HomeMy WebLinkAboutCouncil Actions 07-12-88 SpMtgROANOKE CITY COUNCIL ....... SPECIAL SESSION
July 12, 1988
11:00 a.m.
2.
3.
4.
5.
Call to Order·
Roll Call.
Invocation.
Pledge of Allegiance
Statement of Purpose:
to the Flag of the United States of America.
Mayor Taylor.
The purpose of the Special Meeting is to receive, open and con-
sider bids made to the City for the purchase of $10,000,000.00
principal amount of general obligation bonds, authorized at an
election held in the City of Roanoke on November 3, 1987.
This Special Meeting is called pursuant to Resolution No. 29211
adopted by the Counci, l at a regular meeting held on Monday,
July 11, 1988.
Inquiry as to whether any bidder
relative to terms and conditions
mitred.
Opening and
Appointment
(Suggested names are Mr.
Oibling.)
Recess the meeting in order
When the meeting is reconvened,
will present a report.
has a question about the proposal
upon which the bids were sub-
reading of the bids by the City Clerk.
by the Mayor of a bid committee to study the bids.
Schlanger, Chairman, Mr. Herbert and Mr.
that bids may be
the Chairman
studied·
of the bid committee
Adoption of Resolution.
Advise unsuccessful bidders
in th~ City Clerk's Office.
that they may pick up
their deposits
6. Adjournment.
Office of the City Clerk
July ~3, 1988
File #53-217
Chase Manhatten Bank, N.A.
Capital Markets Corporation
I Chase Manhattan Plaza
New York, New York 10081
Gentlemen:
I am enclosing copy of Resolution No. 29219, accepting your bid to
purchase $10,000,000.00 aggregate principal amount of general obliga-
tion bonds of the City of Roanoke, Virginia; fixing the rates of
interest to be borne by such bonds; approving an official statement
relating to such bonds; authorizing execution of a certificate
relating to such official statement; and ratifying certain acts, which
Resolution No. 29219 was adopted by the Council of the City of Roanoke
at a special meeting held on Tuesday, July 12, 1988.
Sincerely, /~t~--
Mary F. Parker, CMC
City Clerk
MFP:sw
Enco
pc:
Blunt Ellis & Loewi, Incorporated, 333 W. Wacker Drive, Chicago,
Illinois 60606
Shearson Lehman Brothers, Inc., Two World Trade Cen~er, New York,
New York 10048-0647
Scott & Stringfellow, Inc.. D. 0. Box 12228, Roanoke, Virginia
24023-2228
Citicorp Investment Bank for the. Joint Managers & Associates, 55
Water Street, New York, New York 10043
Davenport & Company of Virginia, Inc., 801E. Main Street, P. 0.
Box 1377, Richmond, Virginia 23211
Dominion Bank, N. A., 213 S. Jefferson Street, P. 0o Box 13327
Roanoke, Virginia 24040
Smith Barney, Harris Upham & Company, Inc., 1345 Avenue of the
Americas, New York, New York 10105
Room456 MunlcipalBulldlng 215(~urchAvu~ue, S.W. Roano~e, Virg~nk~24011 (703)981-254'1
Office o~ the City Clerk
July 13, 1988
File #53-217
Miss Patsy Testerman
Clerk of the Circuit Court
Roanoke, Virginia
Dear Miss Testerman:
I am enclosing copy of Resolution No. 29219, accepting the bid of
Chase Manhatten Bank, N.A., to purchase $10,000,000.00 aggregate prin-
cipal amount of general obligation bonds of the City of Roanoke,
Virginia; fixing the rates of interest to be borne by such bonds;
approving an official statement relating to such bonds; authorizing
execution of a certificate relating to such official statement; and
ratifying certain acts, which Resolution No. 29219 was adopted by the
Council of the City of Roanoke at a special meeting held on Tuesday,
July 12, 1988.
Sincerely,~.,. ~ ~'
Mary F. Parker, CMC
City Clerk
MFP:sw
Enco
Room 456 Municipal Building 215 C~urch Avenue, S."~ Roano~. VtrgtnJa 240t t (703) 98t-25~'J
Office of the City Clerk
July 13~ 1988
File #53-217
Wood, Dawson, Smith ~ Hellman
Attorneys and Counsellors at Law
Attn: Mr. Donald G. Gurney, Esquire
17 Battery Place
New York, New York 10004
Gentlemen:
I am enclosing copy of Resolution No. 29219, accepting the bid of
Chase Manhatten Bank, N. A., to purchase $10,000,000.00 aggregate
principal amount of general obligation bonds of the City of Roanoke,
Virginia; fixing the rates of interest to be borne by such bonds;
approving an official statement relating to such bonds; authorizing
execution of a certificate relating to such official statement; and
ratifying certain acts, which Resolution No. 29219 was adopted by the
Council of the City of Roanoke at a special meeting held on Tuesday,
July 12, 1988.
Sincerely,
Mary F. Parker, CMC
City Clerk
MFP:sw
Enc.
pc: Mr. George B. Pugh, Jr., Craigie, Incorporated, P. O. Box 1854,
Richmond, Virginia 23215
I:1,oom456 MunlcipalBuildlng 2150'~urchA~"~ue,$.W. Rr~anoke,~rglnia24011 (703)981-2541
Wood, Dawson,
Page 2
July 13, 1988
Smith & Hellman
bpc:
Mr. W. Robert Herbert, City Manager
Mr. Wilburn C. Dibling, Jr., City Attorney
Mr. Joel M. Schlanger, Director of Finance
Ms. Audrey M. Franklin, Registrar
Ms. Melba C. Pirkey, Chairman, Roanoke City Electoral Board,
P. 0. Box 1205, Roanoke Virginia 24006
Mr. Alton B. Prillaman, Secretary, Roanoke City Electoral Board,
P. O. Box 2865, Roanoke, Virginia 24001
Mr. James M. Turner, Jr., Chairman, Roanoke City School Board,
2405 Wycliffe Avenue~ S. W., Roanoke, Virginia 24014
Dr. Frank P. Tota, Superintendent of Schools, P. 0. Box 13145,
Roanoke, Virginia 24031
~flce of ~e 0~ ~et~
July 1.3, 1988
File #53-217
Mr. Gordon E. Peters
City Treasurer
Roanoke, Virginia
Dear Mr. Peters:
I am enclosing copy of Resolution No. 29219, accepting the bid of
Chase Manhatten Bank, NoA., to purchase $10,000,000.00 aggregate prin-
cipal amount of general obligation bonds of the City of Roanoke,
Virginia; fixing the rates of interest to be borne by such bonds;
approving an official statement relating to such bonds; authorizing
execution of a certificate relating to such official statement; and
ratifying certain acts, which Resolution No. 29219 was adopted by the
Council of the City of Roanoke at a special meeting held on Tuesday,
July 12, 1988.
Sincere ly,
Mary F. Parker, CMC
City Clerk
MFP:sw
Enco
R00~456 Munlcipall~uildlng 215 Church Av~"~ue, S.W. Roanoke, Virg,nla24011 (?03)981-2541
IN THE COUNCIL OF THE CITY OF ROANOKE, VIRGINIA,
The 12th day of July, 1988.
No. 29219.
A RESOLUTION accepting a bid to purchase $10,000,000 aggregate
principal amount of general obligation bonds of the City of Roanoke,
Virginia; fixing the rates of interest to be borne by such bonds;
approving an official statemen~ relating to such bonds; authorizing
the execution of a certificate relating to such official statement;
and ratifying certain acts.
WHEREAS, by Resolution No. 29187, adopted by this Council on June
27, 1988, the Director of Finance of the City of Roanoke, Virginia
(the "City") was authorized to sell the $10,000,000 aggregate prin-
cipal amount Of general obligation bonds authorized to be issued by
Ordinance No. 28760 adopted by this Council on August 10, 1987, and
approved at an election held on November 3, 1987; and
WHEREAS, such Resolution No. 29187 provides that the $10,000,000
aggregate principal amount of City of Roanoke, Virginia, Public
Improvement Bonds, Series 1988, dated as of August 1, 1988 (the
"Bonds"), authorized to be sold thereunder shall be offered for sale
at such time as shall be determined by the Director of Finance; and
WHEREAS, the Director of Finance Of the City, pursuant to the
authority contained in Resolution No. 29187, has caused to be pub-
lished a notice of sale of the Bonds (the "Notice of Sale") on June
29, 1988, in The Bond Buyer, a financial journal published in the
City of New York, New York, providing that sealed proposals for
the purchase of the Bonds (the "Proposals") would be publicly opened
before the Mayor and members of this Council at 11:00 A.M., Virginia
time, on July 12, 1988; and
WHEREAS, pursuant to the Notice of Sale the following
Proposals were received, each accompanied by
treasurer's or cashier's check in the amount
the City:
Name of Bidder Premium Offered
Blunt Ellis & Loewi, Inc. $ 221.50
Chase Manhatten Bank, N.A. $ 700.00
Chemical Bank/Scott &
Stringfellow, Inc., as
agent $ 8210.O0
Citicorp Securities Markets
Inc. for the Jr. Mgrs. and
Associates None
Davenport & Co. of Va., Inc. None
Dominion Bank, NA
Harris Trust and Savings
Bank & Associates $ 707.50
Shearson Lehman Hutton,
Inc. None
Smith Barney, Harris Upham
& Co., Incorporated None
a certified or bank
of $100,000 payable to
True or Canadian
Interest Cost
6.8561~
6.6616%
6.77058%
6.900%
6.68338~
6.8280%
6.791696%
6.838962%
NOW,
of Roanoke as follows:
1. After due consideration of all the proposals
listed above, this Council hereby finds and determines that (a)
Chase Manhatten Bank, N.A.
THEREFORE, BE IT RESOLVED by the Council of the City
(the "Purchaser") is a responsible bidder, (b) of the proposals
- 2 -
received for the purchase of the Bonds the Proposal of the Purchaser
is the offer to purchase the bonds at the lowest "True" or "Canadian"
interest cost to the City, computed in accordance with the Notice of
Sale, (c) the Proposal of the Purchaser is the best Proposal received
for the purchase of the Bonds, (d) such Proposal of the Purchaser is
in conformity with the Notice of Sale, and
Purchaser should be accepted.
2. The Proposal of the Purchaser
(e) the Proposal of the
to purchase the Bonds
at the price of $10,000,000 plus a premium of $ 700.00 and
accrued interest from the date of the Bonds to the date of their
delivery to the Purchaser, is hereby accepted, and all other Proposals
received as aforesaid for the purchase of the Bonds are hereby rejected.
3. In accordance with the Proposal of the Purchaser, the
Bonds maturing on August i in each of the years and in the principal
amounts set forth below shall bear interest from their date at the
rates per annum set forth opposite such year, to-wit:
Year of
Maturity Principal Amount Interest
(August 1) Maturing Rate
1991 $ 250,000 6.50
1992 400,000 6.50
1993 500,000 6.625%
1994 500,000 6.625%
1995 750,000 6.625%
1996 1,300,000 6.625%
1997 1,500,000 6.625%
1998 2,000,000 6.70
1999 2,800,000 6.70 %
4. All action taken to date by the officers, employees,
agents and attorneys of the City with respect to the sale of the
Bonds, including the action of the Director of Finance of the City in
causing to be published the Notice of Sale of the Bonds as aforesaid
- 3 -
and in causing to be distributed copies of a Preliminary Official
Statement of the City dated July 1, 1988, relating to the Bonds,
including the Notice of Sale of the Bonds and the form of the proposal,
in the respective forms thereof presented at and hereby ordered filed
with the minutes of this meeting, and the form and contents of the
Notice of Sale, of the Preliminary Official Statement and of the pro-
posal, are hereby approved, ratified and confirmed.
5. The good faith check acompanying the Proposal of
the Purchaser to purchase the Bonds shall be deposited by the City
Treasurer and the proceeds thereof applied in accordance with the
terms of the Notice of Sale and the good faith checks accompanying
the other proposals received as aforesaid for the purchase of the
Bonds shall be forthwith returned.
6. The City Manager and the Director of Finance of the
City are hereby authorized to execute for and on behalf of the City,
and to deliver, copies of the Official Statement of the City dated
July 12, 1988, relating to the Bonds in substantially the form
thereof presented at and hereby ordered filed with the minutes of
this meeting and the form and contents of the Official Statement
are hereby aproved, ratified and confirmed. The City Manager and
the Director of Finance of the City are hereby further authorized to
execute for and on behalf of the City, and to deliver, a certificate
substantially in the form described in the Official Statement under
the caption "Certificate Concerning Official Statement".
7. This Resolution shall take effect upon its passage.
ATTEST:
City Clerk.
PROPOSAL FOR PURCHASE OF CITY OF
ROANOKE, VIRGINIA, PUBLIC IMPROVEMENT BONDS,
SEI~ES 1988
City Council of the
City of Roanoke, Virginia
Municipal Building,
Roanoke, Virginia 24011
July 12, 1988
Sirs:
We offer to purchase all, but not less than all, of the $I0,000,000 Public Improvement
Bonds, Series 1988 (the "Bonds"), of the City of Roanoke, Virginia, to be dated as of August 1, 1988,
maturing as to principal as set forth in and being as otherwise described in the Notice of Sale of
the Bonds published by the City in The Bond Buyer, New York, New York, at the price of
Dollars ($ ),
which is % of the par value thereof. We will pay accrued interest from the date of the
Bonds to the date of the delivery thereof and payment therefor.
The Bonds shall mature on August I in each of the years and in the principal amounts, and shall
bear interest payable on February 1, 1989 and semiannually on each August I and February I thereafter
at the rates per annum, as follows:
Principal Interest Prinelpal Interest
Year Amount Rate Year Amount Rate
1991 $250.000 % 1996 $1.300,000 %
1992 400,000 % 1997 1,500,000 %
1993 500,000 '% 1998 2,000,000 %
1994 500,000 % 1999 2,800,000 %
1995 750,000 %
We enclose herewith as a good faith deposit a certified or bank treasurer's or cashier's check for
$100,000 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 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 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 Notice
of Sale.
This Proposal is submitted in accordance with and subject to all provisions contained in the
aforesaid Notice of Sale, which Notice of Sale is hereby made a part of this Proposal.
The names of the underwriters who are associated for the purpose of this Proposal are either listed
on the reverse side hereof or on a separate sheet attached hereto.
Very truly yours,
By,
Authorized Ol~cer
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 Notice of Sale is
%).
NOTICE OF
CITY OF ROANOKE
VIRGINIA
$10,000,000
Public Improvement Bonds, Series 1988
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of S10.000.000 principal
amount of Public Improvement Bonds. Series 1988 (tbe "Bonds"). of the City of Roanoke. Virginia (the
,City"). wiil be received by or on behalf of the City at tho oflJce of the City Clerk. Room 456. in the
Municipal Building, Roanoke, Virginia, until 11 A.M., Virginia time, on
'Fnedsy, Jdy 12, 1988
at which time all pmpouia will be publicly opened in the Ommbers of th~ City Council of the City of
Roanoke (the "City Council").
ya~, maturing on August 1 m caen o/the ]~m ano in the amounts set forth below:
1993 sGo,ooo 199~ 2,000.0oo
1994 ~00,000 1999 ~ wA mn
199S 7S0,OG0 ......
The Bonds will be dated as of August 1, 1988; will be issued in fully registered form; will be issued
in the denomin~tion of $5,0G0 each or any integral multiple thereof; and ~s~ll bear interest payable on
February 1, 1989 and semiannually on each August 1 and Febnmy I thereafter.
The principal of and premium, if any, and interest on the Bonds will be payable in such coin or
currency of the United States of America as at the respective dates of payment is legal tender for public
and private debts. The principal of and premium, if any, on the Bonds will be payable at thc principal
o~ice of Sovran Bank, N.A., in the City of Richmond, Virginia, as Registrar for the Bonds. Interest on
the Bonds will be paid by check or draf~ mailed by the Registrar to the registered owners thereof at the
~dedre.sses of s_u.ch registered owners as the same appear on the books of re~i_qtrv
gistrar as et- the fifteenth ~'lSth~ day of the .~t._.~ ............ "- ;-. ~'='""- "~ '-~
· ; .; ,..e~b,~ m~pnm next preccmflg cacti interest payment.
The Bonds maturing on and after August 1, 1997 (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, 1996, in whole or in part from time to time in such order as may be determined by the City
(ex,pt that if at any time less than all of the Bonds of a given maturity are called in for redemption, the
paflwular 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 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 (~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 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 if 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 be mailed not less than thirty (30) days prior to the date ftxed for redemption, by first
class mail, po~tage prepaid, to the registered owner thereof at his address as it appears on thc books of
registry kept by the Registrar as of the close of business on the forty-fifth (~,Sth) day preceding the date
fixed for redemption. If notice of the redemption of ny Bond shell have been given as aforesaid, and
payment of thc principal amount of such Bond (or the portion of the principal mount thereof to be
redeemed) and of the accrued interest and premium, if any. payable upon such redemption shell hsve
been duly made or provided for, interest thereon shall cease to accrue from and after the date so
specified for the redemption thereof.
The full faith and ~redit of the City shall be pledged to the payment of the principal of and interest
on the Bonds as the same become due. For the payment of such principal and interest, the City has
power and will be obligated to levy ed valorem taxes without limitation us to rate or amount on all
property within, the City subject to taxation by the City.
Bidders shall specify the rate or rates of interest per annum to be borne by the Bonds, to be
expressed in multiples of one-eighth (~4th) or one-twentieth (~toth) of one percent (I ~). Bidders shall not
be restricted as to the number of rates which may be named, pro~i/e~/that all Bonds maturing on the
same date must bear interest at the same single rate from their date to such maturity date, and thc
interest rate named for Bonds of any msturity shall not be less than the interest rate named for Bonds
of any earlier maturity. No bid will be considered for less than all of the Bonds or for a price less than
the principal amount thereof or more than one hundred and two percent (102%) of the principal amount
thereof, plus sccrned interest from the date of the Bonds to the date of their delivery. Unless all
proposals are rejected thc Bonds will be awarded on July 12, 1988 to the respons~le bidder offering to
purchase the Bonds st the lowest "True" or "Cansdian" interest cost to the City, such cost to be
computed by doubling the semiannual interest rate (compounded semiannually) necessary to discount
the debt serwce payments from their respectn~e payment dates to the date of the Bonds and to the price
b:d, not including interest accrued to the date of dehvery. The right is reserved to reject any and all bids
or to waive any irregularities or informalities in any bid.
Proposals must be unconditional, must be on the City's proposal form prepared for the purpose,
must be submitted in sealed envelopes marked "Proposal for Purchase of City of Roanoke, Virginia,
Public Improvement Bonds, Series 1988" addressed to the City Council of thc City of Roanoke,
Virginia, Municipal Building, Roanoke, Virginia, and must be accompanied by a certified or bank
treasurer's or cashier's check in the amount of $100,000 payable to the order of the City of Roanoke,
Virginia, as a guarantee of gnod faith on the pan of the bidder. No interest will be paid by the City on
such good faith deposit. Good faith che¢its of unsuccessful bidders will be promptly returned to the
representatives thereof upon the award of the Bonds or rejection of all proposals, as the case may be.
The good faith check of the successful bidder will be deposited by the City and the proceeds thereof
credited against the purchase price due for the Bonds upon their delivery or retained as and for
liquidated damages in the event the successful bidder fails to take up and pay for the Bonds in
accordance with its proposal.
Thc Bonds will be printed at the expense of thc City. Delivery of the Bonds, properly executed, will
be made to the successful bidder in New York, New York, on August 1, 1988, or as soon thereafter as
the Bonds can be prepared. Payment of the balance of the purchase price, including any premium
offered, must be made in Federal funds.
The City will furnish on delivery of the Bonds the opinion of Wood Dawson Smith & Heilman, New
York, New York, Bond Counsel to the City, approving the validity of the Bonds~;.with such opinion to
be printed on the reverse of the Bonds. Such opinion will state that thc Bond~ COnstitute valid and
legally binding obligations of the City and that the City has power and is obligated to levy ad valorem
taxes for the payment of the Bonds and the interest thereon upon all property within the City subject
to taxation by the City, without limitation of rate or amount, it being understood that the rights of the
holders of the Bonds and the enforceability thereof may be subject to the valid exercise of judicial
discretion, the sovereign policy powers of the Commonwealth of Virginia and the constitutional powers
of the United States of America, and valid bankroptcy, insolvency, reorganization, moratorium and
other laws affecting ~reditors' rights. Such opinion will also state that, under existing law and
regulations, the interest on the Bonds (i) is excluded from gross income for federal income tax purposes,
and (ii) is not an item of tax preference for purposes of the federal alterna~,e minimum tax imposed on
corporations and taxpayers other than corporations. Exclusion of the interest on the Bonds from gross
income for 'federal income, tax putpcees is dependent upon continuing compliance by the City with
certain requirements of the Internal Revenue Code of 1986, as amended (the "Code"), throughout the
term of the Bonds. Under the Code, failure to comply with such requirements may cause the interest
on the Bonds to be included in ~rnss income retroactively to their date of issuance. The City has
covenanted to comply with such requirements of the Code. It will be further stated that Bond Counsel
expresses no opinion regarding other federal ~ consequences arising with respect ~ the Bonds.
However, interest on any Bond held by cotporatinns during tax years beginning after 1986 must be
included in the calculation of adjusted net book income or adjusted current earnings for purposes of
computing the alternative minimum tax and the environmental tax imposed on corporations under the
Code, and in the calculation of earnin~ and proilts for purposes of computing the branch profits tan
imposed on foreign corporations under the Code. In addition, ownership of Bonds may result in
collateral federal income tax consequences to certain taxpayers including, without limitation, financial
institutions, property and casualty insurance companies, individual recipients of Social Security or
Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or Continued)
indebtedness to purchase or carry the Bonds. The opinion of Bond Counsel will further state that, under
the existing law of the Commonwealth of Virginia, such interest is not includable in computing the
Virginia income tax.
The su~essful bidder will also be fm'nished with the usual closing documents, including a
certificate that no litigation is pending affecting the validity of the Bonds.
The successful bidder will be required to provide to the City within ten (10) days after the award
of the Bonds the initial offering price or yield of each maturity of the Bonds to the public (excluding bond
houses, brokers and other intermediaries). The successful bidder shall furnish to the City a certificate
acceptable to Bond Counsel, dated as of the day of closing for the BOnds, stating that the successful
bidder has made a bona fide public offering of the BOnds and setting forth thc initial public offering
prices or yields at which a substantial amount of the Bonds of each maturity were sold to the public
(excluding bond houses, brokers and other intermediaries). Such certificate shall state that (1) it is made
on the best knowledge, information and belief of the su~cussful bidder, and (2) 10~ or more in par
amount of the Bond of each maturity was sold to the public at or below the initial public offering prices
or yields '
(such amount being anfficiunt to establish the mdc of a "substantial smonnt" of the BOnds).
The successful bidder shall deliver written instructious to the Registrar, not less than five business
days prior to the scheduled dallvery of the Bonds, as to the mariner in which the Bonds shall be
registered at delivery, including the name and address of each registered owner and, if a single
registered owner shall require more than one Bond of any maturity, the number and amount of Bonds
of such maturity to be registered to such registered owner. In the absence of instruction, Bonds will be
registered in the name of the su_,~ce~__~sful bidder.
it is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the
failure to print any such number on any Bond nor any error or omi~inn with respect thereto shall
constitute cause for failure or ~fusal by the successful bidder for the Bonds to accept delivery of and
pay for the Bonds in acuordance with the terms of its proposal. No CUSIP identification number shall
constitute or be deemed to be a pa~ of any Bond or a part of the contract evidenced thereby and no
liability shall attach to the City or ~ny of its officers or agents be. cause of or on account of any such
number or any use made thereof. All expenses in relation to the prioting.~CUSIP identil/cution
numbers on the BOnds shall be paid for by the City; pro~/ded, however, that thi CUSIP Scmice Bureau
charge for the assignment of such numbers shall be the respuns~ility of and Shall be paid for by the
successful bidder for the Bonds.
Requests for propo~ fOl'lns, for the Preliminary' Oificiai Statement pertaining to the Bonds ~nd for
further information should be addressed to Mr. Joel hi. Schianger, Director of Finance, City of
Roanoke, Municipal Building, Roanoke, Virginia 24011, telephone 703-981-2821, or to C. raigie Incor-
porated, P.O. Box 1854, Richmond, Virginia 23215, telephone 804649-3905. l~npoasl forms and the
li~eliminary Official Statement may also be obtained at the office of Wood Dawson Smith & Hcllman,
Battery Place, 28th Floor, New York, N~w York 10004, telephone 212-4224)450.
$OEL M. S~G£R
Director of Finance
City of Roanoke, Virginia
IN THE COUNCIL OF THE CITY OF ROANOKE,
The llth day of July, 1988.
No. 29211.
VIRGINIA,
A RESOLUTION fixing the date of a Special Meeting of
the Council of the City of Roanoke.
BE IT RESOLVED by the Council of the City of Roanoke
that a Special Meeting of the Council be held on the 12th
day of July, 1988, at 11:00 a.m., for the purpose of re-
ceiving bids for the purchase of $10,000,000 aggregate
principal amount of general obligation bonds of the City
and considering a resolution accepting a bid for such bonds,
fixing the rates of interest to be borne by such bonds,
approving an Official Statement relating to such bonds,
authorizing the execution of a certificate relating to
such Official Statement and ratifying certain acts.
ATTEST:
City Clerk
July 11, 1988
FROM:
SUBJECT:
Honorable Mayor and Members of City Council
Joel M. Schlanger, Director of Finance
Request for Special Meeting of City Council
Pursuant to the
Charter of the City of Roanoke and an
election of qualified voters of the City held on November 3, 1987,
$10,000,000 of general obligation bonds were approved.
The bonds to be issued are to provide funds
following purposes:
System of storm drains
Public Schools
Public sidewalks, curbs, gutters,
streets and bridges
Public Parks
$ 4,225,000
3,525,000
1,500,000
750,000
$10,000,000
for the
Attached to this report is our Preliminary Official
Statement and Notice of Sale. As you are aware, City officials
made presentations to the rating agencies on June 28, 1988, and I
am pleased to report that both rating agencies concurred that the
City of Roanoke's financial position is strong and confirmed our
double A ratings.
This is to request a special meeting of City Council at .
11:00 a.m. on Tuesday, July 12, 1988, for the purpose of receiving
and publicly opening bids on our Request For Proposals.
Honorable Members of City Council
Page 2
July 11, 1988
I will ask at the time bids are opened that City
Council recess the meeting for a short period of time so that we
could evaluate the bids and make a recomendation to you on the
acceptance of one of the proposals.
J0~l~ M. Sbhlanger
of
Director Finance
JMS/kp