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).