HomeMy Public PortalAbout1988_05_25SPEC 365
MINUTES OF SPECIAL MEETING OF THE I.FFSBURG TOWN COUNCIL
May 25, 1988
A special meeting of the Leesburg Town Council was held on May 25, 1988 at 11:00 ant, in
the Council Chambers, 10 Loudoun Street, S.W., Leesburg, Virginia pursuant to notice thereof having
been delivered to all councilmembers prior thereto, for the purpose of considering bids for the sale of
$5,000,000 General Obligation Public Improvement Bonds, Series 1988. Mayor Sevila called the meeting
to order. Present were: Mayor Robert E. Sevila, Councilmember Brian Kelley, Hunter Leach and John
Tolbert, Jr. Absent were Councilmembers James E. Clem, Arl Curry, and Charles Williams. There
were sufficient members present to constitute a quorum. Also present were Town Manager Jeffrey H.
Minor and Director of Finance Paul York.
Mr. York addressed the Council by reading the 9 bids received for the $5,000,000 General
Obligation Public Improvement Bonds, Series 1988.
Bidder Amount of Bid True Interest cost (%)
Craigie Incorporated $4,950,000.00 7.1356522
I Merrill Lynch $4,950,000.00 7.288
Sovran Bank $4,950,000.00 7.143797
Prudential Bach $4,951,100.00 7.18919
1 Northern Trust Company $4,950,000.00 7.191457
North Carolina National Bank $4,950,000.00 7.222063
Chase Manhattan Bank $4,950,070.00 7.2673
The Chemical Bank $4,950,030.00 7.2317
The Harris Trust Bank $5,002,320.00 7.3763
The apparent low bid, at this point, is Craigie Incorporated. Scott and Stringfellow, the town's
financial advisor recommended that the town accept the bid of Craigie Incorporated at the true interest
cost of 7.1356522.
On motion of Mr. Kelley, seconded by Mr. Tolbert, the following resolution was adopted.
88-94 - RESOLUTION - AWARDING THE TOWN OF LEESBURG $5,000,000 GENERAL
OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1988
The Town Council ("Council") of the Town of Leesburg, Virginia ("Town") adopted a Resolution
on May 11, 1988 ("Resolution"), authorizing the issuance and sale of the $5,000,000 General Obligation
Public Improvement Bonds, Series 1988 ("Bonds"). A Preliminary Official Statement and Notice of Sale
with respect to the Bonds have been prepared and distributed pursuant to the Resolution, bids have
been received for the purchase of the Bonds and the Council proposes to award the Bonds to the bidder
whose proposal results in the lowest true interest cost to the Town.
NOW, THEREFORE, BE IT RESOLVED, BY THE TOWN COUNCIL OF THE TOWN OF
LEESBURG:
1. Acceptance of Bid. The Council determines that it is in the best interest of the Town
to accept the bid of Craigie Incorporated to purchase the Bonds at the price and interest rates set forth
therein and such bid is hereby accepted.
2. Interest Rates. The Bonds of each maturity shall bear interest at the rates set forth
below:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
1989 $ 250,000 6.00% 1999 $250,000 6.90%
1990 250,000 6.00 2000 250,000 7.00
1991 250,000 6.00 2001 250,000 7.10
1992 250,000 6.00 2002 250,000 7.20
1993 250,000 6.10 2003 250,000 7.25
1994 250,000 6.20 2004 250,000 7.25
1995 250,000 6.40 2005 250,000 7.25
1996 250,000 6.50 2006 250,000 7.50
1997 250,000 6.70 2007 250,000 7.50
1998 250,000 6.80 2008 250,000 7.50
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3. Filmy of Resolution. The appropriate officers and agents of the Town are authorized
and directed to file a certified copy of this Resolution with the Circuit Court of the Town of Leesburg,
Virginia pursuant to Section 15.1-199 of the Code of Virginia of 1950, as amended, and to take such
further action as they deem necessary regarding the issuance and sale of the Bonds and all such actions
previously taken by such officers and agents are ratified and confirmed.
4. Effective Date. This Resolution shall take effect immediately.
The undersigned Clerk of the Town Council of the Town of Leesburg, Virginia, certifies that
the foregoing constitutes a true, complete and correct copy of the Resolution adopted at a special
meeting of the Town Council of the Town of Leesburg, Virginia, held on May 25, 1988.
Mayor Sevila asked Mr. York to give some background information on Craigie Incorporated.
Mr. York stated that Craigie Incorporated is a Virginia corporation. Their main office is in Richmond.
They are an investment banking firm and provide a full range of financial and investment services.
Aye: Councilmember Kelley, Ipnrh, Tolbert and Mayor Robert E. Sevila
Nay: None
On motion and duly seconded the meeting was adjourned.
Mayor
Clerk of "pie Council
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