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12-05-1991 Continued MeetingF ~~~; ~ ~1.~ ~: ...:~_ C~~ `~ CONTINUED MEETING OF THE ISLE OF WIGHT COUNTY BOARD OF SUPERVISORS HELD THE FIFTH DAY OF DECEMBER IN THE YEAR NINETEEN HUNDRED NINETY ONE PRESENT: Henry H. Bradby, Chairman Joel C. Bradshaw, Jr., Vice Chairman Steven W. Edwards Thomas L. Ross Richard L. Turner Also Attending: H. Woodrow Crook, Jr., County Attorney Myles E. Standish, County Administrator Carey H. Mills, Assistant Clerk County Administrator Standish reported that the bids were received at the office of Hunton & Williams, 951 East Byrd Street, Richmond, Virginia at 11:00 A.M. and reviewed and analyzed by the County's Financial Advisor, Larry Wales, and Isle of -Wight County Director of Budget & Finance, Hilda W. Harmon, pursuant to the Notice of Sale approved by the resolution of the Board of Supervisors. County Administrator Standish further stated that the County's Financial Advisor recommended that the low bid submitted by Craigie Incorporated be accepted by the County. On motion made by Supervisor Edwards and seconded by Chairman Bradby, the following resolution was unanimously adopted by the Board of Supervisors by roll call vote: RESOLUTION AWARDING $10,000,000 GENERAL OBLIGATION SCHOOL BONDS, SERIES OF 1991, OF ISLE OF WIGHT COUNTY, VIRGINIA WHEREAS, the Board of Supervisors of Isle of Wight County, Virginia (the "County"), by resolution adopted November 21, 1991, authorized the issuance and sale of the County's $10,000,000 General Obligation School Bonds, Series of 1991 (the "Bonds"); WHEREAS, pursuant to sale procedures set forth in the County's Notice of Sale approved by the foregoing resolution, sealed bids for the Bonds were received in the offices of Huston & Williams in Richmond, Virginia, at 11:00 A.M. local time, on this date, each of the which offered to pay accrued interest on the Bonds from their date to the date of delivery, were as follows: 1. Bid of Craigie .Incorporated offering to pay $10,000,000 for the Bonds bearing interest at the rates set forth in Column 1 on Exhibit A attached hereto. 2. Bid of Crestar Bank offering to pay $10,000,000 for the Bonds bearing interest at the rates set forth in Column 2 on Exhibit A attached hereto 3. Bid of Davenport & Company offering to pay $10,000,000 for the Bonds bearing interest at .the rates set forth in .Column 3 on Exhibit A attached hereto. a~~K 14 ~~H~~-~.Q4 4. Bid of Dean Witter Reynolds, Inc. offering to pay $10,000,250.50 for the Bonds bearing interest at the rates. set forth in Column 4 on Exhibit A. 5. Bid of Sovran Investment Corporation offering to pay $10,000,000 for the Bonds bearing interest at the rates set forth in Column 5 on Exhibit A. WHEREAS, a representative of Municipal Advisors Incorporated, the County's Financial Advisor, reported that the bid of Craigie, Incorporated offered to purchase the Bonds at the lowest cost to the County, determined in accordance with the Notice of Sale, and recommended acceptance of the bid; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Isle of Wight County, Virginia, that the Bonds are hereby awarded to Craigie Incorporated in accordance with the terms of its bid and shall bear interest as set forth in such bid. The undersigned Clerk of the Board of Supervisors of Isle of Wight County, Virginia, certifies that the foregoing constitutes a true and correct extract from the minutes of a continued meeting of the Board held on December 5, 1991, and of the whole thereof so far as is applicable to the matters referred to in such extract. WITNESS my signature and the seal of Isle of Wight County, Virginia, this 5th day of December, 1991. Clerk of Isle of V (SEAL) e Board of Supervisors ht County, Virginia The ayes and nays being recorded as shown below: Member Vote Henry H. Bradby Aye Joel C. Bradshaw, Jr. Aye Steven W. Edwards Aye Thomas L. Ross Aye Richard L. Turner Aye Myles Chairman At 11:30 A.M., Supervisor Ross moved the Board adjourn. The motion passed unanimously (5-0).