robert H. Callis, Jr., Robert B. Cromwell, Jr., Frank A.
Dusch, F ' Reid Ervin, D. Murray Malbon, @'ice @layor Earl M. Tebault, Floyd
E. Waterfield, Jr., and Mayor Donald H. Rhodes.
Nays: None
Absent: Councilmen George R. Ferrell, Clarence A. liolland, and J. Curtis
Payne.
City Council appointed Dr. Ira Hancock to the position of Jail Physician
at an annual salary of $11-,000., which includes physical examination of
members of the Police Department and hearings before the Lunacy Commission.
City Council further approved an appropriation in the amount of $6,000. for
the balance of the fiscal year to be combined witli funds presentlv available
in covering this salary and the costs incuried by the jail during the period
when there was no jail physician.
ITE@l #3847
c. Roger Scott, City Manager, brought to the attention of the Councilmen
ae list of names before tliem that have been suggested by the Inspections
1)epartment for consideration at a later datc, for appointment to the Board
of Electrical Examiners. Council requested tliat this matter be placed on
the formal agenda of the Council Meeting of October 26, 1971.
ITEM #3848 (a)
Mr. Lawrence Wales, representing J. C. Wheat & Company, financial consultants
for.the City of Virginia Beach, recommeiided th@it City Council accept the bid
of Halsey, Stuart - Phelps, Fenn & Associates for the $6,000,000. bonds of the
City of Virginia Beach with an interest rate oF 4.3962%, whi.ch was the lowest
of the ten bids submitted.
On motion by Councilman Cromwell, seconded by Councilman Dusch, and by recorded
vote as follows:
AYES: Councilman Robert 11. Callis, Jr.
Councilman Robert B. Cromwell, Jr.
Councilmaii Frank A. Dusch
Councilnian F. Reid F'rviii
Councilman D. Murray M@ilbon
Vice Mayor Earl @\l. 1'ebaLilt
Councilinan Flovd i@. l@aterfield, Jr.
Mayor Donald 11. lziiodes
NAYS: NONE
ABSENT: Councilman Geoi@ge l@. Feri-ell
Councilniaii Clareiice @N. tiolland
Councilman J. Ctii-tis llztyne
City Council acceptod tlie I)ici of lialsoy, Sttiart Phelps, @enn E, A-,;socittes
for the $6,000,000. boiicls of th(' (@ity 01- Vii-iiii@i Beicli it @iii intere.,;t i'ate
of 4.3962"..
ITEM #3848 (b)
At a special meeting of the Council of the City of
Virginia Beach, Virginia, held on the 20th day of October@ 1971:
PRESENT: Councilman Robert H. Callis, Jr.
Councilman Robert B. Cromwell, Jr.
Councilman Frank %. Dusch
Councilman F. Reid Ervin
Councilman D. Murray Malbon
Vice Mayor Earl M. Tebault
Councilman Flovd l@. Waterfield,Jr.
Mayor Donald H. Rliodes
ABSENT: Councilman George R. Ferrell
Councilman Clarenc7e A. Holland
Councilman J. Curtis Payne
It was reported to the meeting that the following bids were
received at the opening of bids held i.n Richmond, Virginia at 11:00
a.m. on this date for $4,000,000 Water and Sewer Bonds, Series of
1971, and $2,000,000 Public Improvement Bonds, Series of 1971:
Name of Bidder Amount of Bid
Halsey, Stuart & Co. Inc. $1,200,000 bonds maturing November 11
Phelps, Fenn & Co. and 1972 to 1975, incl., at 6%; $2,700,000
Associates bonds maturing November 1, 1976 to 1984,
incl., at 4.30%; $1,500,000 bonds
maturing November 11 1985 to 1989, incl.,
at 4.50%; $600,000 bonds maturing
November 1, 1990 and 1991 at 4%;
we will pay Six Million Three Thousand
Two Hundred Forty and no/100 Dollars
($6,003,240.00)
Salomon Brothers and $1,200,000 bonds rmturing November 11
Associates 1972 to 1975, incl., at 6%; $300@000
bonds maturing November 1, 1976 at
4.50%; $1,200,000 bonds maturing November
1, 1977 to 1980, incl., at 4%; $900,000
bonds maturing November 1, 1981 to 1983,
incl., at 4.25%; $2,400,000 bonds maturing
November 1, 1984 to 1991, incl., at 4.50%;
we will pay Six Million One Thousand
Seventy One and no/100 Dollars
($6)001,071.00)
2
Harris Trust and Savings $1,500,000 bonds maturing November 1,
Bank 1972 to 1976, incl., at 5-1/2%; $1,500,000
First & Merchants National bonds maturing November 1, 1977 to 1981,
Bank, Joint Managers incl., at 4.10%; $900,000 bonds maturing'
and Associates November 1, 1982 to 1984, incl., at 4.30%;
$2,100,000 bonds maturing November 1, 1985
to 1991, incl., at 4-1/2%;
we will pay Six Million and no/100
Dollars ($6,000,000.00)
First National City Bank $1,200,000 bonds maturing November 1,
First National Bank of 1972 to 1975, incl., at 6%; $1,800,000
Boston bonds nuturing November 1, 1976 to 1981,
First Pennsylvania Banking incl., at 4.125%; $600,000 bonds maturing
& Trust Co. November 11 1982 and 1983 at 4.30%;
$2,400,000 bonds maturing November 1,
1984 to 1991, incl., at 4.50%;
we will pay Six Million One Thousand
Six Hundred Twenty and no/100 Dollars
($6,001,620.00)
Anderson & Strudwick $1,500,000 bonds maturing November 1,
and Associates 1972 to 1976, incl., at 6%; $1,500,000
bonds maturing November 1, 1977 to 1981,
incl., at 4%; $1,500,000 bonds maturing
November 11 1982 to 1986, incl., at
4-1/2%; $900,000 bonds maturing November
l@ 1987 to 1989, incl., at 4-3/4%;
$600,000 bonds maturing November 1, 1990
and 1991 at 4%;
we will pay Six Million Seven Hundred
Fifty and no/100 Dollars ($6,000,750.00)
United Virginia Bank $3,300,000 bonds maturing November 1,
The Northern Trust Company 1972 to 1982, incl., at 4%; $1,200,000
and Associates bonds maturing November 1, 1983 to 1986,
incl., at 4.50%; $600,000 bonds maturing
November 11 1987 to 1988, incl., at 4.80%;
$900,000 bonds maturing November 1, 1989
to 1991, incl., at 4.875%;
we will pay Six Million Five Thousand
One Hundred Fifty Seven and no/100
Dollars ($6,005,157.00)
Continental Illinois $2,100,000 bonds maturing November 1,
National Bank and Trust 1972 to 1978, incl., at 4-3/4%; $900,000
Company of Chicago bonds maturing November 1, 1979 to 1981,
incl., at 4.60%; $600,000 bonds maturing
November 1, 1.982 and 1983 at 4.30%;
$900,000 bonds maturing November 1, 1984
3
to 1986, incl., at 4.60%; $900,000 bonds
maturing November 1, 1987 to 1989, incl.,
at 4-3/4%; $600,000 bonds maturing
November 1, 1990 and 1991 at 4%;
we will pay Six Million Four Hndred Twenty
and no/100 Dollars ($6,000,420.00)
Bankers Trust Company $3,600,000 bonds maturing November 1. 1972
and ASSociates to 1983, incl., at 5%; $300,000 bonds
maturing November 1, 1984 at 4.70%;
$1,800,000 bonds maturing November 1,
1985 to 1990, incl., at 4.50%; $300,000
bmds maturing November 1, 1991 at 3%;
- will pay Six Million One Thousand
Nine Hundred Sixteen and 40/100 Dollars
($6,001,916.40).
The Central National Ba-nk $1,500,000 bonds maturing November 1,
of Richmond, Agent for 1972 to 1976, incl., at 5%; $300,000 bonds
Chase Manhattan Bank, N.A. maturing November 1, 1977 at 4.75%;
Blythe and Co., Joint Mana- $300,000 bonds maturing November 1, 1978
gers, and Associates at 5%; $2,400,000 bonds maturing November
11 1979 to 1986, incl., at 4.50%; $1,200,000
bonds maturing November 1, 1987 to 1990,
incl., at 4.75%; $300,000 bonds maturing
November 1, 1991 at 3%;
we will pay Six Million Seven Hundred
Twenty and no/100 Dollars ($6,000,720.00)
The Bank of Virginia $300,000 bonds rmturing November 1, 1972
Morgan Guaranty Trust Company at 4.75%; $1,800,000 bonds maturing
Merrill Lynch, Pierce, Fenner November 1, 1973 to 1978, incl., at 5.50%;
& Smith, Joint Managers $1,500,000 bonds maturing November 1, 1979
Fidelity National Bank of to 1983, incl., at 4.30%; $1,800,000 bonds
Lynchburg maturing November 1, 1984 to 1989, incl.,
at 4.75%; $600,000 bonds maturing November
11 1990 ;ind 1991 at 3.50%;
we will I)ay Six Million Three Hundred
Seventy Seven and no/100 Dollars
($6,000,1@77 .00)
Each of the above bids offered to pay accrued interest from the date
of the bonds to the date of delivery.
The City's financial advisor reported that the bid of
Halsey, Stuart & Co. Inc., Phelps, Fenn & Co. 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.
4
Thereupon the following resolution was duly adopted by a
roll call vote, the ayes and nays being recorded in the minutes of
the meeting as shown below:
MEMBER VOTE
Councilman Robert H. Callis, Jr. Aye
Councilman Robert B. Cromwell, Jr. Aye
Councilman Frank A. Dusch Aye
Councilman F. Reid Ervin Aye
Councilman George R. Ferrell Absent
Councilman Clarence A. Holland Absent
Councilman D. Murray Malbon Aye
Councilman J. Curtis Payne Absent
Vice Mayor Earl M. Tebault Aye
Councilman Floyd E. Waterfield, Jr. Aye
Mayor Donald H. Rhodes Aye
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA
BEACH, VIRGINIA, that $4,000,000 Water and Sewer Bonds, Series of
1971, and $2,000,000 Public Improvement Bonds, Series of 1971, the
form and details of which have heretofore been prescribed by
resolutions adopted October 11, 1971, be and the same are hereby
awarded to Halsey, Stuart & Co. Inc., Phelps, Fenn & Co. and
Associates in accordance with the terms of their bid and shall bear
interest as set out in such bid.
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 on the 20th day of October, 1971, and of
the whole thereof so far as applicable to the matters referred to in
such extract.
WITNESS my hand and the seal of the City of Virginia Beach,
this 20th day of October, 1971.
-@L /,/y)L
Clerk, City of Virginia Beach,
Virginia
(SEAL)
67
circuit Court of the City of Virginia Beach on Thursday, the
14th day of October, in the year of our Lord,
Nineteen Hundred and Seventy-one.
Present: The Honorable George W. Vakos, Judge.
VIRGINIA:
IN THE CIRCUIT COURT OF THE CITY OF VIRGINIA BEACH
IN THE MATTER OF
THE SALE OF $4,000,000 WATER AND
SEWER BONDS AND $2,000,000 PUBLIC
IMPROVAIENT BONDS OF THE CITY OF
VIRGINIA BF.ACH VIRGINIA
0 R D E R
There having been presented to the Court certified
copies of two resolutions adopted by the Council of the City of
Virginia Beach, Virginia, on October 11, 1971, one authorizing
the issuance and sale of @4,000,000 Water and Sewer Bonds,
Series of 1971, and the other authorizing the issuance and sale
of $2,000,000 Public Improvement Bonds, Series of 1971, it is
hereby
ORDERED that the certified copies of such resolutions,
which are attached to the sketch of this order, be and the same
are hereby filed as required by Section 15.1-199 of the Code
of Virginia of 1950, as amended.
ENTER: @@,@71
Judge
I ask for this:
City Att ney
A
TICe
On
1971, ber,
Virg Y Of
Odopi EACH PUPLISI'ING COYIPORATION
"nti I
Authc n PVBLIS;ff:Rs OF T,,;
sale d
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the C Of VIRGINIA BEACH SUN
Virg h,
Aut re
the for
Pay and Virginia Beach, v,,. pq@
Oth I the 9.71
Autt tion TIS IS TO CL@:RTIFY that the attached L G- NOTICE a p,blis. ed in T V G,
Sa le 8nd @E-ICH SUN, a "@@P,9per publishcd i,, thE u s h HE IR ll;L,
Prov I rn. e C'ty Of Virginia Beach.
1971, of
sea( In ta Public l@ot.
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the Form Deta s 'Or
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follows: e are ase
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nabulld'ngs
CrCuit court, votin@
-u c'p
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mach'nSo 'age, poll,i
du.r
C'
add it'. n to
.-lae centr6i
sl,485,000
rCOMPrehensiv, maPPing
P ogram
Including aerial p@Otography,
engineering an.
WOrk cirawing
320,000
Reclamation
recre -If landfill for
ation
't PurPoses and c,
rvction
Of improvement,
thereon
)20,000
Bulkhead.
,ng
Ong ocean.
boardwalk al Uth Of existi@g
front
75.000
$2,000,000
Funds
Uch pnOt nee
r
:ny thue
Clerk,
1TEM #3849
On motion by Councilman Cromwell, seconded by Councilman Malbon, the meeting
adjourned.
Clerk on,, o s, 4ayor
City of Virginia Beach,
Virginia
ecial @leeting October 20, 1971