HomeMy Public PortalAbout1979_04_10SPEC 321r4
MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, APRIL 10 , 1979
A special meeting of the Leesburg Town Council was held in
the Council Chambers, 10 West Loudoun Street , Leesburg, Virginia,
on April 10, 1979 at 11 : 00 A.M. Present were: Mayor Kenneth B.
Rollins , Councilmembers Glen P. Cole, Stanley D. Herrell, Jr . ,
G. Dewey Hill, Jr. , Marylou Hill , Walter F. Murray and John W.
Tolbert, Jr. ; also Town Manager John Niccolls, Assistant Manager
Jeffrey H. Minor, Director of Engineering Andrew G. Shope and
Director of Finance Donald O. Taylor.
The meeting was called to order by the Mayor, who stated that
the purpose of this meeting is to receive bids for $5, 000, 000 water
bonds and $150 , 000 public parking facility bonds . A Notice of said
special meeting was delivered to all Council members on April 6 ,
1979 , as evidenced by a copy of said Notice filed in the Clerk ' s
Office.
Mayor Rollins announced that the bids will be tabulated by
Mr. Lawrence Wales of Municipal Advisors and presented to Council
in approximately 15 to 20 minutes .
There being no objection to consideration at this time, on '
motion of Mr. Tolbert, seconded by Mrs. Hill, the following reso-
lution was proposed:
79-54 - RESOLUTION - ESTABLISHING REVISED CATEGORIES FOR ANNUAL
er
ARCHITECTURAL PRESERVATION AWARDS PROGRAM.
ii-
;y WHEREAS, certain members were appointed to serve as an
2S Architectural Awards Committee by Resolution No. 79-2
dated January 10 , 1979 ; and
WHEREAS , said Committee, after several meetings, has recom-
mended changes in the categories for such awards :
NOW, THEREFORE, RESOLVED by the Council of the Town of Lees-
burg, Virginia, as follows:
Sec. I (a) of Resolution No. 79-2 dated January 10 , 1979
is revised to read as follows:
(a) Four categories of awards shall be considered by the
Awards Committee :
(1) A building restoration, rehabilitation, construc-
tion or reconstruction for private use;
(2) A building restoration, rehabilitation, construc-
tion or reconstruction for business, commercial, in-
stitutional or public use;
(3) A building or landscape which represents signifi-
cant or noteworthy preservation goals achieved through
outstanding and continued maintenance.
(4) A general preservation or conservation project by
a community group or organization, including but not
limited to architecture, landscaping and archeology.
Mrs. Hill explained that the Committee wanted to add a fourth cate-
gory to cover continued maintenance of a house that does not need
preservation. Also, the Committee felt the award should go to the
house or property, not to the present or future owner. The reso-
lution was unanimously adopted:
Aye: Councilmembers Cole, Herrell, D. Hill , M. Hill, Murray,
Tolbert and Mayor Rollins.
Nay: None.
The meeting was recessed at 11 : 10 A.M. and reconvened at 11 : 25
A.M. , at which time Mr. Wales announced the following bids received:
X412*
MINUTES OF APRIL 10 , 1979 SPECIAL MEETING. 328
for the purchase of $5, 000 , 000 Water Bonds , Series of 1979 and
$150 , 000 Public Parking Facility Bonds, Series of 1979 :
Name of Bidder Amount of Bid
The Northern Trust Company $100 , 000 bonds maturing in 1980
and Associates to 1981, incl. , at 7%; $100, 000 •
bonds maturing in 1982 at 6 . 20%;
$650 , 000 bonds maturing in 1983
to 1988 , incl, at 7%; $2 , 500 , 000
bonds maturing in 1989to 1998 ,
incl . , at 5 . 908.;: $300, 000cbonds
maturing in 1999 at 6% ; $600 , 000
bonds maturing in 2000 to 2001,
incL,, at 6 . 10%; $600 , 000 bonds
maturing in 2002 to 2003 , incl . ,
at 6 . 20%; $300 , 000 bonds maturing
in 2004 at 5 1/4%
premium - $201 . 00
The First National Bank of $750 , 000 bonds maturing in 1980
Chicago and Associates to 1987 , incl . , at 7%; $1, 300, 000
3% bonds maturing in 1988 to 1993 ,
incl . , at 5 . 80%; $800 , 000 bonds
maturing in 1994 to 1996 , incl . ,
at 5 . 90%; $800 , 000 bonds maturing
in 1997 to 1999 , incl . , at 6%;
$900 , 000 bonds maturing in 2000
to 2002 , incl . , at 6 . 10% ; $600 , 000
bonds maturing in 2003 to 2004 ,
incl. at 6 1/4%
premium - $361 . 00
Merrill Lynch White Weld $750 , 000 bonds maturing in 1980
Capital Markets Group to 1987 , incl . , at 6 1/2% ; $350 ,000
bonds° maturing in 1988 to 1989 ,
incl . , at 6%; $1 , 250 , 000 bonds
maturing in 1990 to 1994 , incl . ,
at 5 . 80%; $1, 000 , 000 bonds maturing
in 1995 to 1998 , incl. , at 6%;
$600, 000 bonds maturing in 1999
to 2000 , incl . , at 6 . 10%; $300, 000
bonds maturing in 2001 at 6 . 20%;
$900 , 000 bonds maturing in 2002
to 2004 , incl . , at 6 1/4%
premium - $ . 19
Lehman Brothers Kuhn Loeb Inc. $1, 300 , 000 bonds maturing in
Bankers Trust Company 1980 to 1990 , incl . , at 7%;
Chemical Bank and Associates $250 , 000 bonds maturing in 1991
at 6 . 20% ; $250 , 000 bonds maturing
in 1992 at 6%; $550 , 000 bonds
maturing in 1993 to 1994 , incl. ,
at 5 3/4%; $1, 000 , 000 bonds
maturing in 1995 to 1998 , incl . ,
at 6%; $1, 500, 000 bonds maturing
in 1999 to 2003 , incl . , at 6 . 20%;
$300, 000 bonds maturing in 2004
at 5 %
First & Merchants National premium - $4 . 50$100, 000 bonds maturing in 1980 1
Bank and Associates to 1981, incl . , at 5 . 90%;
$1, 450 , 000 bonds maturing in 1982
to 1991, incl . , at 6 1/2%;
$250 , 000 bonds maturing in 1992
at 6% ; $800, 000 bonds maturing in
1993 to 1995, incl . , at 5 . 90%;
$1, 050, 000 bonds maturing in 1996
to 1999 , incl . , at 6%; $600, 000
EXHIBIT A
•
BID FORM
Council of the Town of Leesburg , . April 10,•1979
c/o Office of the Treasurer of Virginia
Room 101, Finance Building
Capitol Square
Richmond, Virginia 23219
Dear Sirs:
For all the 55,000,000 Water Bonds. Series of 1979, and the 5150.000 Public Parking Facility Bonds,
Series 1979.of the Town of Leesburg. Virginia, describedt'n the official Notice of Sale which is made a part
hereof, dated May 1, 1979, and maturing on May 1 in years and amounts and bearing interest as follows:
Year Amount Rate Year Amount Rate
1980 S 50.000 .7.00.. % 1993 $250,000 5.90 %
1981 50,000 7.00 % 1994 300,000 5.90. %
1982 100,000 6.20 % 1995 250,000. 5,.90. %
1983 100.000 .7.00.. % 1996 250.000 5..90.' % -
1984 150.000 .7,00.. % 1997 250,000 5_.90. %
1985 100,000 .7,00.. % 1998 250,000 5...90.
1986 100,000 .7,00.. % 1999 300,000 6..00. %
1987 100.000 .7.00.. % 2000 300,000 6..10 %
1988 100.000 .7,00:. % 2001 300,000 • 6..10. %
1989 250.000 .5.90.. % 2002 300,000 6...20 %
1990 200.000 .5.90.. % 2003 300,000 6...20 % w
1991 250,000 5.90 % 2004 300,000 5...25 %
1992 250,000 5.90 %
we will pay$5,150,000 plus a premium of$ 201.00 and accrued interest from the date of the bonds to the
dale of delivery. [
We enclose aAcd.jSe.4;or bank cashier's check for $103,000 drawn upon an incorporated bank or trust
company and payable unconditionally to the order of the Town of Leesburg, Virginia, to secure the Town
against any loss resulting from our failure to comply with the terms of this bid.If our bid is accepted,the check
will be deposited by the Town and credited on the purchase price.The proceeds of the check will be retained
by the Town as liquidated damages in case we fail to accept delivery of or pay for the bonds. If our bid is not
accepted,the check v:ill be returned promptly upon the award of the bonds. We understand that no interest
will be paid on the check.
THE NORTHERN TRUST COMPANY
AND ASSOCIATES (see attached )
STEVEN C . BROWN
Bond Investment Officer
The above good faith check has been returned and
receipt thereof is duly acknowledged.
NOTE: The following is stated for information only and is not a part of this bid:
Aggregate amount of interest on the bonds from their
date to their respective maturities $ ..4,_$85,000.00
Less premium 201.00
Net interest cost S ..4,.88.4,299..00 I
Net interest rate 5.9899.4 'p
NO ADDITION OR ALTERATION, EXCEPT AS PROVIDED ABOVE, SHOULD BE MADE TO THIS BID.
49
MINUTES OF APRIL 10 , 1979 SPECIAL MEETING. a)
bonds maturing in 2000 to 2001,
incl . , at 6 . 10% ; $600,'.000 bonds
maturing in 2002 to 2003 , incl . ,
at 6 . 15%; $300 , 000 bonds maturing
in 2004 at 6 . 20%
premium - $2 , 799 . 50
Dean Witter Reynolds, Inc. • $850 , 000 bonds maturing in 1980
E. F. Hutton and Associates to 1988 , incl . , at 7%; $250 , 000
bonds maturing in 1989 at 6 3/4%;
$1, 500 , 000 bonds maturing in 1990
to 1995, incl . , at 5 . 90% ;
$1, 050 , 00 bonds maturing in 1996
to 1999 , incl . , at 6%; $300 , 000
bonds maturing in 2000 at 6 . 10%;
$1, 200 , 000 bonds maturing in 2001
to 2004 ; incl . , at 6 1/4%
premium - $2 , 696 . 50
Continental Illinois National $1, 100, 000 bonds maturing in 1980
Bank and Trust Company of to 1989 , incl . , at 7% ; $700, 000
Chicago bonds maturing in 1990 to 1992 ,
Ut incl . , at 6 . 40%; $800 , 000 bonds
maturing in 1993 to 1995, incl . ,
=v at 6%; $500 , 000 bonds maturing
in 1996 to 1997 , incl. , at 6 . 10%;
.z,
$1, 750 , 000 bonds maturing in 1998
to 2003 , incl, . , at 6 1/4% ;
$300 , 000 bonds maturing in 2004
at 5%
premium - $300 . 000
Each of the above bids offered to pay par, a premium as indicated
and accrued interest from the date of the bonds to the date of
delivery.
A representative of Municipal Advisors Incorporated, the
Town' s financial consultant, reported that the bid of The Northern
Trust Company and Associates offered to purchase the bonds at the
lowest cost to the Town, a copy of which bid is attached hereto and
made a part of these minutes, and recommended acceptance of the bid.
79-55 - RESOLUTION - AWARDING $5, 000, 000 WATER BONDS AND $150, 000
PUBLIC PARKING FACILITY BONDS TO THE NORTHERN
TRUST COMPANY AND ASSOCIATES .
On motion duly made and seconded, the following resolution
was adopted by an affirmative roll call vote of a majority of all
members of the Council, the ayes and nays being recorded in the
minutes of the meeting as follows :
•
MEMBER VOTE
Kenneth B. Rollins Aye
G. Dewey Hill , Jr. Aye
Glen P. Cole Aye
•
Stanley D. Herrell , Jr. Aye
Marylou I . Hill Aye
John W. Tolbert, Jr. Aye
Walter F. Murray Aye
BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF LEESBURG,
VIRGINIA, that $5, 000 , 000 Water Bonds, Series of 1979
and $150, 000 Public Parking Facility Bonds , Series of 1979,
the form and details of which have heretofore been pre-
scribed by resolutions adopted on March 28 , 1979 , be and
the same are hereby awarded to The Northern Trust Company
and Associates in accordance with the terms of their bid
and shall bear interest as set out in such bid.
MINUTES OF APRIL 10 , 1979 SPECIAL MEETING. 330
Mr. Hill was pleased with these bids - he felt this is a
tribute to those who have worked on this bond sale - the Town is
in real good financial shape. Mr. Wales said the Town is in good
financial shape and is looking forward to even greater financial
strength. Mayor Rollins echoed Mr. Hill ' s remarks and thanked Mr.
Wales for his work. The results, to some extent, reflect the work
he has done and Council is grateful for this work.
Mr. Wales said he will call the State Treasurer ' s Office and
notify them that the low bid is accepted. The closing is scheduled
for May 10th.
On motion of Mr. Tolbert, seconded by Mr. Murray, Council voted
unanimously to adjourn the meeting at 11 :40 A.M.
/_J/ /l-r>,�..�/ Mayor
Clerk of th Council
to