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HomeMy WebLinkAboutNOVEMBER 2, 1982 MINUTES Cit@@f N7i@g4i@iEl "WORLD'S LARGEST RESORT CITY" CITY COUNCIL MAYOR LOUIS R. JONES, B.y@id. B .... gh VICE-MAYOR BARBARA M. HENLEY, P.@g. B .... gh jOliN A. BA UM, B.,..gb NANCY A. CREECH. Al L.,g, HAROLD HEISCIIOBER, Af L.,g@ H. JACK JENNINGS, JR., B.,..gb ROBERT G. JONES. At L.,g@ W. 11. KITCIFIN, lit, Vigi.i. B@.@h REBA S. M,CLANAN, A@@@ B.,..gb 212 CITY HALL BUILDING 1. HENRY AI,COY. JR., K@.p@,iti@ B .... gb MillilCIPAL CENTER MEYERA E. 013ERIqDORF, At L.,g@ VIRGIN[A BEACH, VIRGINIA 23456 RUTH HODGES SMITH, CMC, City Cl@lk (804) 427 -430 3 CITY COUNCIL AGENDA SPECIAL MEETING TUESDAY, NOVEMBER 2, 1982 2:00 P.M. VIRGINIA BEACH COUNCIL CHAMBERS FORMAL SESSION PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA ROLL CALL OF COUNCIL 1. Ordinance, on SECOND READING, appropriating Six Million Two Hundred Forty-One Thousand Three Hundred Forty-Six Dollars ($6,241,346) for various engineering and highway, building, and parks and recreation projects (Revenue Sharing Allocation). 2. Ordinance, on SECOND READING, authorizing the issuance of Public Improvement Bonds of the City of Virginia Beach, Virginia, in the maximmn amount of $19,095,000. 3. Resolution authorizing the issuance and sale of $19,095,000 General Obligation Public Improvement Bonds, Series of 1982, of the City of Virginia Beach, Virginia, heretofore authorized, and providing for the form, details and payment thereof. 4. Resolution authorizing the issuance and sale of $1,300,000 General Obligation lbad Bonds, Series of 1982, of the City of Virginia Beach, Virginia, heretofore authorized, and provid- ing for the form, details and payment thereof. 5. Resolution authorizing the issuance and sale of $7,500,000 General Obligation Water and Sewer Bonds, Series of 1982, of the City of Virginia Beach, Virginia, heretofore authorized, and providing for the form, details and payrnent thereof. DISCUSSION ADJOURNMENT M I N U T E S S P E C I A L M E E T I N G VIRGINIA BEACH CITY COUNCIL Virginia Beach, Virginia 2 November 1982 A Special Meeting of the Virginia Beach City Council was called to order by Mayor Louis R. Jones, in the City Council Chambers, City Hall Building, on Tuesday, November 2, 1982, at Two O'clock in the afternoon. Council Members Present: Nancy A. Creech, Harold Heischober, Vice Mayor Barbara M. Henley, H. Jack Jennings, Jr., Mayor Louis R. Jones, Robert G. Jones, W. H. Kitchin, III, Reba S. McClanan, and Meyera E. Oberndorf Council Members Absent: John A. Baum, and J. Henry McCoy, Jr., D.D.S- PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA 1 I/ 2 /82 - 2 - ITEM #19004 Upon motion by Councilwoman Oberndorf, seconded by Councilman Heischober, City Council voted to uphold the recommendation of the City Manager and ADOPT on SECOND READING the Ordinance appropriating Six Million Two Hundred Forty-One Thousand Three Hundred Forty-Six Dollars ($6,241,346) for various engineering and highway, building, and parks and recreation projects (Revenue Sharing Allocation). V o t i n g : 9-0 Council Members Voting Aye: Nancy A. Creech, Harold Heischober, Vice Mayor Barbara M. Henley, H. Jack Jennings, Jr., Mayor Louis R. Jones, Robert G. Jones, W. H. Kitchin, III, Reba S. McClanan, and Meyera E. Oberndorf Council Members Voting Nay: None Council Members Absent: John A. Baum, and J. Henry McCoy, Jr., D.D.S. 3 - AN ORDINANCE APPROPRIATING SIX MILLION TWO HUNDRED FORTY-ONE THOUSAND THREE HUNDRED FORTY-SIX DOLLARS ($6,241,346) FOR VARIOUS ENGINEERING AND HIGHWAY, BUILDING, AND PARKS AND RECREATION PROJECTS (REVENUE SHARING ALLOCATION) WHEREAS, City Council desires to provide needed engineering and highway, building, and parks and recreation projects for the citizens of Virginia Beach, and WHEREAS, it is anticipated that the city will receive from Federal Revenue Sharing $6,241,346 in the fourteenth entitlement period. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH: That funds to be made available under the Revenue Sharing Program (State and Local Fiscal Assistance Act of 10,73 amended) for the period October 1, 1982 through September 30, 1983 be appropriated for the purposes as indicated below: Engineering and Hi-ghway $4,907,683 Buildings 801,563 Parks and Recreation 532,100 Total $6,241,346 This ordinance shall be in effect from the date of its adoption. Adooted by the Council of the City of Virginia Beach, Virainia on the -Second day of November 1982. FIRST READING: November 1, 1982 SECOND READING: -November 2. 1982 i-, -N-T - 4 - ITEM #19005 Upon motion by Councilwoman Creech, seconded by Vice Mayor Henley, City Council voted to uphold the recommendation of the City Manager and ADOPT ON SECOND READING the Ordinance authorizing the issuance of Public Improvement Bonds of the City of Virginia Beach, Virginia, in the maximum amount of $19,095,000. Voti ng : 9 - 0 Council Members Voting Aye: Nancy A. Creech, Harold Heischober, Vice Mayor Barbara M. Henley, H. Jack Jennings, Jr., Mayor Louis R. Jones, Robert G. Jones, W. H. Kitchin, III, Reba S. McClanan, and Meyera E. Oberndorf Council Members Voting Nay: None Council Members Absent: John A. Baum, and J. Henry McCoy, Jr., D.D.S. - 5 AN ORDINANCE AUTHORIZING THE ISSUANCE OF PUBLIC IMPROVEMENT BONDS OF THE CITY OF VIRGINIA BEACH, VIRGINIA, IN THE MAXIMUM AMOUNT OF 19,095,000 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA: 1. It is hereby determined to be necessary and expedient for the City of Virginia Beach, Virginia (the City), to borrow money to finance construction of and improvements to various public facilities, all of which will promote the development and public welfare of the City, and to issue the City's general obligation bonds therefor. 2. Pursuant to the authority of the City Charter and the Public Finance Act, as amended, there are hereby authorized to be issued public iraprovements bonds of the City in the maximum amount of Nineteen Million Ninety-Five Thousand Dollars ($19,095,000) to provide funds, together with the available funds, for the following purposes: School projects, including planning, site acquisition and improvement, construction, enlargement, renovation and equipping of schools and related facilities $6,401,755 Parks and recreation projects, including planning, site acquisition and develop- ment of new parks 691,216 Engineering and highway projects, includ- ing right-of-way acquisition, improve- ment and extension of streets and highways and studies, design and construction of drainage systems 8,071,320 Building projects, including planning, site improvements, construction, enlargement, renovation and equipping of various municipal buildings and facilities, including pavilion, police precinct office, landfill expansion, bus garage and office, annimal control incinerator, energy conservation program, health department and community college 3,930,709 TOTAL $19,095,000 Any amounts not needed for any of such purposes may be used for any other of such purposes. - 6 - 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 not exceeding the maximum rate permitted by law at the time the bonds are sold, be in such denomination and form, be executed in such manner and sold at such time or times and in such manner, including the sale of the same as one or more separate issues or in combination with the sale of general obligation bonds heretofore or hereafter authorized for similar or other purposes, as the Council shall hereafter provide by appropriate resolution or resolutions. 4. The bonds shall be general obligations of the City for the payment of principal of and interest on which its full faith and credit shall be irrevocably pledged. 5. This ordinance shall take effect immediately. Approved November Second , 1982. By Mayor FIRST READING November 1, 1982 SECOND READING November 2, 1982 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 regular meeting of the Council of the City of Virginia Beach held on the day of October, 1982, and the whole thereof so far as applicable to the matters referred to in such extract. WITNESS my signature and the seal of the City of Virginia Beach, Virginia, this 2nd day of November., 1982. Clerk, City of Virginia Beach, virginia 10/20/82 (D) -2- - 7 - ITEM #19006 Upon motion by Councilman Jones, seconded by Councilwoman Oberndorf, City Council voted to uphold the recommendation of the City Manager and ADOPT the Resolution, as corrected*, authorizing the issuance and sale of $19,095,000 General Obligation Public Improvement Bonds, Series of 1982, of the City of Virginia Beach, Virginia, heretofore authorized, and providing for the form, details and payment thereof. Voting: 8-1 Council Members Voting Aye: Nancy A. Creech, Harold Heischober**, Vice Mayor Barbara M. Henley, Mayor Louis R. Jones, Robert G. Jones, W. H. Kitchin,III, Reba S. McClanan, and Meyera E. Oberndorf Council Members Voting Nay: H. Jack Jennings, Jr. Council Members Absent: John A. Baum, and J. Henry McCoy, Jr., D.D.S. *The date of November 8, 1982 stated in the Resolution was changed to November 2, 1982. **COUNCILMAN HEISCHOBER VOICED A VERBAL "AYE" I 8 - At a Specialmeeting of the Council of the City of Virginia Beach, Virginia, held on the 2nd day of November, 1982, at which the following members were present and absent: PRESENT: Councilwoman Nancy A. Creech Councilman Harold Heischober Vice Mayor Barbara M. Henley Councilman H. Jack Jennings, Jr. Mayor Louis R. Jones Councilman Robert G. Jones Councilman W. H. Kitchin, III Councilwoman Reba S. McClanan Councilwoman Meyera E. Oberndorf ABSENT; imap J?h TgHREI AeA@y'A@@oy, Jr., D.D.S. the following resolution was adopted by the affirmative roll call vote of a majority of all members of the Council, the ayes and nays being recorded in the minutes of the meeting as shown below: MEMBER VOTE Councilwoman Nancy A. Creech Aye Councilman Harold Heischober Aye Vice Mayor Barbara M. Henley Aye Councilman H. Jack Jennings, Jr.Nay Mayor Louis R. Jones Aye Councilman Robert G. Jones Aye Councilman W. H. Kitchin, III Aye Councilwoman Reba S. McClanan Aye Councilwoman Meyera E. OberndorfAye RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $19,095,000 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES OF 1982, OF THE CITY OF VIRGINIA BEACH, VIRGINIA, HERETOFORE AUTHORIZED, AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF WHEREAS, the issuance of $19,095,000 general obligation public improvement bonds of the City of Virginia Beach, Virginia (the City), was authorized by an ordinance adopted by the Council on November 2, 1982, to provide funds, together with other available funds, for the following purposes: 11/2/82 9 -2- School projects, including planning, site acquisition and improvement, construction, enlargement, renovation and equipping of schools and related facilities 6 , 4 01, 7 55 Parks and recreation projects, includ- ing planning, site acquisition and development of new parks 691,216 Engineering and highway projects, including right-of-way acquisition, improvement and extension of streets and highways and studies, design and construction of drainage systems 8,071,320 Building projects, including planning, site improvement, construction, enlargement, renovation and equip- ping of various municipal buildings and facilities, including pavilion, police precinct office, landfill expansion, bus garage and office, animal control incinerator, energy conservation program, health department and community college 3,930,709 $19,095,000 and; WHEREAS, none of such bonds have been issued and sold; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA: 1. There are hereby authorized to be issued and sold $19,095,000 general obligation public improvement bonds of the City. 2. The bonds shall be designated "General Obligation Public Improvement Bonds, Series of 1982," shall be dated December 1, 1982, shall be coupon bonds in bearer form in the denomination of $5,000 each, without privilege of registration, and shall be numbered from 1 to 3,819, inclusive. The bonds shall bear interest at such rate or rates as shall be deter- mined at the time of sale, payable semiannually on May 1 and November 1, and shall mature on November 1 in installments of $230,000 in 1983, $935,000 in each of the years 1984 to 1991, 11/2/82 -10- -3- inclusive, and $1,035,000 in each of the years 1992 to 2002, inclusive. Principal of and premium, if any, and interest on the bonds shall be payable in lawful money of the United States of America at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. 3. Bonds maturing on or before November 1, 1992, are not subject to redemption prior to maturity. Bonds maturing on or after November 1, 1993, are subject to redemption prior to maturity at the option of the City on or after November 1, 1992, in whole at any time or in part on any interest payment date, upon payment of the principal amount of the bonds to be redeemed plus interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of 1%) of such principal amount for each six month period, or part thereof, between the redemption date and the stated matu- rity dates of the bonds to be redeemed, provided that the re- demption premium shall not exceed 3% of such principal amount. If less than all of the bonds are called for redemption, the bonds to be redeemed shall be selected by the City Treasurer in such manner as he may determine to be in the best interest of the City. The Council shall cause notice of the call for re- demption identifying the bonds to be redeemed to be published twice in both a financial journal published in the City of New York, New York, and in a newspaper of general circulation pub- lished in the City of Richmond, Virginia, the first publica- tions of which shall appear not less than 30 nor more than 60 days prior to the redemption date. 4. The bonds shall be signed by the manual or facsi- mile signature of the Mayor, shall be countersigned by the man- ual signature of the Clerk and the City's seal shall be affixed 11/2/82 -11- -4- thereto or a facsimile thereof shall be printed thereon. The coupons attached to the bonds shall be authenticated by the facsimile signature of the Mayor. 5. The bonds and the coupons shall be in substantially the following form: (FORM OF BOND) No. $5,000 UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF VIRGINIA BEACH General Obligation Public Improvement Bond, Series of 1982 The City of Virginia Beach, Virginia, for value re- ceived, hereby acknowledges itself indebted and promises to pay to bearer upon presentation and surrender hereof the principal sum of FIVE THOUSAND DOLLARS ($5,000) on November 1, I and to pay interest thereon from the date hereof until payment at the rate of percent (_%) per year, payable semiannually on May 1 and November 1 upon presen- tation and surrender of the attached coupons as they become due. Principal of and premium, if any, and interest on this bond are payable in lawful money of the United States of America at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. This bond is one of an issue of $19,095,000 general ob- ligation public improvement bonds of like date and tenor, except as to number, rate of interest, privilege of redemption and maturity, authorized by an ordinance adopted by the City Council on November 2, 1982, and is issued pursuant to the 11/2/82 1 2 - Constitution and statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance Act, as amended, to provide funds, together with other available funds, for acquiring, constructing, improving and equipping various public facilities and improvements. Bonds maturing on or before November 1, 1992, are not subject to redemption prior to maturity. Bonds maturing on or after Noveniber 1, 1993, are subject to redemption prior to ma- turity at the option of the City on or after November 1, 1992, in whole at any time or in part on any interest payment date, upon payment of the principal amount of the bonds to be re- deemed plus interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of 1%) of such principal amount for each six month period, or part thereof, between the redemption date and the stated maturity dates of the bonds to be redeemed, provided that the redemption premium shall not exceed 3% of such principal amount. If less than all of the bonds are called for redemption, the bonds to be redeemed shall be selected by the City Treasurer in such manner as he may determine to be in the best interest of the City. The City Council shall cause notice of the call for re- demption identifying the bonds to be redeemed to be published twice in both a financial journal published in the City of New York, New York, and in a newspaper of general circulation pub- lished in the City of Richmond, Virginia, the first publica- tions of which shall appear not less than 30 nor more than 60 days prior to the redemption date. The full faith and credit of the City are hereby irrev- ocably pledged for the payment of principal of and interest on this bond. 11/2/82 - 1 3 - -6- 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, is within every debt and other limit prescribed 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 the manual sig- nature of its Clerk, a facsimile of its seal to be printed hereon, the attached coupons to be authenticated by the facsi- mile signature of its Mayor, and this bond to be dated December 1, 1982. COUNTERSIGNED: (SEAL) Clerk, City of Virginia Beach, Mayor, City of Virginia Beach, Virginia Virginia (FORM OF COUPON) No. $ May On November 1, unless the bond to which this cou- pon is attached, if callable, has been duly called for prior redemption and provision made for payment thereof, the City of Virginia Beach, Virginia, will pay to bearer the sum of Dollars ($ ) in lawful money of the United States of America at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer, being the interest then due on its General Obligation 11/2/82 - 1 4- -7- Public Improvement Bond, Series of 1982, dated December 1, 1982, and numbered Mayor, City of Virgiriia Beach, Virginia 6. The full faith and credit of the City are hereby irrevocably pledged f6r the payment of principal of and inter- est on the bonds. Unless other funds are lawfully available and appropriated for timely payment of the bonds, the City shall levy and collect an annual ad valorem tax over and above all other taxes authorized or limited by law on all locally taxable property in the City sufficient to pay the principal of and interest on the bonds, as the same respectively become due and payable. 7. The City Manager is hereby authorized and directed to take all proper steps to advertise the bonds for sale sub- stantially in accordance with the Notice of Sale attached hereto, provided that the City Manager, in collaboration with Wainwright & Ramsey Inc., the City's financial advisor, may make such omissions, insertions and changes in the Notice of Sale not inconsistent with this resolution as he may consider to be in the best interest of the City. The City Manager also is hereby authorized and directed to take all proper steps for the sale of the bonds, together with bonds authorized for other purposes, either by solicitation of competitive bids or by ne- gotiation, as the City Manager, in collaboration with Wainwright & Ramsey Inc., may consider to be in the best inter- est of the City. 8. The printer's proof dated Nov 2 1982, of the Official Statement describing the bonds, copies of which have been provided each member of the Council, is hereby approved as the Official Statement of the City. The City Manager, in 11/2/82 - 15- -8- collaboration with Wainwright & Ramrey Inc., may make such completions, omissions, insertions and changes in the printer's proof of the Official Statement not inconsistent with this res- olution as he may consider to be necessary or desirable to put it in final form. The Official Statement shall be printed and copies provided to prospective bidders on the bonds. The City Manager shall arrange for the delivery to the purchaser of the bonds of a reasonable number of copies of the Official Statement to be delivered to the persons to whom such purchaser and menibers of his bidding or underwriting group initially sell the bonds. 9. After bids have been received or negotiations con- cluded and the bonds have been awarded, the City Manager, the Mayor and the Clerk are hereby authorized and directed to take all proper steps to have the bonds prepared and executed in ac- cordance with their terms and to deliver the bonds to the pur- chasers thereof upon payment therefor. 10. All other actions of officers of the City in con- formity with the purposes and intent of this resolution and in furtherance of the issuance and sale of the bonds are hereby approved and confirmed. 11. Such officers of the City as may be r@ested are hereby authorized and directed to execute an appropriate certi- ficate setting forth the expected use and investment of the proceeds of the bonds issued pursuant hereto in order to show that such expected use and investment will not violate the pro- visions of SS 103(c) of the Internal Revenue Code of 1954, as amended, and regulations issued pursuant thereto, applicable to flarbitrage bonds." Such certificate shall be in such form as may be requested by bond counsel for the City. 11/2/82 16 - 12. The Clerk, in collaboration with the City Attorney, is hereby authorized and directed to see to the inune- diate 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 of gen- eral circulation in the City a notice setting forth (1) in brief and general terms the purposes for which the bonds are to be issued and (2) the amount of such bonds and the amount for each purpose. 13. All resolutions or parts of resolutions in con- flict herewith are hereby repealed. 14. This resolution shall take effect immedlately. 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 @nprial meeting of the Council of the City of Virginia Beach held on the 2nd day of November, 1982, and of the whole thereof so far as ap- plicable to the matters referred to in such extract. WITNESS my signature and the seal of the City of Virginia Beach, Virginia, this 2nd day of November, 1982. (SEAL) Clerk, City of Virginia Beach, Virginia 11/2/82 - 1 7 - NOTICE OF SALE $27,895,000 CITY OF VIRGINIA BEACH, VIRGINIA $7,500,000 General Obligation Water and Sewer Bonds Series of 1982 $19,095,000 General Obligation Public Improvement Bonds Series of 1982 $1,300,000 General Obligation Road Bonds, Series of 1982 Sealed bids will be received for the Council of the City of Virginia Beach, Virginia, until 11:00 a.m., Eastern Standard Time, on November 16, 1982 at the office of the City Manager, Administration Building, Muni- cipal Center, Virginia Beach, Virginia, for the purchase of $7,500,000 General obligation Water and Sewer Bonds, Series of 1982, $19,095,000 General Obligation Public Improvement Bonds, Series Qf 1982, and $1,300,000 General obligation Road Bonds, Series of 1982, of the City of Virginia Beach described herein, at which time the bids will be publicly opened. The bonds will be dated December 1, 1982, and will mature in installments on Nov@er 1 in years and amounts as follows: Amount of Bonds Year Water & Sewer Public Improvement Road 1983 $ --- $ 230,000 $65,000 1984 100,000 935,000 65,000 1985 100,000 935,000 65,000 1986 100,000 935,000 65,000 1987 100,000 935,000 65,000 1988 100,000 935,000 65,000 1989 200,000 935,000 65,000 1990 300,000 935,000 65,000 1991 300,000 935,000 65,000 1992 400,000 1,035,000 65,000 1993 400,000 1,035,000 65,000 1994 400,000 1,035,000 65,000 1995 500,000 1,035,000 65,000 1996 500,000 1,035,000 65,000 1997 500,000 1,035,000 65,000 1998 500,000 1,035,000 65,000 1999 500,000 1,035,000 65,000 2000 500,000 1,035,000 65,000 2001 500,000 1,035,000 65,000 2002 500,000 1,035,000 65,000 2003 500,000 --- --- 2004 500,000 The bonds will be coupon bonds in bearer form without privilege of registration and will be in the denomination of $5,000 each. The bonds will bear interest from their date payable semiannually on May 1 and November 1. Both principal and interest will be pay- able at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. 11/2/82 - 18 - -2- Bonds maturing on or before November 1, 1992, are not sub- ject to redemption prior to matutity. Bonds maturing on or after November 1, 1983, are subject to redemption prior to maturity at the option of the City on or after December 1, 1992, in whole at any time or in part on any interest payment date, upoh payment of the principal amount of the bonds to be redeemed plus interest accrued and unpaid to the redemption date and a redemption premium of one-quarter of one percent (1/4 of 1%) of such princi- pal amount for each six month period, or part thereof, between the redemption date and the stated maturity dates of the bonds to be redeemed, provided that the redemption premium shall not exceed 3% of such principal amount. If less than all of the bonds are called for redemption, the bonds to be redeemed shall be selected by the City Treasurer in such manner as he may determine to be in the best interest of the City. The bonds will be general obligations of the'City, secured by a pledge of its full faith and credit. The Water and Sewer Bonds will be additionally secured by a pledge of the net revenue of the City's water and sewer system as hereinafter described. Bidders are invited to submit separate bids for (1) the Water and Sewer Bonds and (2) not less than all of the Public Improvement Bonds and the Foad Bonds. Bidders shal'- raire the rate or rates of interest which the bonds are to bear, in multip'.es of 1/8 or 1/23 --f 1%. There is no limit on the nur..,,ber of rates that r.'ay be na,7,ed , No bid f,r the Water and Sewer Bonds naming a rate of interest in excess of 10% per year will be con- sidered, but there is no limit on the rate of interest that may be named for the remaining bonds. All bonds covered by any bid maturing on the same date must bear interest at the same rate, and interest shall be represented by only one coupon for each interest payment date. No bid for less than par and accrued interest will be considered. Unless all bids are rejected, the bonds will be awarded to the bidder(s) whose bid(s) result in the lowest cost to the City as computed separately for the Water and Sewer Bonds and for the remaining bonds, such cost to be deter- mined by deducting the total amount of any premium bid from the aggregate amount of interest on all of the bonds covered by each bid until their respective maturities. The premium, if any, must be paid in funds as part of the purchase price. The City reserves the right to waive irregularities in any bid. The City also reserves the right to accept the lowest bid for the Water and Sewer Bonds or for the Public Improvement Bonds and the Road Bonds and to reject the bids for the other bonds. Each bid should be enclosed in a sealed envelope, marked on the outside "Bid for the City of Virginia Beach Water and Sewer Bonds" or "Bid for the City of Virginia Beach Public Improvement Bonds and Road Bonds," respectively, should be addressed to the Council of the City of Virginia Beach, c/o the office of the City Manager, Administration Building, Municipal Center, Virginia Beach, Virginia, and must be accompanied by a certified or cashier's check for $150,000 or $407,900, respec- tively, drawn upon an incorporated bank or trust company and payable unconditionally to the order of the City of Virginia Beach, Virginia, to secure the City against any loss resulting from the failure of the successful bidder to comply with the terms of his proposal. The check(s) of the successful bidder(s) will 11/2/82 1 9 - 3- be deposited and credited on the purchase price and no interest will be allowed thereon. The proceeds of the check(s) will be retained by the City as partial liquidated damages in case the successful bidder(s) fail(s) to accept delivery of and pay for the bonds. Checks of unsuccessful bidders will be returned upon award of the bonds. The bonds will be delivered on or about December 15, 1982, at The Signature Company, New York, New York, at the expense of the City, upon payment therefor in Federal funds. it is anticipated that CUSIP identification numbers will be printed on the bonds, but neither the failure to print such numbers on any bond nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder thereof to accept delivery of and pay for the bonds in accordance with the terms of his proposal. All expenses in connection with the asgignment and printing of CUSIP numbers shall be paid by the City. The approving opinions of Messrs. Hunton & Williams of Richmond, Virginia, with respect to the bonds of each issue will be furnished to the successful bidder(s) at the expense of the City, 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 the City Council is authorized and required by law, unless other funds are lawfully available and appropriated for timely payment of the bonds, to levy and collect ad valorem taxes, without limitation as to rate or amount, on all locally taxable property in the City to pay the prin- cipal of and interest on the bonds. The opinion with respect to the Water and sewer Bonds also will state that the City is required to charge rates or fees to users of its water and sewer system, to fix and maintain such rates or fees at such level as will pro- duce sufficient revenue to pay the cost of operation and adminis- tration, the cost of insurance against loss by injury to persons or property and the principal of and interest on the bonds and any bonds heretofore or hereafter issued on account of such system and secured by a pledge of the water or sewer revenues of such system, as the same become due, to apply such revenue topay such costs and the principal of and interest on such bonds* and to levy ad valorem taxes, without limitation as to rate or amount, on all locally taxable property in the City if the net revenue of such system available to pay the principal of and interest on the bonds, as the same become due, is insufficient therefor., The usual closing papers will also be furnished, including-tl) a certificate signed by the officers who signed the bonds stating that no liti- gation is then pending or, to their knowledge, threatened to restrain or enjoin the issuance or delivery of the bonds or the levy or collection of taxes to pay principal and interest thereon or in any manner questioning the proceedings and authority under which the bonds are issued and (2) a certificate signed by appro- priate City officials relating to the City's official Statement. The City Council will be in session at 12:00 noon on the date of the sale for the purpose of taking prompt action on the bids. 11/2/82 - 2 0 - 4- For further information relating to the bonds and the City, reference is made to the City's Official Statement. Bidders are requested, but are not required, to use the official bid forms which, together with the Official Statement, may be obtained from Giles G. Dodd, Assistant to the City Manager for Finance and Research, Municipal Center, Virginia Beach, Virginia 23456 (telephone 804-427-4681), or Wainwright & Ramsey Inc., Finan- cial Consultant to the City, 70 Pine Street, New York, New York 10270 (telephone 212-425-9473). The City will furnish the successful bidder(s) at the expense of the City a reasonable number of copies of the Official Statement to be delivered to the persons to whom any such bidder and members of his bidding group initially sell any of the bonds. City of Virginia Beach By: Thomas H. Muehlenbeck City Manager 11/2/82 - 21 - ITEM #19007 Upon motion by Councilman Heischober, seconded by Councilwoman Creech, City Council voted to uphold the recommendation of the City Manager and ADOPT the Resolution authorizing the issuance and sale of $1,300,000 General Obligation Road Bonds, Series of 1982, of the City of Virginia Beach, Virginia, heretofore authorized, and providing for the form, details and payment thereof. Voting : 9 - 0 Council Members Voting Aye: Nancy A. Creech, Harold Heischober, Vice Mayor Barbara M. Henley, H. Jack Jennings, Jr., Mayor Louis R. Jones, Robert G. Jones, W. H. Kitchin, III, Reba S. McClanan, and Meyera E. Oberndorf Council Members Voting Nay: None Council Members Absent: John A. Baum, and J. Henry McCoy, Jr., D.D.S. I I2 /82 2 2 - At a Special meeting of the Council of the City of Virginia Beach, Virginia, held on the 2nd day of November, 1982, at which the following members were present and absent: PRESENT: Councilwoman Nancy A. Creech Councilman Harold Heischober Vice Mayor Barbara M. Henley Councilman H. Jack Jennings, Jr. Mayor Louis R. Jones Councilman Robert G. Jones Councilman W. H. Kitchin, III Councilwoman Reba S. McClanan Councilwoman Meyera E. Oberndorf ABSENT.- J?h R@YB b8dREli@an Ae I Jr., D.D.S. the following resolution was idiopyted by the affirmative roll call vote of a majority of all members of the Council, the ayes and nays being recorded in the minutes of the meeting as shown below: MEMBER VOTE Councilwoman Nancy A. Creech Aye Councilman Harold Heischober Aye Vice Mayor Barbara M. Henley Aye Councilman H. Jack Jennings, Jr.Aye Mayor Louis R. Jones Aye Councilman Robert G. Jones Aye Councilman W. H. Kitchin, III Aye Councilwoman Reba S. McClanan Aye Councilwoman Meyera E. OberndorfAye RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $1,300,000 GENERAL OBLIGATION ROAD BONDS, SERIES OF 1982, OF THE CITY OF VIRGINIA BEACH, VIRGINIA, HERETOFORE AUTHORIZED, AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF WHEREAS, the issuance of $22,900,000 general obligation road bonds of the City of Virginia Beach, Virginia (the City), was authorized by an ordinance adopted by the Council on August 27, 1980, and approved by the qualified voters of the City at an election held on November 4, 1980, to finance, to- gether with other available funds, the cost of a program of road construction and improvement; and 11/2/82 2 3 - -2 - WHEREAS, $13,200,000 of such bonds have been issued and sold leaving an unissued balance of $9,700,000; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA: 1. There are hereby authorized to be issued and sold $1,300,000 general obligation road bonds of the City. 2. The bonds shall be designated "General Obligation Road Bond@, Series of 1982," shall be dated December 1, 1982, shall be coupon bonds in bearer form in the denomination of $5,000 each, without privilege of registration, and shall be numbered from 1 to 260, inclusive. The bonds shall bear inter- est at such rate or rates as shall be determined at the time of sale, payable semiannually on May 1 and November 1, and shall mature on November 1 in installments of $65,000 in each of the years 1983 to 2002, inclusive. Principal of and premium, if any, and interest on the bonds shall be payable in lawful money of the United States of America at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. 3. Bonds maturing on or before November 1, 1SS92, are not subject to redemption prior to maturity. Bonds maturing on or after November 1, 1993, are subject to redemption prior to maturity at the option of the City on or after November 1, 1992, in whole at any time or in part on any interest payment date, upon payment of the principal amount of the bonds to be redeemed plus interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of 1%) of such principal amount for each six month period, or part thereof, between the redemption date and the stated matu- rity dates of the bonds to be redeemed, provided that the 11/2/82 2 4- -3- redemption premium shall not exceed 3% of such principal amount. If less than all of the bonds are called for redemp- tion, the bonds to be redeemed shall be selected by the Ci@y Treasurer in such manner as he may determine to be in the best interest of the City. The Council shall cause notice of the call for redemption identifying the bonds to be redeemed to be published twice in both a financial journal published in the City of New York, New York, and in a newspaper of general cir- culation published in the City of Richmond, Vi-rginia, the first publications of which shall appear not less than 30 nor more than 60 days prior to the redemption date. 4. The bonds shall be signed by the manual or facsi- mile signature of the Mayor, shall be countersigned by the man- ual signature of the Clerk and the City's seal shall be affixed thereto or a facsimile thereof shall be printed thereon. The coupons attached to the bonds shall be authenticated by the facsimile signature of the Mayor. S. The bonds and the coupons shall be in subbtantially the following form: (FORM OF BOND) No. $5,000 UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF VIRGINIA BEACH General Obligation Road Bond, Series of 1982 The City of Virginia Beach, Virginia, for value re- ceived, hereby acknowledges itself indebted and promises to pay to bearer upon presentation and surrender hereof the principal sum of 11/2/82 2 5 - -4- FIVE THOUSAND DOLLARS ($5,000) on November 1, _, and to pay interest thereon from the date hereof until payment at the rate of percent (_%) per year, payable semiannually on May 1 and November 1 upon presen- tation and surrender of the attached coupons as they become due. Principal of and premium, if any, and interest on this bond are payable in lawful money of the United States of America at the principal office of Bank of Virginia Trust Company, Richmond, Virginia, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. This bond is one of an issue of $1,300,000 general ob- ligation road bonds of like date and tenor, except as to num- ber, rate of interest, privilege of redemption and maturity, being a portion of the unissued balance of $22,900,000 road bonds authorized by an ordinance adopted by the City Council on August 27, 1980, and approved by the qualified voters of the City at an election held on,November 4, 1980, and is issued pursuant to the Constitution and statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance Act, as amended, to finance, together with other available funds, the cost of a program of road construction and improve- ment. Bonds maturing on or before November 1, 1992, are not subject to redemption prior to maturity. Bonds maturing on or after November 1, 1993, are subject to redemption prior to ma- turity at the option of the City on or after November 1, 1992, in whole at any time or in part on any interest payment date, upon payment of the principal amount of the bonds to be re- deemed plus interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of 1%) of such principal amount for each six month period, or part 11/2/82 - 2 6 - 5 - thereof, between the redemption date and the stated maturity dates of the bonds to be redeemed, provided that the redemption premium shall not exceed 3% of such principal amount. If less than all of the bonds are called for redemption, the bonds to be redeemed shall be selected by the City Treasurer in such manner as he may determine to be in the best interest of the City. The City Council shall cause notice of the call for re- demption identifying the bonds to be redeemed to be published twice in both a financial journal published in the City of New York, New York, and in a newspaper of general circulation pub- lished in the City of Richmond, Virginia, the first publica- tions of which shall appear not less than 30 nor more than 60 days prior to the redemption date. The full faith and credit of the City are hereby irrev- ocably pledged 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, is within every debt and other limit prescribed by the Constitution and statutes of the Commonwealth of Virginia. 11/2/82