04-05-1994 Continued MeetingBG~K i5.~t~'~1~,,
CONTINUED MEETING OF THE ISLE OF .WIGHT COUNTY BOARD OF
SUPERVISORS HELD THE FIFTH DAY OF APRIL IN THE YEAR
NINETEEN HUNDRED NINETY .FOUR
PRESENT: O. A. Spady, Chairman
Malcolm T. Cofer, Vice Chairman
Henry H. Bradby
Phillip A. Bradshaw
Also Attending: H. Woodrow Crook, Jr., County Attorney
Myles. E. Standish, County Administrator
Carey H. Mills, Assistant Clerk
Absent: Steve W. Edwards
Chairman Spady called the meeting to order at 11:00 a.m. for the
purpose of receiving bond bids for the General Obligation School Bonds,
Series of 1994, in the amount of $6,000,000.
County Administrator Standish reported that the bids were received
at the office of Hunton & Williams, Riverfront Plaza, East Tower, 951 East
Byrd Street, Richmond, Virginia at 11:00 a.m. and reviewed and analyzed
by the County's Financial Advisor, Larry Wales of Municipal Advisors, and
Isle of Wight County Director of Budget & .Finance, M. Christine Ledford,
pursuant to the Notice of Sale approved by the resolution of the Board of
Supervisors.
County Administrator Standish noted the five specific bids received,
as read over the telephone by the Budget & Finance Director and stated the
County's Financial Advisor recommended that the low bid submitted by
Davenport & Company of Virginia, Incorporated be accepted by the
County.
On motion of Supervisor Bradby, the following resolution was
adopted (4-0) by the Board of Supervisors:
At a continued meeting of the Board of Supervisors of Isle. of Wight
County, Virginia (the "Board"), held on April 5, 1994, at the time and place
announced by the Board for such meeting, at which the following members
were present and .absent:
PRESENT: Henry H. Bradby
Phillip A. Bradshaw
Malcolm T. Cofer
O. A. Spady
ABSENT: Steve W. Edwards
It was reported that the following bids for the $6,000,000 General
Obligation School Bonds, Series of 1994 (the "Bonds"), the issuance of which
has been provided for by resolution adopted by the Board on March 31,
1994 (the. "Resolution"),.were received at the. office of Huston & Williams,
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Riverfront Plaza, East Tower, 951 East Byrd Street, Richmond, Virginia
23219, until 11:00 a.m., Local Time; on this. date pursuant to the Notice of
Sale approved by the Resolution. Each of the bids offered to.pay par, a
premium, as indicated, and accrued interest on the Bonds from the, date of
the Bonds to the date of delivery.
' L Bid of Davenport & Company of Virginia, Incorporated offering
to pay a premium of $0 for the Bonds bearing interest at the rates set forth
in Column 1 on Exhibit A attached hereto.
2. Bid of Craigie, Incorporated offering to pay a premium of $0 for
the Bonds bearing interest at the rates set forth in Column 2 on Exhibit A
attached hereto.
3. Bid of First Union Capital Markets, Corporation, offering to pay
a premium of $308 for the Bonds bearing interest at the rates set forth in
Column 3 on Exhibit A attached hereto,
4. .Bid of Legg Mason Wood Walker, Incorporated offering to pay
a premium of $0 for the Bonds bearing interest at-the rates set forth in
Column 4 on Exhibit A attached hereto.
5. Bid of Merrill Lynch & Company and Associates offering to pay
a premium. of $0 for the Bonds bearing interest at the rates set farth in
Column 5 on Exhibit A attached hereto,
It was. reported by a representative of Municipal Advisors
Incorporated, the County's financial advisor (the "Financial Advisor"), that,
according to the interest rates shown on the bids, of the five bids received,
the bid of Davenport & Company of Virginia, Incorporated offered to buy
the Bonds at the lowest interest cost to the County. It was reported further
that the Financial Advisor recommended acceptance of the bid of Davenport
& Company of Virginia,. Incorporated, a copy of which is attached hereto
and made a part of these minutes.
On a motion duly made and seconded, the following resolution was
adopted by a majority of the members of the Board by a roll-call vote, the
ayes and nays being recorded in the minutes of the meeting as shown
below:.
Member
Henry H. Bradby
Phillip A. Bradshaw
Malcolm T. Cofer
O. A. Spady
Vote
"Aye"
"Aye"
,.Aye.,.
.,Aye..
BE IT RESOLVED by the Board of Supervisors of Isle of Wight
County, .Virginia, that. the Bonds, the form and details of which. have
heretofore been prescribed by the Resolution, are awarded to Davenport &
Company of Virginia, :Incorporated in accordance with the terms of its bid
and shall bear interest as -set out in such bid.
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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 the adjourned meeting of the Board of
Supervisors of Isle of Wight County,. Virginia, held on Apri15, 1994, 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 April, 1994.
Clerk, Board of Supervisors of
Isle. of Wight County, Virginia
EBHIHIT A
summary of Bids for
.Isle of Wight County, Virginia
$6,000,000 General Obligation School Honds
Serie s of 199 4
Maturity out ~ ~ ~ 4 ~
1995 $200,.000 6.75$ 5.40$ 6.00$ 6.25$ 6.875$
1996. 200,000 6.75 5.40 6.00 6.25 6.875
1997 300,000 6.75 5.40 6.00 6.25 6.875
1998 400,000 6.75 5.40 6.00 6.25 -6.875
.1999 500,000 4.80 5.40 6.00 5.75 6.00
2000 600,000 6.25 5.40 4.90 5..50. 4.90
2001 600,000 4.90 5.40 5.00 5.30 5.125
2002 600,000. 5.00 5.40 5.15 5.40 5.25
2003 600,00 0 5.10 5.40 5.30 5.50 5.30
2004 600,000 . 5.375 5.45 5.45 5.60 5.40
2005 600,000 5.60 5.60 5.60 5.80 5.50
2006 800,000 5.20 5.70 5.75 5.90 5.50
At .11:20 a.m., Supervisor .Cofer moved the Board adjourn. The
motion passed (4-0).
O. A. S y, Chad an
Myles
ish, Clerk
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