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Home My WebLink AboutCouncil Actions 01-18-94 SpROANOKE CITY COUNCIL SPECIAL SESSION JANUARY 18, 1994 12:00 NOON 31844 1. Call to Order. 2. Roll Call. Council Members Bowles and Harvey were absent. 3. Invocation. 4. Pledge of Allegiance to the Flag of the United States of America. 5. Statement of Purpose: Mayor Bowers. 6. Opening and reading of proposals. Ms. Parker. 7. Appointment of a committee to study proposals. Mayor Bowers. 8. Recess. (lunch). 9. Following recess: Report and recommendation of the proposal committee. Mr. Grisso. Adopted Ordinance No. 3184~ 011894 accepting a proposal for the purchase and issuance of $35.8 million principal amount of City of Roanoke, Vkginia~ General Obligation Public Improvement Bonds, Series 1994. (5-0) 10. Adjournment. ROANOKE CITY COUNCIL SPECIAL SESSION JANUARY 18, 1994 12:00 NOON 1. Call to Order. 2. Roll Call. 3. Invocation. Pledge of Allegiance to the Flag of the United States of America. Statement of Purpose: Mayor Bowers. The purpose of the special meeting is to receive sealed proposals for the purchase of $35,800,000.00 principal amount of General Obligation Public Improvement Bonds, Series 1994, of the City of Roanoke. As part of this meeting, the bonds will be awarded to the successful bidder therefor. The bonds are being issued to provide funds to defray the cost to the City of certain public improvements as follows: Hotel Roanoke Conference Center City Jail Expansion Juvenile Detention Home Expansion $13,800,000.00 4,800,000.00 1,5~,000.00 $20,100,000.00 Sewage Treatment Plant Expansion and System Improvements 15,700,000.00 Total Uses of Bond Proceeds This special meeting is called pursuant to Section 10, Meetings of Council, of the Roanoke City Charter. Inquire as to whether any bidder has a question with regard to the proposal relative to temas and conditions upon which the bids were submitted. Opening and reading of the bids by the City Clerk. Following a motion adopted by Council, appointment by the Mayor of a committee to study the proposals. (Suggested names are Mr. Grisso, Chairperson, and Messrs. Herbert, Dibling, Hall and Crew.) Recess the meeting in order that proposals may be studied. When the meeting is reconvened at 1:30 p.m., the Chairperson of the proposal committee will present a report and recommendation. Adoption of ordinance. Advise unsuccessful bidders that they may pick up their bid deposits in the City Clerk's Office, Room 456. 6. Adjournment. DAVID A. BOWERS Mayor CITY OF ROANOKE OFFICE OF THE MAYOR 215 Church Avenue~ S,W., Room 452 Roanoke, Virginia 24011-I 594 Tele phone: ( 703 ) 981-2444 January 13, 1994 The Honorable Members of the Roanoke City Council Roanoke, Virginia Dear Mrs. Bowles and Gentlemen: Pursuant to Section 10, Meetings of Council, of the Roanoke City Charter, I am calling a special meeting of the Roanoke City Council on Tuesday, January 18, 1994, at 12:00 noon, in the Roanoke City Council Chamber. The purpose of the special meeting will be to receive sealed proposals for the purchase of $35,800,000.00 principal amount of General Obligation Public Improvement Bonds, Series 1994, of the City of Roanoke. As part of the same meeting, the bonds will be awarded to the successful bidder therefor. The bonds are being issued to provide funds to defray the cost to the City of certain public improvements as follows: Hotel Roanoke Conference Center City Jail Expansion Juvenile Detention Home Expansion $13,800,000.00 4,800,000.00 1,500~000.00 $20,100,000.00 Sewage Treatment Plant Expansion and System Improvements 15,700,000.00 Total Uses of Bond Proceeds $35,800,000.00 Sincerely. q~ivid A. Bowers Mayor DAB:sm pc: W. Robert Herbert, City Manager James D. Rit~hie, Assistant City Manager Wilburn C. Dibling, Jr., City Attorney James D. Grisso, Director of Finance Mary F. Parker, City Clerk Willard N. Claytor, Director of Real Estate Valuation Robert H. Bird, Municipal Auditor MARY F. PA~k'k~u City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 215 Church Avenue, S.W.. R~om 456 Roanoke. Virginia 24011 Telephone: (?0a) 9~ 1-2541 SANDRA H. EAKIN Deputy City Clerk January 20, 1994 File #27-53-123-247-305=468 The Honorable Arthur B. Crush, III 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 copy of Ordinance No. 31844-011894, which has been certified to be a true copy, accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. Sincerely, Mary F. Parker, CMC/AAE City Clerk MFP: sm Enc. pc: Wilburn C. Dibling, Jr., City Attorney MARY F. PAIaK~R City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 21~ Church Avenue, S.W., Room 456 Roanoke, Vir~a 24011 Telephone: (703) 9~ 1-2541 SANDRA H. EAKIN Deputy City Clerk January 20, 1994 File #27-53-123-247-305-468 James D. Grisso Director of Finance Roanoke, Virginia Dear Mr. Grisso: I am attaching a copy of Ordinance No. 31844-011894 accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. Sincerely, ~O~ Mary F. Parker, CMC/AAE City Clerk MFP: sm Enc. pc: W. Robert Herbert, City Manager Alton B. Prillaman, Secretary, Roanoke City Electoral Board, P. O. Box 2865, Roanoke, Virginia 24001 Shelva S. Painter, City Registrar MARY F. PARKER City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 21~ Church Avenue, $.W., Room Roanoke, ~'u~,fia 2~011 Telephone: (70~) 981-2~41 Deputy City Clerk January 20, 1994 File #27-53-123-247-305-468 Goldman, Sachs and Co. Merrill Lynch and Co. Paine Webber Smith Barney Shearson, Inc. Wheat, First Securities, Inc. Ladies and Gentlemen: I am enclosing a certified copy of Ordinance No. 31844-011894 accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. On behalf of the Mayor and Members of the Roanoke City Council and administrative officials, I would like to express appreciation for submitting your proposal on the abovereferenced bonds. Sincerely, y . kev, CMC/AAE City Clerk MFP: sm Enc o MARY F. pA~K~m City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 215 Church Avenue, S.W., Room 456 Roanoke, Virginia 24011 Telephone: (703) 981-2541 SANDRA H. EAKIN Deputy City Clerk January 20, 1994 File #27-53=123-247-305-468 Paul D. Muller Kidder, Peabody & Co., Inc. 10 Hanover Square New York, New York 10005 Dear Mr. Muller: I am enclosing a certified copy of Ordinance No. 31844-011894 accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. Sincerely, Mary F. Parker, CMC/AAE City Clerk MFP: sm Ene. MARY F. PAl~ C~ty Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 21~ Church Avenue, S.W., Room Roanoke, Irtr~inia 24011 Telephone: (703) 9~1-2~1 SANDRA H. EAKIN Deputy City Clerk January 20, 1994 File #27-53-123-247-305-468 Donald G. Gurney, Esquire Hawkins, Delafield and Wood 67 Wall Street New York, New York 10005 Dear Mr. Gurney: I am enclosing a certified copy of Ordinance No. 31844-011894 accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. Sincerely, ft~t~ Mary F. Parker, CMC/AAE City Clerk MFP: sm Eno. pc: George B. Pugh, Jr., Cvaigie, Inc., 823 East Main Street, Richmond, Virginia 23219 MARY F. PARKER City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 215 Church Avenue, S.W., Room 456 Roanoke, Virginia 24011 Telephone: (70~) 981-2~1 SANDRA H. EAKIN Deputy City Clerk January 20, 1994 File #27=53-123-247-305-468 The Honorable Gordon E. Peters City Treasurer Roanoke, Virginia Dear Mr. Peters: I am attaching a certified copy of Ordinance No. 31844-011894 accepting the proposal of Kidder, Peabody & Co., Inc., for the purchase of the issuance of $35,800,000.00 principal amount of City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994; and fixing the rates of interest to be borne by such bonds. Ordinance No. 31844-011894 was adopted by the Council of the City of Roanoke at a special meeting held on Tuesday, January 18, 1994. MFP: sm Sincerely, ~~ Mary F. Parker, CMC/AAE City Clerk Eno. IN THE COUNCIL OF THE CITY OF ROANOKE, VIRGINIA The 18th day of January, 1994. No. 31844-011894. AN ORDINANCE ACCEPTING A PROPOSAL FOR THE PURCHASE OF THE ISSUANCE OF THIRTY-FIVE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($35,800,000) PRINCIPAL AMOUNT OF CITY OF ROANOKE, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1994; 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) 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. 31375- 040593 adopted by this Council on April 5, 1993, this Council has authorized the issuance of General Obligation Public Improvement Bonds in the principal amount of $20,100,000, for the purposes specified in Ordinance No. 31375-040593, and deems its advisable and in the best interest of the City of Roanoke, Virginia (the "City"), to provide at this time for the issuance, sale and delivery of the General Obligation Public Improvement Bonds so authorized. (b) 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. 31782-122093 adopted by this Council on December 20, 1993, this Council has authorized the issuance of General Obligation Public Improvement Bonds in the principal amount of $15,700,000, for the purposes specified in Ordinance No. 31782-122093, 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. (c) 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) and (b) of this Section 1 as part of an issue of general obligation bonds of the City in an aggregate principal amount of $35,800,000 to be known and designated as "City of Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 1994" (the "Bonds"). (d) On January 3, 1994, the Director of Finance caused a Su~nmary Notice of Sale (the "Summary Notice of Sale") of the Bonds 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 January 3, 1994 (the "Detailed Notice of Sale"), to be prepared and distributed to prospective purchasers of the Bonds. (e) The Summary Notice of Sale and the Detailed Notice of Sale provided that sealed proposals for the purchase of the Bonds would be received by or on behalf of the City, at the office of the City Clerk, Room 456, in the Municipal -2- Building, Roanoke, Virginia, until 11: 30 A.M., Virginia time, on Tuesday, January 18, 1994, at which time and place all proposals would be publicly opened. (f) Pursuant to the Detailed Notice of Sale, six (6) proposals for the purchase of the Bonds were received, each accompanied by a certified or bank treasurer's or cashier's good faith check in the amount of $358,000 payable to the order of City of Roanoke, Virginia (or a Surety Bond delivered in accordance with the provisions of the Detailed Notice of Sale). The names of the bidders submitting each such proposal, the purchase price for the Bonds specified in each such proposal and the true 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 True Purchase Price Interest Specified Cost Kidder Peabody & Co. ,Inc. Goldman, Sachs & Co. Merrill Lynch, Pierce, Fenner & Smith PaineWebber, Inc. Smith Barney, Shearson, Inc. Wheat First Securities, Inc. $ 35,803,424.45 5.05865% 35,808,784.95 5.105746% 35,800,000.00 35,811,300.05 36,416,097.25 35,800,000.00 5.109762% 5.1241% 5.2401% 5.1233% (g) 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 interest cost to the City, such cost being determined by doubling the semiannual interest rate (compounded semiannually) necessary to discount the principal and interest payments, excluding interest accrued to the delivery date, on the Bonds from the dates of payment thereof to the date of the Bonds and to the price bid; 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. The Proposal, being a proposal to purchase the Bonds at the price of thirty-five million, eight hundred three thousand, four hundred twenty- four dollars and forty-five cents ($35,803,424.45), plus accrued interest from tile 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 4 hereof, is hereby accepted and the Bonds are hereby awarded to the Purchaser. SECTION 3. The good faith check (or the proceeds of the Surety Bond) accompanying the Proposal of the Purchaser shall be deposited by the City T reasu re r and such proceeds shall be applied in accordance with the terms of the Detaih,d Notice of Sale and the good faith checks or Surety Bonds accompanying the other proposals received as aforesaid for the purchase of the Bonds shall be forthwith returned. SECTION 4. The details of the Bonds as set forth in the Detailed Notice of Sale are hereby ratified, approved and confirmed. -3- The Bonds shall be dated January 1, 1994; shall be numbered from No. R-1 upwards in order of issuance or as shall otherwise be provided by the Director of Finance; shall 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, 1994 and semiannually on each February ] and August 1 thereafter, at the rates set forth below: Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate 1995 1996 1997 1998 1999 2000 2001 2002 2O03 2004 2005 2006 2007 2008 2009 $ 345 000 585000 585,000 945,000 925000 335000 1,490 000 1,185,000 1,275,000 1,330,000 1,380,000 1,435,000 1,550,000 1,605,000 1,670,000 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.80% 4.90% 5.O0% 2010 $1,740,000 5.00% 2011 1,815,000 5.10% 2012 1,895,000 5.15% 2013 1,970,000 5.20% 2014 2,045,000 5.20% 2015 750,000 5.25% 2016 795,000 5.25% 2019 2,660,000 5.25% 2024 5,490,000 5.25% The Bonds shall be issued only in fully registered form. One Bond representing each maturity will be issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), as registered owner of the Bonds, and each such Bond shall be immobilized in the custody of DTC. DTC will act as securities depository for the Bonds. Individu~tl purchases will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof. Purchasers will not receive physical delivery of certificates representing their interest in the Bonds purchased. The Purchaser, as a condition to delivery of the Bonds, will be required to deposit the Bond certificates representing each maturity of the Bonds with DTC. Principal, premium, if any, and interest payments on the Bonds will be made on behalf of the City by wire transfer to DTC or its nominee, Cede & Co., as registered owner of the Bonds, which will in turn remit such payments to the DTC participants for subsequent disbursal to the beneficial owners of the Bonds. Transfers of principal, premium, if any, and interest payments to DTC participants will be the responsibility of DTC. Transfers of such payments to beneficial owners of the Bonds by DTC participants will be the responsibility of such participants and other nominees of such beneficial owners. Transfers of ownership interests in the Bonds will be accomplished by book entries made by DTC and, in turn, by the DTC participants who act on behalf of the indirect participants of DTC and the beneficial owners of the Bonds. -4- The City wiii not be responsible or liabie for sending transaction statements or for maintaining, supervising or reviewing records maintained by DTC, its participants or persons acting through such participants or for transmitting payments to, communicating with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as the Bonds are in book-entry oniy form, Central Fidelity Bank in the City of Richmond, Virginia, will serve as Registrar and Paying Agent for the Bonds. The City reserves the right to designate a successor Registrar and Paying Agent for the Bonds if the Bonds at any time cease to be in book-entry only form. The Bonds maturing on and after August 1, 2005 (or portions thereof in installments of $5,000) shall be subject to redemption at the option of the City prior to their stated maturities, on or after August 1, 2004, in whole at any time, or in part from time to time on any interest payment date, 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 of such maturity or portions thereof in installments of $5,000 to be redeemed shall be selected by lot), upon the payment of the following redemption prices (expressed as a perceatage of the principal amount of the Bonds to be redeemed), together with the interest accrued thereon to the date fixed for the redemption thereof: Redemption Dates (Both Dates Inclusive) Redemption Prices (Percentage of Principal Amount) August 1, 2004 to July 31, 2005 August 1, 2005 to July 31, 2006 August 1, 2006 and thereafter 102% 101 100 The Bonds maturing on August 1, 2019, shall be subject to mandatory sinking fund redemption on August 1, 2017, and on each August 1 thereafter to and including August 1, 2019, in the principal amounts in each year set forth below, in the case of redemption with the particular Bond or Bonds or portions thereof to he redeemed to be selected by lot, upon payment of the principal amount of the Bonds to be redeemed, together with the interest accrued on the principal amount to be redeemed to the date fixed for the redemption thereof: (August 1) Principal Amount 2017 $ 840,000 2018 885,000 2019 935,000 * *Maturity The City, at its option, may creditagainst such mandatory sinking fund redemption requirement the principalamount of any Bonds maturing on August 1,2019, which have been purchasedand cancelled by the City or which have been redeemed and -5- not theretoforeapplied as a credit against such mandatory sinking fund redemption requirement. The Bonds maturing on August 1, 2024, shall be subject to mandatory sinking fund redemption on August 1,2020, and on each August 1 thereafterto and including August 1, 2024, in the principal amounts in each year set forth below, in the case of redemption with the particularBond or Bonds or portions thereof to be redeemed to be selected by lot, upon payment of the principal amount of the Bonds to be redeemed, together with the interestaccrued on the principal amount to be redeemed to the date fixed fey the redemption thereof: (August 1 ) Principal Amount 2020 $ 985,000 2021 1,035,000 2022 1,095,000 2023 1,155,000 2024 1,220,000 * *Maturity The City, at its option, may creditagainst such mandatory sinking fund redemption requirement the principal amount of any Bonds maturing on August 1,2024, which have been purchased and cancelled by the City or which have been redeemed and not theretoforeapplied as a credit against such mandatory sinking fund redemption requirement. 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 thereo£, specifying the date, number and maturity of such Bond, the date and place ,)r places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrenderedin exchange for the principal amount thereo[ to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principalamount thereof not to be redeemed, shah be mailed not h?ss than thirty (30) days prior to the date fixed for redemption, by first class mail, postage prepaid,to the registeredowner of such Bonds at his addressas it appears on the books of registrykept by the Registraras of the close of business on the -6- 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 interestand premium, if any, payable upon such redemption shall have been duly made or provided for,interestthereon shall cease to accrue from and after the date so specified for the redemption thereof. So long as the Bonds arein book-entry only form, any notice of redemption shall be given only to DTC or to its nominee. The City shall not be responsible for providing any beneficial owner of the Bonds any notice of redemption. SECTION 5. The full faith and creditor the City shall be and is irrevocably pledged to the punctual payment of the principal of and intereston 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 intereston the Bonds as the same become due. SECTION 6. The Bonds shall be executed, for and on behalf of the City, by the manual or facsimile signaturesof the Mayor and City Treasurerof the City and shall have a facsimile of the corporate seal of the City imprinted thereon, attestedby the manual or facsimile signatureof the City Clerk of the City. Central Fidelity Bank in the City of Richmond, Virginia, is hereby appointed as Registrarfor the Bonds. The Director of Finance shall direct the Registrarto authenticate the Bonds and no Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on such Bond shall have been manually executed by an authorized signatorof the Registrar. Upon the authentication of any Bonds the Registrar shall insertin the certificateof authentication the date as of which such Bonds areauthenticatedas follows: (i) if a Bond is authenticated prior to the firstinterestpayment date, the certificatestla]l be dated as of the date of the initial issuance and delivery of the Bonds; (ii) if a Bond is authenticated upon an interestpayment date, the certificateshall be dated as of such interestpayment date; (iii) if a Bond is authenticatedafterthe fifteenth (15th) day of the calendar month next precedingan interestpayment date and prior to such interestpayment date, the certificate shall be dated as of such interest payment date; and (iv) in all other -7- instances the certificateshall be dated as of the interestpayment 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 7. (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 respectivedates 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. Intereston the Bonds shall be payable by check or draft mailed by tile Registrar to the registeredowners of such Bonds at their respective addresses as such addressesappear on the books of registrykept pursuant to this Section 7. (b) At all times during which any Bond remains outstanding and unpaid, the Registrarshall keep or cause to be kept at its principal corporate trustoffice books of registryfor the registration,exchange and transferor Bonds. Upon presentation at its principal corporate trustoffice for such purpose the Registrar, under such reasonable regulations as it may prescribe,shall register,exchange, transferpr cause to be registered~xchanged or transferred~n the books of rcgist~'y the Bonds as hereinbefore set forth. (c) The books of registryshall atall 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 Registrarfor a like aggregateprincipal amount of such Bonds in other authorized principal sums of the same interestrateand maturity. (e) Any Bond may, in accordance with its terms , be transferre(ilp-n the books of registryby the person in whose name it is registered~n person or by his duly authorized agent, upon surrender of such Bond to the Registrar for cancellation, accompanied by a written instrument of transferduly executed by registeredowner in person or by his duly authorized attorney,in form satis£act(,r.v to the Registrar. (f) All transfersor exchanges pursuant to this Section 7 shall I' made without expense to the registeredowners of such Bonds, except as otherw herein provided, and except that the Registrar shall require the payment by registeredowner of the Bond requestingsuch transferor exchange of any tax or other governmental charges required to be paid with respect to such transferor exchange. All Bonds surrenderedpursuantto this Section 7 shall be cancelled. SECTION 8. CUSIP identification numbers may be printed on the Bonds, but no such number shall constitutea part of the contract evidenced by the particularBond 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, erroror omission with respecttheretoor in such use; and any inaccuracy,erroror omission with respectto 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. Ail expenses in connection with the assignment and printing of CUSIP numbers on the Bonds shall be paid by the City,provided~however~ that the CUSIP Service Bureau charge for the assignment of such numbers shall be the responsibility of the Purchaser. A copy of the final legal opinion with respectto the Bonds, with the name of the attorneyor attorneys rendering the same, together with a certification of the City Clerk, executed by a facsimile signatureof that officer, to the effect that such copy is a trueand complete copy (exceptfor letterheadand 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. SECTION 9. 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 TreasuryRegulations promulgated thereunder throughout the term of the Bonds. SECTION 10. The Bonds, the certificate of authentication of the Registrar,and the assignment endorsed on the Bonds, shall be in substantially the following forms, respectively,to-wit: (FORM OF BOND) UNITED STATES OF AMERICA COMMONWF. ALT H OF VIRGINIA GENERAL -9- CITY OF ROANOKE OBLIGATION PUBLIC IMPROVEMENT SERIES 1994 BOND No. R- MATURITY DATE: INTEREST RATE: AUGUST 1, % REGISTERED OWNER: CEDE & CO. $ DATE OF BOND: CUSIP NO.: JANUARY 1, 1994 PRINCIPAL SUM: DOLLARS KNOW ALL MEN BY THESE PRESENTS, thattheCityofRoanoke, in the Commonwealth of Virginia (the "City"), for value received,acknowledges itself indebted and hereby promises to pay to the RegisteredOwner (named above), or registeredassigns,on the Maturity Date (specifiedabove) (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 (specifiedabove), and to pay intereston such Principal Sum on the firstday of February and on the firstday of August of each year,commencing on the first day of August, 1994 (each such date is hereinafter referred to as an "interestpayment date"),from the date hereof or from the interestpayment date next preceding the date of authentication hereof to which interestshall have been paid, unless such date of authentication is an interestpayment date, in which case from such interestpayment 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 interestpayment date,in which case from such following interest payment date, such interest to be paid until the maturity or redemption hereof at the InterestRate (specified above) per annum, by check or draft mailed by the Paying Agent hereinaftermentioned to the RegisteredOwner in whose name this Bond is registeredupon the books of registry~s of the close of business on the fifteenth (15th) day (whether or not a business day) of the calendar month next precedingeach interestpayment date. The principal of and premium, if any, on this Bond are payable on presentation and surrenderhereof, at the principal corporate -10- trustoffice of Central Fidelity Bank, the Registrarand Paying Agent, in the City of Richmond, Virginia. Principal of, and premium, if any, and intereston this Bond are payable in any coin or currencyof 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 seriesof Bonds of like date, denomination and tenor except as to number, interestand maturity, issued for the purpose of providing funds to defray the cost of various public improvement projects of and for the City, under and pursuantto and in full compliance with the Constitution and statutesof 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 Charterof the City and ordinances 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 1, 2005, are subject to redemption at the option of the City prior to their stated maturities, on or after August 1, 2004, in whole at any time or in part from time to time on any interestpayment date, from any moneys that may be made available for that purpose,in such orderas 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 particularBonds or portions thereof in installments of $5,000 of such maturity to be redeemed shall be selected by lot), upon payment of the following redemption prices (expressedas a percentageof the principal amount of the Bonds to be redeemed), togetherwith the interestaccrued thereon to the date fixed for tile redemption thereof: Redemption Dates .(Both Dates Inclusive) Redemption Prices (Percentageof Principal Amount) August 1, 2004 to July 31, 2005 August 1, 2005 to July 31, 2006 August 1, 2006 and thereafter 102% 101 100 The Bonds of the issue of which this Bond is one maturing on August 1, 2019, are subject to mandatory sinking fund redemption on August 1, 2017, and on each August 1 thereafter to and including August 1, 2019, in the principal amounts in each year set forth below, in the case of redemption with the particular -11 - Bond or Bonds or portions thereof to be redeemed to be selected by lot, upon payment of the principal amount of the Bonds to be redeemed, together with the interestaccrued on the principal amount to be redeemed to the date fixed for tile redemption thereof: (August 1 ) Principal Amount 2017 $ 840,000 2018 885,000 2019 935,000 * *Maturity The City, at its option, may creditagainst such mandatory sinking fund redemption requirement the principalamount of any Bonds maturing on August 1,2019, which have been purchased and cancelled by the City or which have been redeemed and not theretoforeapplied as a creditagainst such mandatory sinking fund redemption requirement. The Bonds of the issue of which this Bond is one maturing on August 1, 2024, are subject to mandatory sinking fund redemption on August 1, 2020, and on each August 1 thereafter to and including August 1, 2024, in tile principal amounts in each year set forth below, in the case of redemption with the particularBond or Bonds or portions thereof to be redeemed to be selected by lot, upon payment of the principal amount of the Bonds to be redeemed, togetherwith the interestaccrued on the principal amount to be redeemed to the date fixed for the redemption thereof: -12- Year ~ Aug'ust 1) Principal Amount 2020 $ 985,000 2021 1,035,000 2022 1,095,000 2023 1,155,000 2024 1,220,000 * *Maturity The City, at its option, may creditagainst such mandatory sinking fund redemption requirement the principalamount of any Bonds maturing on August 1,2024, which have been purchased and cancelled by the City or which have been redeemed and not theretoforeapplied as a creditagainst such mandatory sinking fund redemption requirement. 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 entireprincipal amount of this Bond is to be redeemed, that this Bond must be surrenderedin 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 RegisteredOwner of this Bond at his addressas it appearson the books of registrykept by the Registraras of the close of business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice o£ 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 (orthe portion of the principal amount hereof to be redeemed) and of the accrued interestand premium, if any, payable upon such redemption shall have been duly made or provided for,interesthereon shall cease to accrue from and after the date so specified for the redemption hereof. -13- Subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing the Bonds of the seriesof which this Bond is one, this Bond may be exchanged at the principal corporate trustoffice of the Registrar for a like aggregate principal amount of Bonds of other authorized principal amounts and of the same 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 registrykept 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 seriesof which this Bond is one, and upon the surrenderhereof for cancellation. Upon such transfera new Bond or Bonds of authorized denominations and of the same aggregate principal amount, interestrateand maturity as the Bond surrendered,will be issued to the transfereein 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 requiredby law, and that the amount of this Bond, together with all other indebtedness of the City does not exceed any limitation of indebtedness prescribedby the Constitution or statutesof the Commonwealth of Virginia or the Charterof the City. The full faith and credit of the City are irrevocably pledged to the punctual payment of the principal of and intereston this Bond as the same become due. IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or facsimile signaturesof its Mayor and its City Treasurer; a facsimile of the corporate seal of the City to be imprinted hereon attestedbv the manual or facsimile signature of the City Clerk of the City; and this Bond ~o he dated as of the firstday of January, 1994. - 14 - CITY OF ROANOKE, VIRGINIA [SEAL] Mayor Attest: City Treasurer City Clerk (FORM OF CERTIFICATE OF AUTHENTICATION) CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds delivered pursuant to the within- mentioned proceedings. CENTRAL FIDELITY BANK, Registrar By: Authorized Officer Date of Authentication: FOR VALUED and transfer(s) unto - 15- (FORM OF ASSIGNMENT) ASSIGNMENT RECEIVED the u'ndersigned hereby sell(s) ,assign(s) (Please print or type name and address,including postal zip code of Transferee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE the within Bond and all rights thereunder, hereby irrevocably constituting and appointing , Attorney, to transfer such Bond on the books kept for the registrationthereof,with full power of substitution in the premises. Dated: Signature Guaranteed - 16- NOTICE: Signature(s) must be guaranteed by a member firm of The New York Stock Exchange, Inc. or a commercial bank or trustcompany. (Signatureof 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. SECTION 11. The net proceeds from the sale of the Bonds shall be applied to the purposes specified in Ordinances Nos. 31375-040593 and 31782- 122093. SECTION 12. (a) The Mayor is hereby authorized and directed to execute and deliver to the purchasers an Official Statement of the City, dated January 18, 1994, relatingto the Bonds (the "Official Statement"), in substantially the form of the Preliminary Official Statement, dated January 3, 1994, relating to the Bonds (the "Preliminary Official Statement"), presentedto the meeting of this Council at which this Ordinance is being adopted, after the same has been completed by the insertion of the maturities,interestratesand other details of the Bonds and by making such other insertions,changes or corrections as the Mayor, based on the advice of the City'sfinancial advisorsand legal counsel (including the City Attorney and Bond Counsel), deems necessaryor 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 Securitiesand Exchange Commission pursuantto the Securities Exchange Act of 19~4. The City Manager and the Director of Finance are hereby authorized and directed to execute on behalf of the City and deliver to the purchasersa certificatein substantiallythe form referredto 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 - 17- Notice of Sale of the Bonds in The Bond Buyer on January3, 1994, and in causing to be prepared and distributed the Preliminary Official Statement, the Detailed Notice of Sale and the Official Proposal Form relatingto the Bonds, and the terms, conditions and provisions thereof are hereby approved, ratified and confirmed by this Council. All actions and proceedings heretofore taken by this Council, tile City Manager, the Director of Finance and the other officers, employees, agents and attorneysof and for the City in connection with the issuance and sale of the Bonds are hereby ratified and confirmed. SECTION 13. 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 14. 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 15. In orderto provide for the public health and safetyand 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. ATTEST: City Clerk. - 17- Notice of Sale of the Bonds in The Bond Buyer on January3, 1994, and in causing to be prepared and distributed the Preliminary Official Statement, the Detailed Notice of Sale and the Offlcia! Proposal Form relatingto the Bonds, and the terms, conditions and provisions thereof are 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 attorneysof and for the City in connection with the issuance and sale of the Bonds are hereby ratified and confirmed. SECTION 13. The City Clerk is hereby directedto 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, ali in accordance with Section 15.1-227.9 of the Code of Virginia, 1950. SECTION 14. 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 15. In orderto provide for the public health and safetyand 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. ATT EST: City Clerk. FOR THE OFFICIAL PROPOSAL FORM PURCHASE OF $35,800,000 CITy OF ROANOKE, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDs, SERIEs 1994 City Council of the City of Roanoke, Virginia Municipal Building, Room 456 215 Church Avenue, S.W. ROanoke, Virginia 24011 Name of Firm: Dear Councilmembers: We offer to purchase all, but not less than all, of the $35,800,000 principal amount of General Obligation Public Improvement Bunds, Series 1994 (the "Bunds *), of the City of Roano to bedat.ed January 1, 1994, described in the Detalled Notice of Sale, ted Jan 3 1 ke, Virginia(the 'City"), at the pnce of par ($35,800,000), plus a premium of ~',c,~-~'d 994, pre arcd f -~ ~,nus to the aate of the d~uars ($~a~d bear interest payable on August 1, m each of the years and in the principal amounts, and shall rates per annum, as follows: 1994 and semiannually on each August I and February I thereafter at the interest MATURITy SCHEDULE Mandatory Principal Interest Principal Interest Serial Fund Sinking Y~ Amount Rate Year Amount Rate ~ /nstallment 1995 $ 345,000 ~% 2010 $1,740,000 q"'~ N/A 1996 585,000 ~.9_~._~ 2011 N/A 1997 585,000 1,815,000 ~ N/A ~"-,-~ 2012 1,895,000 N/A 1998 945,000 $c.~_e~ 2013 ~.~.~.~.~.~.~.~.~.~g'- N/A N/A 1999 925,000 ~6t:.__~_~ 1,970,000 ..~o N/A N/A 2000 335,000 2014 2,045,000 ~ N/A N/A 2015 750,000 ..,~_~5~ 2001 1,490,000 '~ 2016 795,000 2002 1,185,000 q~'"'~:~ 2017 840,000 2003 1,275,000 ,~5~_0 2018 885,000 2004 1,330,000 ~_o 2019 935,000 2005 1,380,000 ~_~_~o 2020 985,000 2006 1,435,000 ~-~ 2021 1,035,000 2007 1,550,000 ~__.~.0 2022 1,095,000 2008 1,605,000 ~__~g9 2023 1,155,000 2009 1,670,000 ~_, 0 ~ 2024 1,220,000 ._~.g_ ~ ~ The mandatory sinking fund instal' ~ '~ on or aflter August 1, 2015 shall be combined into one or more term Bunds maturing in the years and bearing · lments indicated on the foregoing maturity schedule and Payable interest as follows: Year of Total Term Bond First Principal Maturity Date Mandatory Amount of Interest ~ ~ Term Bond Rate ~ $~ ~ % We enclose herewith as a good faith danosit a cert' $358,000 payable to the order of the City of Roanr&~ "f -' · - lfied or bank treasurer's or cashier's check provisions of the Detailed Notice of Sale') ....... ~,~rglma tot a Surety Bond delivered in accordance Such check is to - w._ · be returned to us If this Proposal is not accepted. If this Proposal is aCCepted, such check shall be deposited by the City and the proceeds thereof (or the proceeds of the Surety Bond) shall be applied in accordance with the aforeseid Detailed Notice of Sale. It is agreed that no interest will be pa/d on such good faith check or the proceeds thereof or on the proceeds of the Surety Bond. We agree that we shall make a bona.fide initial public offering of the Bonds of each maturity at /n,/,'fial pub//c offering Prices/yields (exclusive of accrued interest) not in excess of the initial public offering PriCes/yields to be set forth in the certificate to be furnished to the City in accordance with the Detailed Notice of Sale. Tiffs Proposal is submitted in accordance with and subject to all provisions contained in the aforesaid Detailed Notice of Sale, · · · which Detailed Notice of Sale is made a part of this Proposal. The names of the underwr/ters who are associated for the purpose of this Proposal are listed on a separate sheet attached hereto. This Proposal has been signed by an individual authorized to bind the firm. Respectfully submitted, Address for Return of Unsuccessful Proposal Checks The above good faith check has been returned and receipt thereof is duly acknowledged. NAME OF FIRM: NO ADDITION OR ALTERATION, EXCEPT AS PROVIDED ABOVE, IS TO BE MADE TO THIS PROPOSAL. (NOTE: the following is stated for Information only and is not a part of this Proposal: The true interest cost for the above Proposal, computed in accordance with the Detailed Notice of Sale, is ~_.~ ~c,~'5 ~). -2- JAMES D, GRIS$O Director of Finance CITY OF ROANOKE DEPARTMENT OF FINANCE 215 Church Avenue, S.W., Room 461 P.O. Box 1220 Roanoke, Virginia 24006-1220 Janua~ 18,1994 Telephone: (703) 981-2821 FAX:(7031 981-2940 Honorable Mayor and Members Roanoke City Council Dear Mayor Bowers and Members: This is a record setting day - we have been very successful in our $35.8 million bond sale. The City of Roanoke has received the lowest interest rate in twenty years on this bond issue. This issue is comprised of $17.7 million of thirty year bonds and $18.1 million of twenty year bonds. Previous bond issues have had maturities ranging from twelve to twenty years. (See Exhibit A). All three rating agencies ~ Standard and Poor's, Moody's and Fitch have re-affirmed the Double AA rating on this bond issue and all outstanding general obligation bonds issued by the City. The following statements were included in all three of the rating reports issued: Diverse economic base; Manageable debt levels; Financial operations consistently well maintained; and Outlook: stable. Third party comments of this nature, in my opinion, indicate that our citizens, City Council, the Administration, and our employees are accomplishing many positive things in our City. The six proposal bids ranged from 5.06% to 5.24%, rounded to the nearest hundredth. Your proposal committee has verified the accuracy of the six bids and recommends the acceptance of the Kidder, Peabody and Co. bid on the basis that it provides the lowest true interest cost to the City of Roanoke. Honorable Mayor and Members Roanoke City Council January 18, 1994 Page 2 Kidder, Peabody and Co. was the successful bidder on the 1992 Bond Issue and represent a consortium offinancial brokers, ofwhich, the following will participate in actually selling our bonds: NationsBank Davenport and Co. of Virginia, Inc. Signet Bank A. G. Edwards Legg, Mason The City Attorney has prepared and placed before you the required ordinance for your consideration. Your Proposal Committee recommends the adoption of the ordinance. Respectfully Submitted, JDG:s Attachment James D. Grisso, Chairman Bond Proposal Committee Exhibit A CITY OF ROANOKE, VIRGINIA Prior Bond Issues Original Average Issue Face Maturity Interest A-5 04/15/75 $ 10,000,000 20 years 5.8124% A-7 and A-8 08/01/76 16,815,000 20 years 5.5840 PI1980 and PBB1980 07/01/80 12,500,000 15 years 6.297 1988 08/01/88 10,000,000 17 years 6.6616 1992A and 1992B 01/01/92 68,770,000 20 years 6.107705 1994 02/01/94 35,800,000 30 years 5.05865 JAMES D. GRISSO Director of Finance CITY OF ROANOKE DEPARTMENT OF FINANCE 215 Church Avenue, S.W., Room 461 P.O. Box 1220 Roanoke, Virginia 24006-1220 Telephone: (703) 981-2821 FAX: (703) 981-2940 January 13,1994 Honorable Mayor and Members Roanoke City Council Dear Mayor Bowers and Members: We are very pleased to inform you that the City of Roanoke's Bond rating of Double AA has been reconfirmed by all three bond rating agencies. Fitch AA Moody's Aa Standard and Poor's AA Enclosed are the specific write-ups completed by Moody's and Fitch for your review. The write-ups indicate a very strong double AA and are complimentary of what we have accomplished over the past two/three years. We have not received Standard and Poor's write-up. Also, a schedule of previous general obligation bond issues which have outstanding amounts and supported with General Fund revenues is enclosed. Our crystal ball is anticipating a 5.00% to 5.25% average interest cost on the proposals to be received on Tuesday, JanuA~y 18, 1994. Please contact me if you have any questions. Sincerely, Ja~es~ D. Grisso Director of Finance JDg:s Enclosures CC: W. Robert Herbert, City Manager Wilburn C. Dibling, Jr., City Attorney MARY F. PARKER City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 215 Church Avenue, S.W., Room 456 Roanoke, Virginia 24011 Telephone: (703) 981-2541 SANDRA H. EAKIN l~put y City Clerk December 23, 1993 File #53-27=217-468 The Honorable Arthur B. Crush, III Clerk of the Circuit Court Roanoke, Virginia Dear Mr. Crush: I am enclosing a certified copy of Ordinance No. 31782-122093 authorizing issuance of $1§,700,000.00 principal amount of general obligation bonds of the City of Roanoke, Virginia, for the purpose of providing funds to defray the cost of capital improvements to the sewer system owned and operated by the City; fixing the form, denomination and certain other details of such bonds; providing for the sale of such bonds; and authorizing and providing for issuance and sale of a like principal amount of general obligation public improvement bond anticipation notes in anticipation of issuance and sale of such bonds. Ordinance No. 31782-122093 was adopted by the Council of the City of Roanoke on first reading on Monday, December 13, 1993, also adopted by the Council on second reading on Monday, December 20, 1993, and will take effect ten days following the date of its second reading. t'-'"' °~ Mary F. Parker, CMC/AAE City Clerk MFP: sm Eno. pc: The Honorable Gordon E. Peters, City Treasurer W. Robert Herbert, City Manager Wilburn C. Dibling, Jr., City Attorney James D. Gjeisso, Director of Finance Kit B. Kiser, Director, Utilities and Operations Steven L. Walker, Manager, Water Pollution Control Plant Diane S. Akers, Budget/Management Analyst, Office of Management and Budget Shelva S. Painter, City Registrar MARY F. P~CER City Clerk, CMC/AAE CITY OF ROANOKE OFFICE OF THE CITY CLERK 21~ Church Av~'nue, S.W., Room 456 Roanoke. Virginia 24011 Telephone: (703) 981-2341 SANDRA H. EAKIN Deputy City Clerk December 23, 1993 File #53-27-217-468 Donald G. Gurney, Esquire Hawkins, Delafield and Wood 87 Wall Street New York, New York 10005 Dear Mr. Gurney: I am enclosing a certified copy of Ordinance No. 31782-122093 authorizing issuance of $15,700,000.00 principal amount of general obligation bonds of the City of Roanoke, Virginia, for the purpose of providing funds to defray the cost of capital improvements to the sewer system owned and operated by the City; fixing the form, denomination and certain other details of such bonds; providing for the sale of such bonds; and authorizing and providing for issuance and sale of a like principal amount of general obligation public improvement bond anticipation notes in anticipation of issuance and sale of such bonds. Ordinance No. 31782-122093 was adopted by the Council of the City of Roanoke on first reading on Monday, December 13, 1993, also adopted by the Council on second reading on Monday, December 20, 1993, and will take effect ten days following the date of its second reading. Sincerely, Mary F. Parker, CMC/AAE City Clerk MFP: sm Erie. IN THE COUNCIl. OF THE CITY OF ROANOKE, VIRGINIA The 20th day of December, 1993. ORDENANCE NO. 31782-122093. AN ORDINANCE AUTHORIZING THE ISSUANCE OF FIFTEEN .MILLION SEVEN HUNDI~ ~.D THOUSAND DOLLARS ($15,700,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF ROANOKE, VH~GINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO DEFRAY THE COST OF CAPITAL IMPROVEMENTS TO THE SEWER SYSTEM OWNED AND OPERATED BY SUCH CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER DETAH.$ OF SUCH BONDS; PROVIDING FOR ~ SALE OF SUCH BONDS; AND AUTHORIZING AND PROVIDING FOR ~ ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF ~ ISSUANCE AND SALE OF SUCH BONDS WI-~-I~S, in the judgment of the Council (the "Council") of the City of Roanoke, Vffginia (the "City"), it is desirable to authorize the issuance of $15,700,000 principal amount of General Obligation Public Improvement Bonds of the City to provide funds to defray the cost of capital improvements to the sewer system owned and operated by the City and to authorize the issuance of a like principal amount of general obligation Public Improvement Bond Aaticipafion Notes in anticipation of the issuance of such Public Improvement Bonds: NOW, TI-n:-REFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF ROANOKE, VIRGI3FtA: SECTION 1. Pursuant to Chapter 5.1 of Title I5.1 of the Code of Virginia. 1950, the same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of providing funds to defray the cost of capital improvements to the sewer system owned and operated by the City, including, without Limitation, expansion and renovation of the regional sewage treatment plant located in the City and construction of new sewer interceptors. there are authorized to be issued Fifteen Million Seven Hundred Thousand Dollars ($15.700.000) principal amount of general obligation bonds of the City to be designated "General Obligation Public Improvement Bonds" (the "Bonds"). The Bonds shall be issued and sold in theft enth'ety at one time, or from time to time in part in one or more series, aa shall be determined by the Director of Finance. Any series of the Bonds may be sold comemporaneously with any other Bonds of the City. There shall be added to the designation of the Bonds a series designation determined by the Director of Finance of the City. All such BOnds shall be issued in fully registered form and shall be in the denomination of $$,000 or any integral multiple the~of. The Bonds of a given series shall -2- be numbered from R-I upwards in order of issuance; shall mature serially, commencing in such year and in such amount in each year as shall be determined by the Director of Finance; and shall bear interest at such rote or rates per annum as shall be specified in the bid accepted by resolution of this Council for the purchase of the Bonds of such series, if any bid therefor be accepted, such interest to be payable semiannually, provided the first interest payment date may be any date within one (1) year from the date of the Bonds as determined by the Director or' Finance. The Director of Finance is author/zed to determine, in accordance with and subject to the provisions of this Ordinance: the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof; the amount of principal maturing on each maturity date; the place or places of payment thereof and the paying agent or paying agents therefor; the piace of registration, exchange or transfer thereof and the registrar therefor; and whether or not the Bonds shall be subject to redemption prior to their stated maturity or maturities and if subject to such redemption, the premiums, if any, payable aport such redemption and the respective periods in which such premiums are payable. In the event the Bonds of any series shall be dated as of a date other than the fLrst day of a calendar month or the dates on which interest is payable on such series are other than the first days of calendar months, the provisions of Section 3 with regard to the authentication of such Bonds and of Section 8 with regard to the form of such Bonds shall be modified as the Director of Finance shall determine to be necessary or appropriate. If the Bonds are subject to redemption and if any Bonds (or portions thereof in installments of $5,000 or any integral multiple thereof) are to be redeemed, notice of such redemption specifying the date, numbers and maturity or maturities of the Bond or Bonds to be redeemed, the date and place or places fixed for their redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of a Bond called for redemption is to be redeemed, that such Bond must be surrendered in exchange for payment of the principal amount tbe~of to be redeemed and the issuance of a new Bond or Bonds equalling in principal amount that portion of the principal amount of the Bond to be surrendered not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redempuon, by f'u'st class mail, postage prepaid, to the registered owner of such Bond 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 any Bonds shall have been called for redemption and notice thereof shall have been given as hereinabove set forth, and payment of the principal amount of such Bonds (or the principal amount thereof to be redeemed) and of the accrued intereat and p~'mium, ff any, payable upon such redemption shall have been duly made or provided for, interest on such Bonds (or the principal amount thereof to be redeemed) shall cease to accrue from and after the date so specified for the redemption thereof. SF.~I'ION 2. The full faith and credit of the City shall be and is irrevocably pledged to the punctual payment of the principal of and premium, ff any, 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 as,~sed, levied and coUected, at the same time and in the same maimer as other ta~es in the City ate 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 premium, if any, and interest on the Bonds as the stone become due. -3- SECTION 3. 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 shall have a facsimile of the coqoorate seal of the City imprinted thereon, attested by the manual or facsimile signature of the City Clerk of the City. The Director of Finance shall direct the registrar for the Bonds of a given series to authenticate such Bonds and no such Bond shall 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 the 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 the Bond is authenticated upon an interest payment date, the certificate shall be dated as of such interest payment date; (iii) ff the Bond is authenticated after the f'ffieenth (15th) day of the calendar month next preceding an interest payment date and prior to such interest payment date, the certificate shall 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 4. The principal of and premium, if any, on the Bonds shall be payable in such coin or cun~ncy of the United States of America as at the respective dates of payment thereof is legal tender for public and private debts at the place or places of payment and through the paying agent or paying agents for the Bonds determined by the Director of Finance in accordance with Section 1. 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 4. At all times during which any Bond of any series remains outstanding and unpaid, the registrar for such serm shall k~ or cause to be k~tn 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 coq)orate trust office for such puq}ose the registrar, under such reasonable regulations as it may prescribe, shall register, exchange, transfer, or cause to be registered, exchangnd or transfertnd, on the books of regisu'lt the Bonds as hereinbefore set forth. The books of ~'glatry shall at all times be open for inspection by the City or any duly authorized officer thereof. Any Bond may b~ exchanged at the principal corporate trust office of the registrar for such series of .Bonds for a li~ aggregate principal amount of such Bonds in other authorized principal sums of the same series, interest rate and maturity. -4- 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 such series for cancellatiom accomparded 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. All transfers or exchanges pursuant to this Section 4 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 4 shall be c~lncelled. SECTION 5. 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 wMch 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, 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 priated on the Bonds. S~TION 6. The City covenants and ~ to comply with the provisions of Sections 103 and 141-150 of the Internal l~venue Code of 1986 and thc applicable Treasury l~gulations promulgated thereunder flimughout the term of the Bonds. SilC.~i1ON 7. The Bonds shall be sold in one or more series in accordance with the provisions of Section I at competitive sale at not less than par plus accrued interest and on such other t~rms and conditions as axe provided in the notice of sale thereof. The Bonds may be sold contemporaneously with other Bonds of the City under a combined notice of sale. The sale and the defutitive ~ of the Bonds shall be approved, ratified and cooYtrmed by resolution or ordinance of this Council. The Director of Finance of the City is authorized to cause to be publis,hed and distributed a notice of sale of the Bonds (or in lieu of the full text of the notice of sale may cause a summary thereof to be published) in such form and containing such terms and conditions as he may deem advisable, subject to the provisions hereof. The -5- Director of Finance is further authorized to cause to be prepared and distributed a Preliminary Official Statement and a f'mal Official Statement relating to the Bonds. SECTION 8. The Bonds, the certLficate of authentication of the registrar, and the assignment endorsed on the Bonds, shall be in substantially the following forms, respectively. to-wit: (FORM OF BOND) UNITED STATES OF A.MERICA COMMONWEALTH OF VIRGINIA CITY OF ROANOKE G~ OBLIGATION PUBLIC IMPROVEMENT BOND SERIES OF No. R- $ CUSIP NO.: KEGISTERInr~ OWNER: PRINCIPAL SUM: KNOW ,at.T. ~ BY TI-IF_nE PRESERq'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 th~ Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) (unless this Bond shall be subject to prior m:lemption and shall have been duly call~l for previous redemption and payment of the redemption price duly made or provided for), the Principal gum (SlmCified above), and to pay interest on such Principal Sum on the fu'st day of and on the fu'st day of of each year, commencing on the first day of , 19_ (each such date is hereinafter referred to as an "interest payment da~), 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 au~ is an intel~t payment date, in which ca~ f'mm such interest payment date, or unless such dat~ of authenlication is within the period from the sixteenth (16th) day to the last day of th~ ~ month next p~:~:ling the following interest payment date, in which case from such followi~ inter~ payment date, such interest to be paid until the maturity or redemption hereof at the Inter~ l~tte (specified above) per annum, by check or draft mailed by the Paying Agent hereinat~r mentioned to the Registered Owner in whose name this Bond is registen.~d upon the booka of regist~n], a.s of the close of business on the fifteenth (15th) day (whether or not a I~u$iness day) of the cnlendar month next pre,'.~ling each interest payment date, The principal of and premium, if any, on this Bond a~ payable on presentation and surrender hereof, at the office of , the Registrar and Paying Agent, in the City of -6- . 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 various public improvement projects of and for 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 an ordinance 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 instalhnents of $5,000) maturing on and after 1, , are subject to redemption at the option of the City prior to their stated maturities on or after 1, , in whole at any time or in paxt from time to time on any interest payment date, 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 [INSERT R~nEMFI'ION ff this Bond is redeemable and this Bond (or any portion of the principal amount hereof in instalhnents 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 marl. po.stage pt~J.d, 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 next preceding the date fixnd for redemption. If notice of the redemption of this Bond (or the portion of the principal amount hereof to be redeemnd) shall have been given as aforesaid, and payment of the principal amount of thla Bond (or the portion of the principal amount hereof to be redeemed) and of the accrued intztelt and premiunt, 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 coq~orate 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 ~s -7- attorney duly authorized in writing, on the books of registr.y 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, ~f any, provided in the proc~.~dings authorizing the Bonds of the series of which this Bond is one, and upon the sur~nder hereof for cancellation. Upon such transfer a new Bond or Bonds of authorized denominations a~d of the sarae 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 pr~scribed 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 premium, if any, and interest on this Bond as the same become due. IN ~trx'NBSS WHI~..F~F, 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 day of , __ CITY OF ROANOKE, VIRGINIA [SF..AL] Mayor Attest: City Treasurer City Clerk proceedings. -8- (FORM OF CERTIFICATE OF AUTHF2VI'ICATION) CERTI~'ICATE OF AUTHEN~CATION Tkis Bond is one of the Bonds delivered pursuant to the within-mentioned , Registrar By: Authorized Officer Date of Authentication: (FORM OF ASSlGNMI~NT) ASSIG~ FOR VALUI~ RF..,C~ the undersigned hereby sell(s), assign(s) and U~n~er(s) umo (Ple~m print or type name and adding, including postal zip co(~ of Tnmsfer~e) PL~.SE INSERT SOCIAL SECURITY OR ~ IDENTIFYING NUMBLY. OF TRANSFEI~.~. -9- 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 furl 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. SECTION 9. General Obligation bond anticipation notes are authorized for issuance and sale by the Director of Finance in anticipation of the issuance of the general obligation bends authorized for issuance herein. Such notes shall be sold at competitive or negotiated sale at not less than par plus accrued interest and on such other terms and conditions as are determined by the Director of Finance. If such notes are offered for competitive sale, a notice of sale shall be pl~c~ed, published and distributed in accordance with the requixements of Section 7. Them shall also be prepared and distributed a Preliminary and a t-mai Official Statement relating to such notes in such form as shall be approved by the Director of Finance. The issuance and details of such notes shall be governed by the provisions of Section 15.1-227.29 of Title 15.1, Chapter 5.1, Article 2 of the Code of Virginia, 1950. The provisions of Sections 2 and 6 shall apply to such notes to the same extent the same apply to the Bonds except, in the case of the provisions of Section 2, only to the extent such notes are not paid from the proceeds of the Bonds or from any other available funds. The salo of such notes and the form and othei' delnlh the~of shall be approved, ratif'~d and cont'umed by resolution or ordinance of this Couadl. ~ in anticipation of which such bund anticipation notes are issued pursuant to shi~ ~ 9 may be issued and sold in accordance with the pwvisions of this Ordinance at any time within five (5) yea_rs of the date of issuance of the first notes issued in anticipation of such Bonds. SNCTION 10. The City Clerk is hereby directed to file a copy of this Ordinance, certified by such City Clerk to be a true copy he,of, with the Circuit Court of the City of Roalloke, Virginia, all in ~ with Section 15.1-227.9 of the Code of Virginia, 1950. SBCTION 11. All ordinanoe~, resolutions 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. - I0- SECTION 12. This Ordinance shall take effect from a~d after ten days from the date of passage. A l-l'b~T: City Clerk CITY OF ROANOKE INTERDEPARTMENTAL COMMUNICATION DATE: November 24, 1993 TO: Mary F. Parker, City Clerk FROM: Wilburn C. Dibling, Jr., City Attorney~ RE: General Obligation Public Improvement Bonds 1994, $35r800~000 - Series City Council has scheduled a public hearing with respect to the authorization of $15,700,000 of general obligation public improvement bonds for expansion and renovation of the Regional Sewage Treatment Plant and construction of new sewer interceptors for December 13, 1993. As you know, this authorization of $15,700,000 will be combined with $20,100,000 of general obligation bonds previously authorized to make a total of $35,800,000. I am attaching a Notice of Public Hearing which I request that you have published on November 28 and December 5, 1993. I am also attaching the ordinance to be considered by City Council on December 13, 1993, which I request that you maintain on file for view by the public. Thank you for your cooperation. WCD:f cc: W. Robert Herbert, City Manager James D. Grisso, Director of Finance 12/',fi1 3 NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN, pursuant to Section 15.1-227.8 of the Code of Virginia, 1950, as amended, that the Council of the City of Roanoke, Virginia, will hold a public hearing on Monday, December 13, 1993, at 7: 30 P.M., local time, in the Council Chamber, Municipal Building, 215 Church Avenue, S.W., Roanoke, Virginia 24011, with respect to the proposed adoption by the Council of an ordinance authorizing the City to contract a debt and issue $15,700,000 principal amount of general obligation bonds of the City for the purpose of providing funds to defray the cost of capital improvements to the sewer system owned and operated by the City, including, without limitation, expansion and renovation of the regional sewage treatment plant located in the City and construction of new sewer interceptors. The members of public are invited to attend the public hearing and to appear and present their views on the proposed ordinance. The full text of tile proposed ordinance is on file in the office of the City Clerk, Municipal Building, Room 456, 215 Church Avenue, S.W. Roanoke, Virginia. Dated: November 28, 1993. MARY F. PARKER City Clerk City of Roanoke, Virginia Note to Publisher: To Be Published on November 28, 1993, and again on December 5, 1993. Send Publisher's Certificate and bill to: Mary F. Parker, City Clerk Room 456 Municipal Building 215 Church Avenue, S. W. Roanoke, Virginia 24011 WILBURN C. DIBMNG, JR. CITY OF ROANOKE i' OFFICE OF CITY ATTORNEY 464 MUNICIPAL BUILDING , 215 CHURCH AVENUE, SW ROANOKE, VIRGINIA 24011-1595 January 19, 1994 WIM.~.M X PARSONS STEVEN J. TAL.EVI KATHLEEN MARIE KRONAU GLADYS L. YATES Donald G. Gurney, Esquire Hawkins, Delafield & Wood 67 Wall Street New York, New York 10005 Re: City of Roanoke, Virginia, General Obligation Public Improvement Bondst Series 1994~ $35,800~000 Dear Don: I am enclosing a copy of Ordinance No. 31844-011894, adopted by City Council at its Special Meeting of January 18, 1994. Although we used the disc that you sent us, the spacing of the words is not good, apparently because we did not have a font of the same type as that used by your Office. If this presents a problem, it may be possible to rerun the ordinance. I acknowledge receipt of your letter of January 17, 1994, in which you set forth thirty-three documents required to be included in the bond transcript. I understand that you will prepare Documents 13 and 27-33, inclusive. Please advise me if my understanding is not correct. I also have your second letter of January 17, 1994, in which you requested certain manual signatures and samples of the City's seal, and I will mail these itema to you very soon. With kindest personal regards, I am Sincerely yours, Wilburn C. Dibling, Jr. City Attorney WCD:f ~ cc: ~-~es D. Grisso, Director of Finance w/Mary F. Parker, City Clerk