HomeMy WebLinkAboutCouncil Actions 12-10-91 SpMtgROANOKE
SPECIAL
DECEMBER
11:30
CITY COUNCIL
SESSION
10, 1991
A.M.
2.
3-
4-
Call to Order_
Roll Call.
Invocation.
Pledge of Allegiance to the Flag of
the United States of ~erica _
Statement of Purpose .- Mayor Taylor.
The purpose of the Special Meeting is to receive sealed
proposals for the purchase of all but not less than all of an
issue of general obligation bonds of the City. As a part of
this meeting, the bonds will be awarded to the successful
bidder therefor. The bonds being offered for sale are:
$68,720,000.00 principal amount of General Obligation Bonds
consisting of $15,250,000.00 principal amount of General
Obligation Public Improvement Bonds, Series 1992A, and
$53,470,000.00 principal amount of General Obligation Public
Improvement and Refunding Bonds, Series 1992B.
This Special Meeting is called pursuant to Resolution No.
30820-120991, adopted by the Council at a regular meeting held
on Monday, December 9, 1991. '
Inquire as to whether any bidder has a question about the
proposal relative to terms and conditions upon which the bids
were submitted.
Opening and reading of the bids by the City Clerk.
Appointment by the Mayor of a committee to study the
proposals. (Suggested names are Mr. Schlanger, Chairman, Mr.
Herbert and Mr. Dibling.)
Recess the meeting in order that proposals may be studied.
When the meeting is reconvened, the Chairman of the proposal
co~ittee will present a report.
Adoption of Resolution.
Advise unsuccessful bidders that they
deposits in the City Clerk's Office.
6. adj ourr~ament .
may
pick
up their
MARY F. P~
Cit~ Clerk
CITY OF ROANOKE
OFFICE OF THE CITY CLERK
215 Church Avenue, S.W., Room 456
Roanoke, Virginia 24011
Telephone: (703)981-2541
December 12, 1991
SANDRA H. EAKIN
Deputy City Clerk
File #53B
Mr. Joel M. Schlanger
Director of Finance
Roanoke, Virginia
Dear Mr. Schlangev:
I am attaching a certified copy of Ordinance No. 30821-121091 authorizing the
issuance of $17,165,000.00 principal amount of General Obligation Public
Improvement Refunding Bonds of the City of Roanoke, Virginia, and approving the
sale of such bonds as part of a combined issue of $68,720,000.00 aggregate principal
amount of general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal of
Kidder, Peabody & Co., Inc., for the purchase of such bonds; and fixing the rates
of interest to be borne by such bonds. Ordinance No. 30821-121091 was adopted by
the Council of the City of Roanoke at a special meeting held on Tuesday,
December 10, 1991.
Sincerely,
Mary F. Parker, CMC/AAE
City Clerk
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Mr. Alton B. Prillaman, Secretary, Roanoke City Electoral Board, P. O. Box
2865, Roanoke, Virginia 24001
Mr. W. Robert Herbert, City Manager
Ms. Sharon L. Carrington, Registrar
MARY F. pARKER
Cit~ Clerk
CITY OF ROANOKi
OFFICE OF THE CITY CLERK
215 Church Avenue, S.W., Room 456
Roanoke, Virginia 24011
Telephone: (703)981-2541
December 12, 1991
SANDRA H. EAKIN
Deputy City Clerk
File #53B
Mr. Donald G. Gurney, Esquire
Wood Dawson Smith & Hellman
17 Battery Place
New York, New York 10004
Dear Mr. Gurney:
I am enclosing a certified copy of Ordinance No. 30821-121091 authorizing the
issuance of $17,165,000.00 principal amount of General Obligation Public
Improvement Refunding Bonds of the City of Roanoke, Virginia, and approving the
sale of such bonds as part of a combined issue of $68,720,000.00 aggregate principal
amount of general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal of
Kidder, Peabody & Co., Inc., for the purchase of such bonds; and fixing the rates
of interest to be borne by such bonds. Ordinance No. 30821-121091 was adopted by
the Council of the City of Roanoke at a special meeting held on Tuesday,
December 10, 1991.
Sincerely,
Mary F. Parker, CMC/AAE
City Clerk
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Enc.
pc:
Mr. George B. Pugh, Jr., Cralgie, Inc., 823 East Main Street, Richmond,
Virginia 23219
MARY F. pARKER
CRy Clerk
CITY OF ROANOKE
OFFICE OF THE CITY CLERK
21§ Church Avenue, S.W., Room 4~
Roanoke, Virginia 24011
Telephone: (703)981-2541
December 10, 1991
SANDRAH. EAKIN
Deputy CiVyClerk
File #53B
The Honorable Arthur B. Crush
Clerk of the Circuit Court
Roanoke, Virginia
Dear Mr. Crush:
Pursuant to Section 15.1-227.9 of the Code of Virginia, 1950, I am herewith filing
with the Circuit Court of the City of Roanoke the attached document, which has been
certified to be a true copy of Ordinance No. 30821-121091, authorizing the issuance
of $17,165,000.00 principal amount of General Obligation Public Improvement
Refunding Bonds of the City of Roanoke, Virginia, and approving the sale of such
bonds as part of a combined issue of $68,720,000.00 aggregate p~incipal amount of
general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal of
Kidder, Peabody & Co., Inc., for the purchase of such bonds; and fixing the rates
of interest to be borne by such bonds. Ordinance No. 30821-121091 was adopted by
the Council of the City of Roanoke at a special meeting held on Tuesday,
December 10, 1991.
Sincerely,
Mary F. Parker, CMC/AAE
City Clerk
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gnc.
pc: Mr. Wilburn C. Dibling, Jr., City Attorney
MARY F. PARKER
City Clerk
CITY OF ROANOKIZ
OFFICE OF THE CITY CLERK
215 Church Avenue, S.W. Room 456
Roanoke, Virginia 24011
Telephone: (703)981-2541
December 12, 1991
SANDRA H. EAKIN
Deputy City Clerk
File #53B
The Honorable Gordon E. Peters
City Treasurer
Roanoke, Virginia
Dear Mr. Peters:
I am attaching a certified copy of Ordinance No. 30821-121091 authorizing the
issuance of $17,165,000.00 principal amount of General Obligation Public
Improvement Refunding Bonds of the City of Roanoke, Virginia, and approving the
sale of such bonds as part ora combined issue of $68,720,000.00 aggregate principal
amount of general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal of
Kidder, Peabody & Co., Inc., for the purchase of such bonds; and fixing the rates
of interest to be borne by such bonds. Ordinance No. 30821-121091 was adopted by
the Council of the City of Roanoke at a special meeting held on Tuesday,
December 10, 1991.
Sincerely,
Mary F. Parker, CMC/AAE
City Clerk
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Eno.
IN THE COUNCIL OF THE CITY OF ROANOKE, VIRGINIA,
The 10th day of December, 1991.
No. 30821-121091.
AN ORDINANCE authorizing the issuance of Seventeen Million, One
Hundred Sixty-Five Thousand Dollars ($17,165,000) principal amount of General
Obligation Public Improvement Refunding Bonds of the City of Roanoke, Virginia,
and approving the sale of such bonds as part of a combined issue of Sixty-Eight
Million Seven Hundred Twenty Thousand Dollars ($68,720,000) aggregate principal
amount of general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal for the
purchase of such bonds; fixing the rates of interest to be borne by such bonds, and
providing for an emergency.
BE IT ORDAINED by the Council of the City of Roanoke, Virginia:
SECTION 1. (a) (i) Pursuant to Section 47 of the Charter of the City of
Roanoke, Virginia (the "City"), as then in effect, an election duly oallad and held
in the City on November 6, 1984, Ordinance Nos. 27174 and 27175 adopted by this
Council on August 27, 1984, and Resolution Nos. 27644 and 27704 adopted by this
Council on June 24, 1985, and July 24, 1985, respectively, there were authorized to
be issued, sold and delivered the City's $18,600,000 principal amount of General
Obligation Public Improvement Bonds, Series 1985, dated August 1, 1985 (the
"Series 1985 Bonds").
(ii) Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia,
1950, being the Public Finance Act of 1991, including in particular Article 5 thereof
(Sections 15.1-227.44 through 15.1-227.51, both inclusive, of the Code of Virginia
1950, the City is authorized to issue refunding bonds, subject to the approval of the
State Council on Local Debt, to refund any or all of its bonds in advance of their
stated maturities.
(iii) On October 16, 1991, the State Council on Local Debt, in
accordance with the provisions of Section 15.1-227.46 of the Code of Virginia, 1950,
adopted a resointion approving the issuance by the City of an issue of refunding
bonds in a principal amount not to exceed $20,000,000 to refund in advance of their
stated maturities the Series 1985 Bonds maturing in the principal amount of
$1,400,000 on August 1, 1992, in the principal amount of $1,600,000 on August 1 in
each of the years 1993 to 1995, in the principal amount of $1,700,000 on August 1 in
the year 1996, in the principal amount of $1,900,000 on August 1 in the year 1997,
and in the principal amount of $2,000,000 on August 1 in each of the years 1998 to
2000, both inclusive.
(iv) This Council deems it advisable and in the best interest of the
City to authorize and provide for the issuance, sale and delivery pursuant to such
Article 5 of the Public Finance Act of 1991 of an issue of General Obligation Public
Improvement Refunding Bonds, Series 1992B (hereinafter defined as the "1992B
Refunding Bond"), for the purpose of refunding in advance of their stated
maturities the City's Series 1985 Bonds maturing on August 1 in each of the years
1992 to 2000, both inclusive, which Series 1985 Bonds are outstanding on the date
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of adoption of this ordinance in the principal amount of $15,800,000 (hereinafter
referred to as the "Refunded Bonds").
(b) Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950,
being the Public Finance Act as then in effect, and Ordinance No. 29878-121889
adopted by this Council on December 18, 1989, this Council has authorized the
issuance of General Obligation Public Improvement Bonds in the principal amount of
$6,800,000, for the purposes specified in Ordinance No. 29878-121889, and deemed
its advisable and in the best interest of the City to provide at this time for the
issuance, sale and delivery of the General Obligation Public Improvement Bonds so
authorized.
(c) Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia,
1950, being the Public Finance Act of 1991, and Ordinance No. 30793-112591, adopted
by this Council on November 25, 1991, this Council has authorized the issuance of
General Obligation Public Improvement Bonds in the principal amount of $29,505,000,
for the purposes specified in Ordinance No. 30793-112591, and deems it advisable
and in the best interest of the City to provide at this time for the issuance, sale and
delivery of the General Obligation Public Improvement Bonds so authorized.
(d) This Council deems it advisable and in the best interest of the
City to provide for the issuance, sale and delivery, pursuant to Chapter 5.1 of Title
15.1 of the Code of Virginia, 1950, of the General Obligation Public Improvement
Bonds referred to in subsections (a), (b) and (c) of this Section 1 as part of an
issue of general obligation bonds of the City in an aggregate principal amount of
$53,470,000 to be know and designated as "City of Roanoke, Virginia, General
Obligation Public Improvement and Refunding Bonds, Series 1992B".
(e) Pursuant to Section 47 of the Charter of the City, an election duly
called and held in the City on May 1, 1990, and Ordinance Nos. 29918 and 29919
adopted by this Council on February 5, 1990, there were authorized to be issued,
sold and delivered General Obligation Public Improvement Bonds in the principal
amount of $15,250,000, for the purposes specified in Ordinance Nos. 29918 and
29919. This Council deems it advisable and in the best interest of the City to provide
at this time for the issuance, sale and delivery, pursuant to Section 47 of the
Charter of the City, of the General Obligation Public Improvement Bonds referred
to in this subsection (e), such bonds to be known and designated as "City of
Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1992A".
(g) On November 26, 1991, the Director of Finance caused a Summary
Notice of Sale (the "Summary Notice of Sale") of $68,720,000 principal amount of
General Obligation Bonds of the City, consisting of $15,250,000 principal amount of
General Obligation Public Improvement Bonds, Series 1992A, and $53,470,000
principal amount of General Obligation Public Improvement and Refunding Bonds,
Series 1992B, to be published in The Bond Buyer, a financial journal published in
the City of New York, New York, and a Detailed Notice of Sale of the Bonds, dated
November 27, 1991 (the "Detailed Notice of Sale"), to be prepared and distributed
to prospective purchasers of the Bonds.
(h) The Summary Notice of Sale and the Detailed Notice of Sale
provided that sealed proposals for the purohase of the Bonds would be received by
or on behalf of the City, at the Office of the City Clerk, Room 456, Municipal
Building, Roanoke, Virginia, until 11: 30 A.M., Virginia time, on Tuesday, December
10, 1991, at which time and place all proposals would be publicly opened.
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(i) Pursuant to the Detailed Notice of Sale, five (5) proposals for the
purchase of the Bonds were received, each accompanied by a certified check or bank
treasurer's or cashier's good faith check in the amount of $687,200 payable to the
order of the City of Roanoke, Virginia. The names of the bidders submitting each
such proposal, the purchase price for the Bonds specified in each such proposal and
the "True" or "Canadian" interest cost to the City computed in accordance with the
Detailed Notice of Sale resulting from each such proposal are as follows:
Name of Bidder
Title
Purchase Price Interest
Specified Cost
Bear, Stearns & Co., Inc.
$68,734,414.90
6.1741
Lehman Brothers
$68,720,000.00
6.18245
Chemical Securities
$68,720,070.90
6.1449
Prudential Securities, Inc. $68,736,309.60
6.1418125
Kidder, Peabody & Co., Inc. $68,720,485.70
6.107705
(j) After due consideration of all such proposals, this Council finds that (a)
Kidder, Peabody & Co., Inc. (the "Purchaser") is a responsible bidder; (b) of the
proposals received, the proposal of the Purchaser (the "Proposal") is the proposal
to purchase the bonds at the lowest "True" or "Canadian" interest cost to the City,
computed by doubling the semiannual interest rate (compounded semiannually)
necessary to discount the debt service payments from their respective payment dates
to the date of the Bonds and to the price bid, not including interest accrued to the
date of delivery, and (c) the Proposal is the best proposal received, is in accordance
with the provisions of the Detailed Notice of Sale, and should be accepted.
SECTION 2. (a) For the purpose of refunding in advance of their
stated maturities the Refunded Bonds, there are hereby authorized to be issued,
sold and delivered pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia,
1950, being the Public Finance Act of 1991, an issue of general obligation refunding
bonds of the City in a principal amount of $17,165,000 to be designated and know as
"General Obligation Public Improvement Refunding Bonds, Series 1992B"
(hereinafter referred to as the "1992 Refunding Bonds"). The 1992 Refunding
Bonds shall be issued, sold and delivered as provided in this Ordinance together
with $6,800,000 principal amount of General Obligation Public Improvement Bonds of
the City authorized for issuance pursuant to Chapter 5 of Title 15.1 of the Code of
Virginia, 1950, being the Public Finance Act as then in effect, and Ordinance No.
29878-121889 adopted by this Council on December 18, 1989, and $29,505,000
principal amount of General Obligation Public Improvement Bonds authorized for
issuance pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, being
the Public Finance Act of 1991, and Ordinance No. 30793-112591 adopted by this
Council on November 25, 1991, as part of an issue of general obligation bonds of the
City in an aggregate amount of $53,470,000 to be designated and know as "City of
Roanoke, Virginia, General Obligation Public Improvement and Refunding Bonds,
Series 1992B" (herein referred to as the "1992 Bonds").
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(b) Contemporaneously with the issuance, sale and delivery of the
1992B Bonds, there are hereby authorized to be issued, sold and delivered an issue
of $15,250,000 principal amount of General Obligation Public Improvement Bonds of
the City authorized for issuance pursuant to Section 47 of the Charter of the City,
an election duly called and held in the City on May 1, 1990, and Ordinance Nos.
29918 and 29919 adopted by this Council on February 5, 1990, to be designated and
known as "City of Roanoke, Virginia, General Obligation Public Improvement Bonds,
Series 1992A" (hereinafter referred to as the "1992A Bonds" and, collectively, with
the 1992B Bonds, the "Bonds"). ~
SECTION 3. The Proposal, being a proposal to purchase the Bonds at
the price of Sixty-eight Million, Seven Hundred Twenty Thousand, Four Hundred
Eighty Five Dollars and Seventy Cents ($68,720,485.70), plus accrued interest from
the date of the Bonds to the date of delivery thereof by the City and payment
therefor by the Purchaser, with the Bonds to bear interest at the rates per annum
specified in Section 5 hereof, is hereby accepted and the Bonds are hereby awarded
to the Purchaser.
SECTION 4. The good faith check accompanying the Proposal of the
Purchaser shail be deposited by the City Treasurer and the proceeds thereof applied
in accordance with the terms of the Detailed Notice of Sale and the good faith checks
accompany the other proposals received as aforesaid for the purchase of the Bonds
shall be forthwith returned.
SECTION 5. The details of the Bonds as set forth in the Detailed
Notice of Sale are hereby ratified, approved and confirmed.
The Bonds shall be dated January 1, 1992, shall be numbered from No.
R-92A-1 upwards in order of issuance in the case of the 1992A Bonds and from R-
92B-1 upwards in order of issuance in the case of the 1992B Bonds or as shall
otherwise be provided by the Director of Finance, shali be issued in fully registered
form in the denomination of $5,000 each or any integral multiple thereof,; and shall
mature on August 1 in each of the years and in the amounts set forth below, with the
Bonds maturing in each of the years specified below to bear interest from their date
payable on August 1, 1992, and semiannually on each February 1 and August 1
thereafter, at the rates set forth below:
Year 1992A Bonds 1992B Bonds Interest Rate
1992 $-0- $ 160,000 5.80
1993 765,000 175,000 5.80
1994 765~000 2,620,000 5.80
1995 765~000 2~785,000 5.80
1996 765,000 2,8§5~000 5.80
1997 765,000 2,930,000 5.80
1998 765~000 3~010,000 5.80
1999 765~000 3,105~000 5.80
2000 765,000 3,195~000 5.80
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2001 765~000 3~300,000 5.80
2002 765~000 3,410,000 5.90
2003 760,000 3~535,000 6.00
2004 760,000 3,660,000 6.10
2005 760,000 3~795,000 6.20'
2006 760,000 1,910,000 6.25
2007 760,000 1,940,000 6.30
2008 760,000 1,975~000 6.35
2009 760,000 2,010,000 6.375
2010 760~000 2,050~000 6.375
2011 760,000 2,090,000 6.40
2012 760,000 1,480,000 6.40
2013 - 0 - 1,480,000 6.40
The Bonds of each series maturing on and after August 1, 2002 (or portions
thereof in installments of $5,000) shall be subject to redemption at the option of the
City prior to their stated maturities at any time on or after August 1, 2001, in whole
or in part from time to time in such order as may be determined by the City (except
that ff at any time less than all of the Bonds of a given maturity of either series are
called for redemption, the particular Bonds of such maturity of such series or
portions thereof in installments of $5,000 to be redeemed shall be selected by lot)
upon the payment of the principal amount of the Bonds (or portions thereof in
installments of $5,000) to be redeemed, together with the interest accrued thereon
to the date fixed for redemption, plus a premium of one-quarter (1 ]4) of one percent
(1%) of the principal amount of each Bond (or portion thereof in installments of
$5,000) to be redeemed for each twelve (12) months period or fraction thereof
between the date fixed for redemption and the stated maturity date of such Bond.
If any Bond (or any portion of the principal amount thereof in
installments of $5,000) shall be called for redemption, notice of the redemption
thereof, specifying the date, number and maturity of such Bond, the date and place
or places fixed for its redemption, the premium, if any, payable upon such
redemption, and ff less than the entire principal amount of such Bond is to be
redeemed, that such Bond must be surrendered in exchange for the principal amount
thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount
that portion of the principal amount thereof not to be redeemed, shall
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be mailed not less than thirty (30) days prior to the date fixed for redemption, by first class
mail, postage prepaid, to the registered owner thereof at his address as it appears on the
books of registry kept by the Registrar as of the close of business on the forty-fifth (45th)
day next preceding the date fixed for redemption. If notice of the redemption of any Bond
shall have been given as aforesaid, and payment of the principal amount of such Bond (or
the portion of the principal amount thereof to be redeemed) and of the accrued interest and
premium, if any, payable upon such redemption shah have been duly made or provided for,
interest thereon shall cease to accrue from and after the date so specified for the
redemption thereof.
SECTION 6. The full faith and credit of the City shall be and is irrevocably
pledged to the punctual payment of the principal of and interest on the Bonds as the same
become due. In each year while the Bonds, or any of them, are outstanding and unpaid,
there shall be assessed, levied and collected, at the same time and in the same manner as
other taxes in the City are assessed, levied and collected upon all property in the City subject
to taxation by the City a tax sufficient to provide for the payment of the principal of and
interest on the Bonds as the same become due.
SECTION 7. The Bonds shall be executed, for and on behalf of the City, by
the manual or facsimile signatures of the Mayor and City Treasurer of the City and shah
have a facsimile of the corporate seal of the City imprinted thereon, attested by the manual
or facsimile signature of the City Clerk of the City.
Central Fidelity Bank in the City of Richmond, Virginia, is hereby appointed
as Registrar for the Bonds.
The Director of Finance shall direct the Registrar to authenticate the Bonds
and no Bond shah be valid or obligatory for any purpose unless and until the certificate of
authentication endorsed on each Bond shall have been manually executed by an authorized
signator of the Registrar. Upon the authentication of any Bonds the Registrar shall insert
in the certificate of authentication the date as of which such Bonds are authenticated as
follows: (i) if a Bond is authenticated prior to the first interest payment date, the certificate
shall be dated as of the date of the initial issuance and delivery of the Bonds of the series
of Bonds of which such Bond is one; (ii) if a Bond is authenticated upon an interest payment
date, the certificate shah be dated as of such interest payment date; (iii) if a Bond is
authenticated after the fifteenth (15th) day of the calendar month next preceding an interest
payment date and prior to such interest payment date, the certificate shah be dated as of
such interest payment date; and (iv) in all other instances the certificate shall be dated as
of the interest payment date next preceding the date upon which the Bond is authenticated.
The execution and authentication of the Bonds in the manner above set forth
is adopted as a due and sufficient authentication of the Bonds.
SECTION 8. (a) The principal of and premium, if any, on the Bonds shall be
payable in such coin or currency of the United States of America as at the respective dates
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of payment thereof is legal tender for public and private debts at the principal corporate
trust office of the Registrar in the City of Richmond, Virginia. Interest on the Bonds shall
be payable by check or draft mailed by the Registrar to the registered owners of such Bonds
at their respective addresses as such addresses appear on the books of registry kept pursuant
to this Section 8.
(b) At all times during which any Bond of any series remains outstanding
and unpaid, the registrar for such series shall keep or cause to be kept at its principal
corporate trust office books of registry for the registration, exchange and transfer of Bonds
of such series. Upon presentation at its principal corporate trust office for such purpose the
registrar, under such reasonable regulations as it may prescribe, shall register, exchange,
transfer, or cause to be registered, exchanged or transferred, on the books of registry the
Bonds as hereinbefore set forth.
(c) The books of registry shall at all times be open for inspection by the
City or any duly authorized officer thereof.
(d) Any Bond may be exchanged at the principal corporate trust office of
the Registrar for such series of Bonds for a like aggregate principal amount of such Bonds
in other authorized principal sums of the same series, interest rate and maturity.
(e) Any Bond of any series may, in accordance with its terms, be
transferred upon the books of registry by the person in whose name it is registered, in
person or by his duly authorized agent, upon surrender of such Bond to the Registrar for
cancellation, accompanied by a written instrument of transfer duly executed by the registered
owner in person or by his duly authorized attorney, in form satisfactory to the Registrar.
(d) All transfers or exchanges pursuant to this Section 8 shall be made
without expense to the registered owners of such Bonds, except as otherwise herein
provided, and except that the Registrar for such series of Bonds shall require the payment
by the registered owner of the Bond requesting such transfer or exchange of any tax or other
governmental charges required to be paid with respect to such transfer or exchange. All
Bonds surrendered pursuant to this Section 8 shall be cancelled.
SECTION 9. CUSIP identification numbers may be printed on the Bonds, but
no such number shall constitute a part of the contract evidenced by the particular Bond
upon which it is printed; no liability shall attach to the City or any officer or agent thereof
(including any paying agent for the Bonds) by reason of such numbers or any use made
thereof (including any use thereof made by the City, any such officer, or any such agent) or
by reason of any inaccuracy, error or omission with respect thereto or in such use; and any
inaccuracy, error or omission with respect to such numbers shall not constitute cause for
failure or refusal by the successful bidder to accept delivery of and pay for the Bonds in
accordance with the terms of its bid. All expenses in connection with the assignment and
printing of CUSIP numbers on the Bonds shall be paid by the City,
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provided, however, that the CUSIP Service Bureau charge for the assignment of such
numbers shall be the responsibility of the successful bidder for the Bonds.
A copy of the final legal opinion with respect to the Bonds, with the name of
the attorney or attorneys rendering the same, together with a certification of the City Clerk,
executed by a facsimile signature of that officer, to the effect that such copy is a true and
complete copy (except for letterhead and date) of the legal opinion which was dated as of
the date of delivery of and payment for the Bonds, may be printed on the Bonds.
SECTrION 10. The City covenants and agrees to comply with the provisions
of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the applicable
Treasury Regulations promulgated thereunder throughout the term of the Bonds.
SECTION 11. The 1992A Bonds, the certificate of authentication of the
registrar, and the assignment endorsed on the 1992A Bonds, shall be substantially the
following forms, respectively, to-wit:
(FORM OF 1992A BOND)
UN1TF. D STATES OF AMERICA
COMMONWF_.AL~ OF VIRGINIA
CITY OF ROANOKE
GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND
SERIFS OF 1992A
No. R- $
MATURITY DATE: INTEREST RATE: DATE OF BOND: CUSIP NO.:
AUGUST 1,
REGISTERED OWNER:
JANUARY 1, 1992
PRINCIPAL SUM:
DO! .l .ARS
KNOW ALL MEN BY THESE PRESEN'IXS, that the City of Roanoke, in the
Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and
hereby promises to pay to the Registered Owner (named above), or registered assigns, on
the Maturity Date (specified above) (unless this Bond shall be subject to prior redemption
and shall have been duly called for previous redemption and payment of the redemption
price duly made or provided for), the Principal Sum (specified above), and to pay interest
-9-
on such Principal Sum on the first day of February and on the first day of August of each
year, commencing on the first day of August, 1992 (each such date is hereinafter referred
to as an "interest payment date"), from the date hereof or from the interest payment date
next preceding the date of authentication hereof to which interest shall have been paid,
unless such date of authentication is an interest payment date, in which case from such
interest payment date, or unless such date of authentication is within the period from the
sixteenth (16th) day to the last day of the calendar month next preceding the following
interest payment date, in which case from such following interest payment date, such interest
to be paid until the maturity or redemption hereof at the Interest Rate (specified above) per
annum, by check or draft mailed by the Paying Agent hereinafter mentioned to the
Registered Owner in whose name this Bond is registered upon the books of registry, as of
the close of business on the fifteenth (15th) day (whether or not a business day) of the
calendar month next preceding each interest payment date. The principal of, and premium,
if any, on this Bond are payable on presentation and surrender hereof, at the principal
corporate trust office of Central Fidelity Banir: the Registrar and Paying Agent, in the City
of Richmond, Virginia. Principal of, premium, if any, and interest on this Bond are payable
in any coin or currency of the United States of America which, on the respective dates of
payment thereof, shall be legal tender for public and private debts.
This Bond is one of a series of Bonds of like date, denomination and tenor
except as to number, interest rate and maturity, and is issued for the purpose of prov/ding
funds to defray the cost to the City of needed permanent public improvements, including
acquisitions, construction, additions, betterments, extensions and improvements of and to
public buildings, school buildings, the system of storm drains, public sidewalks, curbing,
streets, highways and bridges, and the acquisition of real property for the foregoing, pursuant
to an ordinance of the Council of the City, adopted on the 5th day of February, 1990, and
ratified by a majority of the qualified voters of the City voting at an election legally called,
held and conducted on the 1st day of May, 1990, and under and pursuant to the Constitution
and statutes of the Commonwealth of Virginia, and the Charter of the City, as amended.
The Bonds of the issue of which this Bond is one (or portions of the principal
amount thereof in installments of $5,000) maturing on and after August 1, 2002, are subject
to redemption at the option of the City prior to their stated maturities on or after August 1,
2001, in whole or in part from time to time, from any moneys that may be made available
for that purpose, in such order as may be determined by the City (except that if at any time
less than all of the Bonds of a given maturity are called for redemption, the particular Bonds
or portions thereof in installments of $5,000 of such maturity to be redeemed shall be
selected by lot), upon payment of the principal amount of the Bonds (or portions thereof
in installments of $5,000) to be redeemed, together with the interest accrued thereon to the
date fixed for redemption, plus a premium of one quarter (1/4) of one percent (1%) of the
principal amount of each Bond (or portion thereof in installments of $5,000) to be redeemed
for each twelve (12) month period or fraction thereof between the date fixed for redemption
and the stated maturity date of such Bond.
- 10-
If this Bond is redeemable and this Bond (or any portion of the principal
amount hereof in installments of $5,000) shall be called for redemptioe, notice of the
redemption hereof, specifying the date, number and maturity of this Bond, the date and
place or places fixed for its redemption, the premium, if any, payable upon such redemption,
and if less than the entire principal amount of this bond is to be redeemed, that this Bond
must be surrendered in exchange for the principal amount hereof to be redeemed and a new
Bond or Bonds issued equalling in principal amount that portion of the principal amount
hereof not to be redeemed, shall be marled not less than thirty (30) days prior to the date
fixed for redemption, by first class mail, postage prepaid, to the Registered Owner hereof
at his address as it appears on the books of registry kept by the Registrar as of the close of
business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of
the redemption of this Bond (or the portion of the principal amount hereof to be redeemed)
shall have been given as aforesaid, and payment of the principal amount of this Bond (or
the portion of the principal amount hereof to be redeemed) and of the accrued interest and
premium, if any, payable upon such redemption shall have been duly made or provided for,
interest hereon shall cease to accrue from and after the date so specified for the redemption
hereof.
Subject to the limitations and upon payment of the charges, if any, provided
in the proceedings authorizing the Bonds of the series of which this Bond is one, this Bond
may be exchanged at the principal corporate trust office of the Registrar for a like aggregate
principal amount of Bonds of other authorized principal amounts and of the same series,
interest rate and maturity. This Bond is transferable by the Registered Owner hereof, in
person or by his attorney duly authorized in writing, on the books of registry kept by the
Registrar for such purpose at the principal corporate trust office of the Registrar but only
in the manner, subject to the limitations and upon payment of the charges, if any, provided
in the proceedings authorizing the Bonds of the series of which this Bond is one, and upon
the surrender hereof for cancellation. Upon such transfer a new Bond or Bonds of
authorized denominations and of the same aggregate principal amount, series, interest rate
and maturity as the Bond surrendered, will be issued to the transferee in exchange herefor.
This Bond shall not be valid or obligatory unless the certificate of
authentication hereon shall have been manually signed by an authorized officer of the
Registrar.
It is certified, recited and declared that all acts, conditions and things required
to exist, happen or be performed precedent to and in the issuance of this Bond do exist,
have happened and have been performed in due time, form and manner as required by law,
and that the amount of this Bond, together with all other indebtedness of the City does not
exceed any limitation of indebtedness prescribed by the Constitution or statutes of the
Commonwealth of Virginia or the Charter of the City.
The full faith and credit of the City are irrevocably pledged to the punctual
payment of the principal of and interest on this Bond as the same become due.
-11-
IN WITNESS WHEREOF, the City has caused this Bond to be executed by
the manual or facsimile signatures of its Mayor and its City Treasurer; a facsimile of the
corporate seal of the City to be imprinted hereon attested by the manual or facsimile
signature of the City Clerk of the City; and this Bond to be dated as of the first day of
January, 1992.
CITY OF ROANOKF. VIRGINIA
[SEAL]
Mayor
Attest:
City Treasurer
proceedings.
City Clerk
(FORM OF CERTIFICATE OF A~NTICATION)
CERTIFICATE OF AUTHF_aNTICATION
This Bond is one of the Bonds delivered pursuant to the within-mentioned
CENTRAL FIDELITY BANK, Registrar
By:
Authorized Officer
Date of Authentication:
(FORM OF ASSIGNIVl~.NT}
ASSIGNMI~.NT
FOR VALUED RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
- 12-
(Please print or type name and address, including postal zip code of Transferee)
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
I
the within Bond and all rights thereunder, hereby irrevocably constituting and appointing
, Attorney, to transfer such Bond
on the books kept for the registration thereof, with full power of substitution in the premises.
Dated:
Signature Guaranteed
NOTICE: Signature(s) must be
guaranteed by a member firm
of The New York Stock Exchange,
Inc. or a commercial bank or
trust company.
(Signature of Registered Owner)
NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears on the front of this
Bond in every particular, without alteration
or enlargement or any change whatsoever.
13-
The 1992B Bonds, the certificate of authentication of the registrar, and the
assignment endorsed on the 1992B Bonds, shall be in substantially the following forms,
respectively, to-wit:
~FORM OF 1992B BOND)
UNITED STATES OF AMla~CA
COMMONWEALTH OF VIRGINIA
CITY OF ROANOKE
GENERAL OBLIGATION PUBLIC IMPROVEMENT AND REFUNDING BOND
SERIES OF 1992B
No. R- $
MATURITY DATE: INTEREST RATE: DATE OF BOND: CUSIP NO.:
AUGUST 1,
REGISTERED OWNER:
JANUARY 1, 1992
PRINCIPAL SUM:
DOLLARS
KNOW ALL MEN BY THESE PRESEN'I~, that the City of Roanoke, in the
Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and
hereby promises to pay to the Registered Owner (named above), or registered assigns, on
the Maturity Date (specified above) (unless this Bond shall be subject to prior redemption
and shall have been duly called for previous redemption and payment of the redemption
price duly made or provided for), the Principal Sum (specified above), and to pay interest
on such Principal Sum on the first day of February and on the first day of August of each
year, commencing on the fh'st day of August, 1992 (each such date is hereinafter referred
to as an "interest payment date"), from the date hereof or from the interest payment date
next preceding the date of authentication hereof to which interest shall have been paid,
unless such date of authentication is an interest payment date, in which case from such
interest payment date, or unless such date of authentication is within the period from the
sixteenth (16th) day to the last day of the calendar month next preceding the following
interest payment date, in which case from such following interest payment date, such interest
to be paid until the maturity or redemption hereof at the Interest Rate (specified above) per
annum, by check or draft mailed by the Paying Agent hereinafter mentioned to the
Registered Owner in whose name this Bond is registered upon the books of registry, as of
the close of business on the fifteenth (15th) day (whether or not a business day) of the
calendar month next preceding each interest payment date. The principal of, and premium,
- 14-
if any, on this Bond are payable on presemation and surrender hereof, at the principal
corporate trust office of Central Fidelity Bank, the Registrar and Paying Agent, in the City
of Richmond, Virginia. Principal of, premium, if any, and interest on this Bond are payable
in any coin or currency of the United States of America which, on the respective dates of
payment thereof, shall be legal tender for public and private debts.
This Bond is one of a series of Bonds of like date, denomination and tenor
except as to number, interest and maturity issued for the purpose of providing funds to
defray the cost of capital improvement projects of and for the City and for the purpose of
providing funds to provide for the refunding in advance of their stated maturity of certain
general obligation public improvement bonds heretofore issued by the City, under and
pursuant to and in full compliance with the Constitution and statutes of the Commonwealth
of Virginia, including Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being
the Public Finance Act of 1991), the Charter of the City and ordinances and resolutions and
other proceedings of the Council of the City duly adopted and taken under such Chapter 5.1.
The Bonds of the issue of which this Bond is one (or portions of the principal
amount thereof in installments of $5,000) maturing on and after August l, 2002, are subject
to redemption at the option of the City prior to their stated maturities on or after August l,
2001, in whole or in part from time to time, from any moneys that may be made available
for that purpose, in such order as may be determined by the City (except that if at any time
less than all of the Bonds of a given maturity are called for redemption, the particular Bonds
or portions thereof in installments of $5,000 of such maturity to be redeemed shall be
selected by lot), upon payment of the principal amount of the Bonds (or portions thereof
in installments of $5,000) to be redeemed, together with the interest accrued thereon to the
date fixed for redemption, plus a premium of one quarter (1/4) of one percent (1%) of the
principal amount of each Bond (or portion thereof in installments of $5,000) to be redeemed
for each twelve (12) month period or fraction thereof between the date fixed for redemption
and the stated maturity date of such Bond.
If this Bond is redeemable and this Bond (or any portion of the principal
amount hereof in installments of $5,000) shall be called for redemption, notice of the
redemption hereof, specifying the date, number and maturity of this Bond, the date and
place or places fixed for its redemption, the premium, if any, payable upon such redemption,
and if less than the entire principal amount of this bond is to be redeemed, that this Bond
must be surrendered in exchange for the principal amount hereof to be redeemed and a new
Bond or Bonds issued equalling in principal amount that portion of the principal amount
hereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date
fixed for redemption, by first class mail, postage prepaid, to the Registered Owner hereof
at his address as it appears on the books of registry kept by the Registrar as of the close of
business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of
the redemption of this Bond (or the portion of the principal amount hereof to be redeemed)
shall have been given as aforesaid, and payment of the principal amount of this Bond (or
the portion of the principal amount hereof to be redeemed) and of the accrued interest and
premium, if any, payable upon such redemption shall have been duly made or provided for,
- 15 -
interest hereon shall cease to accrue from and after the date so specified for the redemption
hereof.
Subject to the limitations and upon payment of the charges, if any, provided
in the proceedings authorizing the Bonds of the series of which this Bond is one, this Bond
may be exchanged at the principal corporate trust office of the Registrar for 'h like aggregate
principal amount of Bonds of other authorized principal amounts and of the same series,
interest rate and maturity. This Bond is transferable by the Registered Owner hereof, in
person or by his attorney duly authorized in writing, on the books of registry kept by the
Registrar for such purpose at the principal corporate trust office of the Registrar but only
in the manner, subject to the limitations and upon payment of the charges, if any, provided
in the proceedings authorizing the Bonds of the series of which this Bond is one, and upon
the surrender hereof for cancellation. Upon such transfer a new Bond or Bonds of
authorized denominations and of the same aggregate principal amount, series, interest rate
and maturity as the Bond surrendered, will be issued to the transferee in exchange herefor.
This Bond shall not be valid or obligatory unless the certificate of
authentication hereon shall have been manually signed by an authorized officer of the
Registrar.
It is certified, recited and declared that all acts, conditions and things required
to exist, happen or be performed precedent to and in the issuance of this Bond do exist,
have happened and have been performed in due time, form and manner as required by law,
and that the amount of this Bond, together with all other indebtedness of the City does not
exceed any limitation of indebtedness prescn30ed by the Constitution or statutes of the
Commonwealth of Virginia or the Charter of the City.
The full faith and credit of the City are irrevocably pledged to the punctual
payment of the principal of and interest on this Bond as the same become due.
IN WITNESS WHEREOF, the City has caused this Bond to be executed by
the manual or facsimile signatures of its Mayor and its City Treasurer; a facsimile of the
corporate seal of the City to be imprinted hereon attested by the manual or facsimile
signature of the City Clerk of the City; and this Bond to be dated as of the first day of
January, 1992.
CITY OF ROANOKE, VIRGINIA
[SEAL]
Mayor
City Treasurer
Attest:
- 16-
proceedings.
City Clerk
(I~ORM OF CERTIFICATE OF AUTHgNTICATION)
CERTIFICATE OF AI. YrHF~NTICATION
This Bond is one of the Bonds delivered pursuant to the within-mentioned
CENTRAL FIDELITY BANK, Registrar
By:
Authorized Officer
Date of Authentication:
(FORM OF ASSIGNMENT)
ASSIGNMENT
FOR VALUED RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
(Please print or type name and address, including postal zip code of Transferee)
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
I
the within Bond and all rights thereunder, hereby irrevocably constituting and appointing
., Attorney, to transfer such Bond
on the books kept for the registration thereof, with full power of substitution in the premises.
- 17 -
Dated:
Signature Guaranteed
NOTICE: Signature(s) must be
guaranteed by a member firm
of The New York Stock Exchange,
Inc. or a commercial bank or
trust company.
(Signature of Registered Owner)
NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears on the front of this
Bond in every particular, without alteration
or enlargement or any change whatsoever.
SECI'ION 12. (a) The net proceeds from the sale of the 199'2A Bonds shall
be used to defray the co~t of the City of Roanoke of needed permanent public
improvements, including acquisitions, construction of and to public buildings, school
buildings, the system of storm drains, public sidewalks, curbing, street% highway~ and bridges,
and the acquisition of real property for the foregoing; and for no other purpose.
(b) A portion of the net proceeds from the sale of the 1992B BOnds shall
be deposited with the Escrow Agent appointed in Section 13 hereof under the Refunding
Trust Agreement to provide for the refunding in advance of their maturities of the Refunded
Bonds, and the balance of such net proceeds shall be applied ~o the purposes specified in
Ordinance Nos. 29878-121889, and_30793-112591
SECTION 13. (a) The form of the Refunding Trust' Agreement, dated as of
Sanuary 1, 1992 (the 'Refunding Trust Agreement"), by and between the City and Dominion
Trust Company, as Escrow Agent (the "Escrow Agent"), presented to and filed with the
minutes of the meeting of this Council at which this Ordinance is being adopted, and the
terms, conditions and provisions thereof, are hereby approved, ratified and confirmed by this
Council, and the City Manager and the Director of Finance, or either of them, are hereby
authorized and directed to execute and deliver to the Escrow Agent the Refunding Trust
Agreement in substantially such form, together with such changes as shall be approved by
the City Manager and the Director of Finance, or either of them, upon the advice of counsel
(including the City Attorney or Bond Counsel), such approval to be conclusively evidenced
by their execution thereof.
(b) The appointment of Dominion Trust Company as Escrow Agent under
the Refunding Trust Agreement is hereby approved, ratified and confirmed by this Council.
(c) The City Manager and the Director of Finance of the City, or either
of them, are hereby authorized to execute, on behalf of the City, subscriptions for United
- 18-
States Treasury Obligations - State and Local Government Series, to be purchased by the
Escrow Agent from moneys deposited in the 1992 Refunding Trust Fund created and
established under the Refunding Trust Agreement. Such United States Treasury Obligations
- State and Local Government Series so purchased shall be held by the Escrow Agent under
and in accordance with the provisions of the Refunding Trust Agreement.
SECTION 14. This Council hereby designates thc Refunded Bonds maturing
on August 1 in each of the years 1995 to 2000, both inclusive, for redemption on August 1,
1994 at redemption prices equal to the respective principal amounts of the Refunded Bonds
to be redeemed, together with the interest accrued thereon to such redemption date, plus
a premium of one-quarter of one percent (1/4 of 1%) of such respective principal amounts
for each twelve (12) month period or fraction thereof between such redemption date and
the respective stated maturity dates of such Refunded Bonds. The City Manager is hereby
authorized and directed to deliver to Dominion Trust Company, as Escrow Agent under the
Refunding Trust Agreement, irrevocable written instructions to give, or to cause Crestar
Bank, as Paying Agent for the Refunded Bonds to give, notice, in the name and on behalf
of the City, to the registered owners of the Refunded Bonds maturing on August 1 in each
of the years 1995 to 2000, both inclusive, of the redemption of such Refunded Bonds, such
notice to be given at the times and in the manner and at the time or times provided in
Paragraph l(.j) of the resolution adopted by this Council on June 24, 1985 authorizing the
issuance of the Refunded Bonds and to be in substantially the form set forth as Exhibit III
to the Refunding Trust Agreement.
SECTION 15. (a) The Mayor is hereby authorized and directed to execute
and deliver to the purchasers an Official Statement of the City, dated December 10, 1991,
relating to the Bonds (the "Official Statement"), in substantially the form of the Preliminary
Official Statement, dated November 27, 1991, relating to the Bonds (the "Preliminary Official
Statement"), presented to the meeting of this Council at which this Ordinance is being
adopted, after the same has been completed by the insertion of the maturities, interest rates
and other details of the Bonds and by making such other insertions, changes or corrections
as the Mayor, based on the adv/ce of the City's financial advisors and legal counsel
(including the City Attorney and Bond Counsel), deems necessary or appropriate; and this
Council hereby authorizes the Official Statement and the information contained therein to
be used by the purchasers in connection with the sale of the Bonds. The Preliminary Official
Statement is "deemed final" for purposes of Rule 15c2-12 promulgated by the Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934. The City Manager
and the Director of Finance are hereby authorized and directed to execute on behalf of the
City and deliver to the purchasers a certificate in substantially the form referred to in the
Official Statement under the caption "Certificate Concerning Official Statement".
(b) The action of the City Manager, the Director of Finance and other
officers and employees of the City in causing to be published the Summary Notice of Sale
of the Bonds in The Bond Buyer on November 26, 1991, and in causing to be prepared and
distributed the Preliminary Official Statement, the Detailed Notice of Sale and the Official
Proposal Form relating to the Bonds, and the terms, conditions and provisions thereof are
- 19-
hereby approved, ratified and confirmed by this Council. All actions and proceedings
heretofore taken by this Council, the City Manager, the Director of Finance and the other
officers, employees, agents and attorneys of and for the City in connection with the issuance
and sale of the Bonds are hereby ratified and confirmed.
SEL-~ION 16. The City Clerk is hereby directed to file a copy of this
Ordinance, certified by such City Clerk to be a true copy hereof, with the Circuit Court of
the City of Roanoke, Virginia, all in accordance with Section 15.1-227.9 of the Code of
Virginia, 1950.
SECTION 17. All ordinances and proceedings in conflict herewith are, to the
extent of such conflict, repealed. This Ordinance shall constitute a "resolution" for purposes
of Section 15.1-227.9 of the Code of Virginia, 1950.
SECTION 18. In order to provide for the public health and safety and for the
usual daily operation of the municipal government, an emergency is deemed to exist, and
this Ordinance shall be in full force and effect upon its passage.
ATFEST:
City Clerk
MARY F. pAR~ER
City Clerk
CITY OF ROANOKE
OFFICE OF THE CITY CLERK
215 Church Avenue, S.W., Room 456
Roanoke, Virginia 24011
Telephone: (703)981-2541
December 12, 1991
SANDRA H. EAKIN
Deputy City Clerk
File #53B
Mr. Paul D. Mul~r
Kidder, Peabody & Co., Inc.
10 Hanover Square
New York, New York 10005
Dear Mr. Muller:
I am enclosing a certified copy of Ordinance No. 30821-121091 authorizing the
issuance of $17,165,000.00 principal amount of General Obligation Public
Improvement Refunding Bonds of the City of Roanoke, Virginia, and approving the
sale of such bonds as part of a combined issue of $68,720,000.00 aggregate principai
amount of general obligation bonds of the City of Roanoke, Virginia; fixing the form,
denomination and certain other details of such bonds; accepting a proposal of
Kidder, Peabody & Co., Inc., for the purchase of such bonds; and fixing the rates
of interest to be borne by such bonds. Ordinance No. 30821-121091 was adopted by
a special meeting held on Tuesday,
the Council of the City of Roanoke at
December 10, 1991.
Sincerely,
Mary F. Parker, CMC/AAE
City Clerk
MFP:sw
Enc o
Ok-ViCI, AL PROPOSAL FORM
$68,720,000
~rrY' OF ROANOKE, VIRGINIA,
GENIe;RAL OBLIGATION BONDS
December 10, 1991
City Council of the
City of Roanoke, Virginia
Municipal Building,
Roanoke, Virginia 24011
Sirs:
We offer to purchase all, but not less than all, of the $68,720,000 principal amount of General
Obligation Bonds, consisting of $15,250,000 principal amount of General Obligation Public Improvement
Bonds, Series 1992A, and $53,470,000 principal amount of General Obligation Public Improvement and
Refunding Bonds, Series 1992B (the "Bonds"), of the City of Roanoke, Virginia, to be dated January 1, 1992,
turin as to tinct al as set forth in and being as othelxvise ~scrib~l~ in the D~e/taile~l~/N~.oti~ ~of. Sale~,~$1atg~
~moavemoger~., L,,--P--- ~ ~ r, :- " ' .5c.~' ~/zv~nq.-e~/~q~q-~
........ ~t the .rice of. 59'~r ¢~' ~.t¢ ~ ,~-.Z~'-~, / . "2'//~'-~
Dollars ($ ;~ ), which is /(J~,~ ~'~o of the par value thereof. We will pay accrued interest
the date of th~ Bonds to the date of the delivery thereof and payment therefor.
/ The Bonds shall mature on August 1 in each of the years and in the pnn.clpal amo.unts,
shall bear interest payable on August 1, 1992 and semiannually on each August 1 and Feomary i tnereaner
at the rate per annum, as follows:
Year
Series 1992A Series 1992B Interest Series 1992A Series 1992B Interest
Bonds Bonds Rate Year Bonds Bonds Rate
1992 $-0- $ 160,000 ~o°~% 2003 $760,000 $3,535,000
1993 765,000 175,000 ~.:5 ~' 2004 760,000 3,660,000
1994 765,000 2,620,000 ,~5/(:' 2005 760,000 3,795,000
1995 765,000 2,785,000 .~ ;.ffff 2006 760,000 1,910,000
1996 765,000 2,855,000 ~-~z~ 2007 760,000 1,940,000
1997 765,000 2,930,000 ,5'5)'C, 2008 760,000 1,975,000
1998 765,000 3,010,000 ~.-.~d 2009 760,000 2,010,000
1999 765,000 3,105,000 ~---~g 2010 760,000 2,050,000
2000 765,000 3,195,000 ~'---~" 2011 760,000 2,090,000
2001 765,000 3,300,000 .~'g' 2012 760,000 1,480,000
2002 765,000 3,410,000 ~ .~'~' 2013 -0- 1,480,000
-1-
We enclose herewith as a good faith deposit a certified or bank treasurer's or cashier's check
for $687,200 payable to the order of the City of Roanoke, Virginia. Such check is to be returned to us if this
Proposal is not accepted. If this Proposal is accepted, such check shall be deposited by such City and the
proceeds thereof applied in accordance with the aforesaid Detailed Notice of Sale. It is agreed that no interest
will be paid on such good faith check or the proceeds thereof.
We agree that we shall make a bona fide initial public offering of the Bonds of each maturity
at initial public offering price$/yields (exclusive of accrued interest) not in excess of the initial public offering
prices/yields to be set forth in the certificate to be furnished to the City in accordance with the Detailed Notice
of Sale.
This Proposal is submitted in accordance with and subject to all provisions contained in the
aforesaid Detailed Notice of Sale, which Detailed Notice of Sale is hereby made a part of this Proposal.
The names of the undetvmiters who are ~ated for the purpose of this Proposal are either
listed on the reverse side hereof or on a separate sheet attached hereto.
Very truly yours,
Authorized Officer
No addition or alteration, except as provided above, is to be made to this Proposal.
(NOTE: the following is stated for information only and is not a part of the above Proposal.
The True or Canadian interest cost for the above Proposal computed in accordance with the Detailed Notice
of Sale is
-2-