05-16-1995 Continued Meeting.,
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CONTINU)~D MEETING OF THE ISLE OF WIGHT COUNTY BOARD OF
.SUPERVISORS HELD THE SIXTEENTH DAY OF MAY IN THE YEAR
NINETEEN HUNDRED NINETY FIVE
PRESENT: Malcolm T. Cofer, Chairman
O. A. Spady
Henry H. Bradby
• I,ud Lorenzo Spivey •
ABSENT: Phillip A. Bradshaw
Also Attending: H. Woodrow Crook, Jr., County Attorney
W. Douglas Caskey, County Administrator
Carey H. Mills, Assistant Clerk
Chairman Cofer called the meeting to order at 11:04 a.m. for the
purpose of receiving bond bids in the amount of $8,100,000.
County Administrator Caskey 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 the Isle of Wight County Director of Budget and Finance,.
M. Christine Ledford, pursuant to the Notice of Sale approved by the
resolution of the Board of Supervisors.
Seven specific bids were received, as read over the telephone by
M. Christine Ledford, Director of Budget and Finance, who advised that the
County's Financial Advisor, Larry Wales, recommended that the low bid
submitted by NationsBanc Capital Markets, Inc. be accepted by the County.
On motion of Supervisor Bradby, the following resolution was
unanimously adopted by the Board of Supervisors:
At a continued meeting of the Board of Supervisors of Isle of Wight
County, Virginia (the "Board"), held on May 16, 1995, at the time and place
announced by the Board for such meeting, at which the following members
were present and absent:
PRESENT: Malcolm T. Cofer, Chairman
O. A. Spady
Henry H. Bradby
Lud Lorenzo Spivey
ABSENT:.. Phillip A. Bradshaw
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it was reported that the following bids for the $8,100,000 General Obligation
School Bonds, Series of 1995 (the "Bonds"), the issuance of which has been
provided for by resolution adopted by the Board on April 20, 1995, (the
"Resolution"), were received at the offices of Hunton & Williams, Riverfront
Plaza, East Tower,. 951 East Byrd. Street, Richmond, Virginia 23219, until
11:0.0 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
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indicated,. and accrued interest, if any, on the Bonds from the date of the
Bonds to the date of delivery.
1. Bid of NationsBanc Capital Markets, Inc., offering to pay par
plus a premium of $0 for the bonds and bearing interest at the rates set
forth in Column 1 of Exhibit A attached hereto.
2. Bid of First Union Capital Markets Corporation, offering to pay
par plus a premium of $63 for the Bonds and bearing interest at the rates •.
set .forth in Column 2 of Exhibit A attached hereto.
3. Bid of Davenport & Company of Virginia, Inc., offering to pay
par plus a premium of $15.50 for the Bonds and bearing interest at the rates
set forth in Column 3 of Exhibit A attached hereto.
4. Bid of ABN AMRO Securities (USA), Inc., offering to pay par
plus a premium of $1,282 for the Bonds and bearing interest at the rates set
forth in Column 4 of Exhibit A attached hereto. '
5. Bid of Wheat, First, Butcher, Swinger, offering to pay par plus
a premium of $0 for the Bonds and bearing interest at the rates set forth in
Column 5 of Exhibit A attached hereto.
6. Bid of Prudential Securities, offering to pay par plus a premium
of $44.50 for the Bonds and bearing interest at the rates set forth in Column.
6 of Exhibit A attached hereto
' 7. Bid of Craigie, Incorporated., offering to pay par plus a premium
of $0 for the Bonds and bearing. interest at the rates set forth in Column ?
of 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 seven bids received,
the bid of NationsBanc Capital Markets, Inc. 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 NationsBanc Capital
Markets, Inc., a copy of which is attached hereto and made a part of these
minutes.
On a motion duly made, the following resolution was adopted by a
' majority of the members of the Board by aroll-call vote, the ayes and nays
being recorded in the minutes of the meeting as shown below:
Member Vote
Malcolm T. Cofer, Chairman Aye
O. A. Spady AYe
Henry H. Bradby Aye
Lud Lorenzo Spivey Aye
BE IT RESOLVED by the Board of Supervisors of Isle of Wight
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County, Virginia, that the Bonds, the form. and details of which have
heretofore been prescribed by the Resolution, are awarded to NationsBanc
Capital Markets, Inc. in accordance with the terms of its bid and shall bear
interest as set out 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 of Supervisors
of Isle of Wight County, Virginia, held on May 16, 1995, 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 16th day of May, 1995 .
i'
Clerk, Board of Supervisors
Isle of Wight County, Virginia
Summary of Bids. for
Isle of Wight County, Virginia
$8,100,000 General. Obligation School Bonds
Series of 1995
Maturity
ui ly 1 moue ~ 2 ~
1996 $150,000 4.10 6.75 6.50
1997 200,000 4.25 6.75 6.50
1998 200,000 4.40 6.75 6.60
1999 250,000 6.10 6.75 6.70
2000 250,000 6.10 6.75 6.70
2001 250,000 6.10 6.75 6.70
2002 300,000 6.10 6.75 6.70
2003 400,000 6.10 5.75. 4.75
2004 400,000 4.90 4.90 4.75
2005 400,000 5.00 5.00 4.80
2006 400,000 5.125 5.10 5.10
2007 500,000 5.20 5.20 5.25
2008 550,000. 5.30 5.30 5.375
2009 550,000 5.40 5.40 5.50
2010 700,000 5.50 5.40 5,50
2011 800,000 5.50 5.50 5.60
.2012 900,000 5.50 5.50 5.60
2013 900,000 5.60 .5.50 5.60
.Maturity
u-I- lam- mount 5 6 Z
1996. $150,000 6.125 7.00 5.50
1997 200,000 6.125 7.00 5.50
1998 200,000 6.125 7.00 5.50
1999 250,000 6.125 7.00 5.50
. 3
6.875
6.875
6.875
6.875
6.875
6.875
6.10
4.875
5.00
5.10
5.10
5.25
5.30
5.40
5.50
5.60
5.60
5.70
BOOK ~6 PAGE 32O .
2000 250,000 6.125. 7,.00 50
5
2001 250,000 6.00
00
6 0.
7.0
00
6 .
5.50
2002
2003 300,000.
400,000 .
6.00 .
5,00
2004
400,000
5.10
5.00-
10
5 5 50
5.50
2005
200b 400,000
400,000 5.20
5.30. .
5.20 5.50
.
2007 500,000. . 5.40 5 60
5
2008 550,000 5.50
60
5 .40
5
50
5 .
. •~
2009
2010 550,000.
700,000 .
5.70 .
5.60. 5.70
2011 800,000 5.625 •
2012
900,000 ,
5.625 5.75 5 80 •
2013 900,000 5.625 5.80 5.80
The motion was adopted unanimously (4-0). Supervisor Bradshaw
was not present for the meeting.
At 11:22 a.m., Supervisor Bradby moved the Board adjourn. The .
motion- was adopted unanimously (5-0).
Jam'.
~~+ Y
Ma~ T, fer, Chairman
W. Dougl s skey, Clerk
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