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04-09-85 MinutesHOARD OF SUPERVISORS MINUTES April 9, 1985 Supervisors in Attendance: Mr. G. H. Applegate, Chairman Mr. Jesse J. Hayes, Vice Chairman Mr. R. Garland Dodd Mrs. Joan Girone ~. Richard L. Hedrick County Administrator Supervisors Absent: Mr. Harry G. Daniel Staff in Attendance: Mr. Steve Micas, County Attorney Mrs. Pauline Mitchell, Dir. of News/info. Services Mr. Lane Hamsey, Dir. of Budget and Accounting 1. CALL TO ORDER Mr. Applegate called the meeting to order at the Courthouse at " 12:35 p.m. (EST). 2. AUTHORIZATION OF SALE OF GENERAL OBLIGATION SCHOOL BONES Mr. Ramsey stated that seven bids for the average interest rate for the sale of $3,000,000 in County General Obligation bonds to assist in the financing of the new elementary school in the Route 360 West area had been received by the Public School Authority ranging from 8.6439% to 8.7516%. He stated it was staff's recommendation that the low bid of 8.6439% from Citicorp.; Craigie; Bear, Stearns; etc., be accepted. He stated 10 basis points is added by the Authority to recover costs and he recommended that the interest rate of 8.74% be accepted by the County. ~ On motion of Mr. Dodd, seconded by Mrs. Girone, the Hoard adopted the following resolution: A I{ESQLUTION AUTHORIZING THE SALE OF $3,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION SCHOOL BONOS, SERIES OF 1985, OF CHESTERFIELD COUNTY, VIRGINIA, TO THE VIRGINIA PUHLIC SCHOOL AUTHORITY; FIXING THE INTEREST RATES TO BE BORNE BY SUCH BONOS AND OTHERWISE APPROVING THE DETAILS OF SUCH EONDS; APPROVING THE FORM OF SUCH BONDS; RATIFYING CERTAIN ACTS AND PROCEEDINGS; AND OTHERWISE PROVIDING FOR THE ISSUANCE OF SUCN BONDS BE IT R~50LVED By the Board of Supervisors of Chesterfield County: 1. Pursuant to a resolution adopted by this Board on March 27, 1985, entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF $3,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION SCHOOL BONDS, SERIES of 1985, OF CHESTERFIELD COUNTY, VIRGINIA; AND PROVIDING FOR THE SALE O~ SUCH BONDS TO TSE VIRGINIA PUBLIC SCHOOL AUTHORITY", there were authorized to be issued, sold and delivered to the Virginia Public School Authority (the "Authority") $3,000,000 principal amount of General Obligation School Bonds, Series of 1985 (the "Bonds"). This ~oard deems it advisable and in the best interests of the County to authorize and provide at this time for the sale of the Honds to the Authority and to fix the interest rates to be borne thereby. 85-210 2. The sale of the Bonds to the Authority at par plus accrued interest thereon from May 1, 1985 to the date of the delivery thereof to the Authority and receipt of the purchase ~rice therefor from the Authority is hereby approved. 3. The Bonds shall mature serially in the principal amount ;f $150,000 on December 15 in each of the years 1985 through 2004, both inclusive, with the Bonds maturing in each such year bearing interest at the rates per annum set forth opposite each such year below: Year Interest Rate Year Interest Rate 1995 8.74% 1995 8.74% 1986 8.74% 1996 8.74% 1987 8.74% 1997 8.74% 1988 8.74% 1998 8.74% 1989 8.74% 1999 8.74% 1990 8.74% 2000 9.74% 1991 8.74% 2001 8.74% 1992 8.74% 2002 8.74% 1993 8.74% 2003 8.74% 1994 8.74% 2004 8.74% The Bonds shall be dated as of May 1, 1985 and shall bear interest at the rates per annum specified above, payable on December 15, 1985 and semiannually on each June 15 and December 15 thereafter, (a) from May 1, 1985 in the case of Bonds euthenticated prior to December 15, 1985, or (b) in the case of Bonds authenticated on or after December 15, 1984, from the June 15 or December 15 that is, or immediately precedes, the date on which any such Bond is authenticated. The principal of, and premium, if any, on the Bonds shall be payable at the principal office of the County Treasurer of the County, as Registrar. Interest on the Bonds shall be payable by check or draft mailed by the Registrar to the registered owners of the Bonds (hereinafter the "Registered Owner" or "Owners") at their respective addresses as such addresses appear on the books Of registry kept by the Registrar as of the last business day of the calendar month next preceding each interest payment date. The Bends maturing on or before December 15, 1994 shall not be subject to redemption prior to their stated maturities. The Bonds maturing after December 15, 1994 shall be subject to redemption at the option o£ the County prior to their stated maturities in whole on any date not earlier than December 15, 1994, or in part from time to time on any interest payment date not earlier than December 15, 1994, upon payment of the principal a~ount of the Bonds or the principal amount thereof to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 1/4 of 1% of the principal amount of the Bonds or the principal amount thereof to be redeemed for each six month's period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond; provided, however, that such redemption premium shall not exceed 2% ofs~---~-~--principal amount. In the event less than all of the Bonds of a given maturity are called for redemption, the particular Bonds or portions thereof in installments of $5,000 to be redeemed shall be selected by the Registrar by lot. If any Bond or any portion of the principal amount thereof shall be called for redemption, notice of the redemption thereof, specifying the date and number of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and the issuance of a new Bond equalling in principal 85-211 amount that portion of the principal amount thereof not redeemed, shall be mailed not less than thirty (30) daye prior to the date fixed for redemption by registered er certified mail to the Registered Owner of such Bond at his address as it appears on the books of registry maintained by the Registrar. When notice of redemption of a Bond (or the portion thereof to be redeemed) shall have been given as a~oresaid, and payment of the principal a~ount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made Or provided for, interest thereon shall cease from and after the date so specified for the redemption thereof. Upon payment of the costs of any transfer taxes or other governmental charges relating thereto, if any, any Send may be exchanged at the principal office of the Registrar for a like aggregate principal amount Of ~onds of other authorized principal amounts and Of the series of which such Bond is one. Any Bond is transferable by the RegiStered Owner thereof, in person or by his attorney duly authorized in writing, at the principal office of the Registrar but only upon payment of the costs of any transfer taxes or other governmental charges relating thereto, if any, and upon the surrender thereof for cancellation. Upon such transfer a new Bond or Bonds of authorized denominations and of the same aggregate principal ~/~ount of the series of which such Bond is one will be issued to the transferee in exchange therefor. 4. The Bond~ shall be in substantially the form set forth below: UNITED STATES OF A~ERICA COMMONWEALTH OF VIRGINIA CHESTERFIELD COUNTY GENERAL OBLIGATION SCHOOL BOND SERIES OF 1985 REGISTERED REGISTERED Ne. R- $ INTEREST RATE MATURITY DATE: DATE OF ORIGINAL ISSUE: % May 1, 1985 REGISTERED OWNER: PRINCIPAL Chesterfield County (hereinafter referred to as the "County?), a political subdivision of the Cont~onwealth of Virginia, for value received, hereby promises to pay to the registered owner of this Bond specified above (the "Registered Owner"), Or registered a~igns, on the Maturity Date specified above, the Principal Amount specified above ("unlese this Bond shall have been duly called for previous redemption and payment of the redemption price shall have been made or provided for), upon presentation and surrender of this Bond at th~ principal office of the County Treasurer in Chesterfield, Virginia, as Registrar (hereinafter referred to as the "Registrar"), and to pay interest On such Principal Amount from the date of authentication hereof at the Interest Rate per annum specified above, such interest being payable on D~cember 15, 1985 and semiannually on each June 15 and December 15 thereafter until the payment of such Principal /Uncunt, by check or draft mailed by the Registrar to the person in whose name this Bond ix registered on 85-212 the books of registry kept and maintained by the Registrar as o~ the close of business on the last business day of the calendar month ne×t preceding each interest payment date. Both principal of and interest on this Bond are payable in such coin or ~urrency of the United States of ~merica as at the respective dates of payment is legal tender for public and private debts. This Bond is one of a duly authorized issue of Bonds (herein referred to as the "Bonds") of the aggregate principal amount of Three Million Dollars ($3,000,000) and is issued for the purpose of financing th~ costs of school improvements of and for the County, under and pursuant to and in full compliance with the Constitution and Statutes of the Commonwealth of virginia~ including Chapter 5 of Title 15.1 of the Code of Virginia 1950, as amended (the same being the Public Finance Act), and resolutions duly adopted on March 27, 1985 and April 9, 1985 by the Board c£ Supervisors of the County under such Chapter 5. The full faith and credit of the County are hereby irrevocably pledged to the payment of the principal of and interest on this Bond as the same become due. The Bonds of the series of which this Bond is one maturing on or before December 15, 1994 are not subject to redemption prior to their stated maturities. The Bonds cf the series of - which this Bond is one maturing after December 15, 1994 are subject to redemption at the option cf the County prior to their stated maturities in whole on any date not earlier than December 15, 1994, or in part from time to time on any interest payment date not earlier than December 15, 1994, upon payment of the principal amount of the Bonds or the principal amount thereof to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of 1/4 of 1% of the principal amount of the Bonds or the principal mount thereof to be redeemed for each six month's period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bonds; provided, however, that such redemption premium shall not exceed 2% of sue~principal amount. In the event less than all of the Bonds of a given maturity are called for redemption, the particular ~onds or portions thereof in installments of $5,000 to be redeemed shall be selected by the Registrar by lot. If this Bond or any per,ion of the principal amount hereof shall be called for rsdemption, notice of the redemption kereof, specifying the date and number of this Bond, the date and place Or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of this Bond is to be redeemed, that this Bond must be surrendered in exchange for the principal amount hereof to be redeemed and the issuance of a new Bond equalling in principal amount that portion of the principal amount hereof not redeemed, shall b~ mailed not less than thirty (30) days prlo~ tc the date fixed for r~demption by registered or certified mail to the Registered Owner of this Bond at his address as it appears on the books or registry maintained by the Registrar. When notice of redemption cf this bond {or the portion hereof fo be redeemed) shall have been given as aforesaid, and payment of the principal amount of this Bond (or tke portion of the principal amount hereof to b~ redeemed) and of the accrned interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest hereon shall cease from and after the date se specified for the redemption hereof. Subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing the Bonds O£ the 85-213 series of which this Bond i~ one~ this Bond may be ~xohanged at the principal office of the Registrar for a like aggregate principal amount of Bonds of other authorized principal amounts and of the series of which this Bond is one. This Bond is transferable by the Registered Owner hereof, in person or by his attorney duly authorized in writing, at the principal office of the Registrar Dut only in the manner, subject to the limitation~ and upon payment of the charges, if any, provided in the proceedings authorizin~ the Bonds of the series of which this Bond is one, and upon the surrender hereof for cancellation. Upon such transfer a new Bond or Bonds of authorized denominations and of the same aggregate principal amount of the series of which thie Bond i~ One will be issued to the transferee in exchange herefor. This Bond shall not be valid or obligatory unless the certificate of authentication hereon skall have been manually signed by the Registrar. %t is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to have been performed precedent to and in the issuance o£ this Bond and the issue of which it is a part do exist, have happened and have been performed in regular and due time, form and manner as required by law~ and Bonds of the issue of which this Bond is a part do not exceed any constitutional or statutory limitation of indebtedness, - IN WITNESS WHEREOF, the County, by its Board of Supervi~or$~ has caused thie Bond to be executed by the manual signature of the Chairman of such Board; a manual impression of the corporate seal of such Board to be affixed hereto, attested by the manual signature of the Clerk of such Board; and this Bond to be dated as of May 1, 1985. (SEAL) Attest: Clerk of the Board of Supervisors Chairman of the Board Supervisors CERTIFICATE OF AUTHENTICATION This Bond is One of the Bonds delivered pursuant to the within-mentioned proceedings. Chesterfield County, Virginia, as Registrar Dated: ASSIGnMeNT For value received, the undersigned hereby cells, assigns and transfers unto the within-mentioned ~ond of Chesterfield County, Virginia, and hereby irrevocably constitutes and appoints , Agent, to transfer the same on the books of registry in the office of the Registrar, with full power of subgtitution in the premlse~. Dated: Registered Owner 85-214 Signature Guarantee: NOTE: The signature to this assignment must correspond with the name as written on the face of the within Bond in every particular, without alteration, enlargement Or any change whatsoever. 5. The Chairman and Clerk of this Board, the County Administrator, the County Treasurer and other appropriate officers, employees and agents of the County are hereby authorized and directed to take all such action and to ex,cute such instruments as shall be deemed by them to be necessary or appropriate to effect the printinq, execution and issuance of the Bonds and the delivery of the Bonds to the Authority in accordance with the terms the resolution referred to in paragraph 1 hereof and this resolution upon receipt of the purchase price ~therefore as set forth in paragraph 2 hereof, and for the proper application and use of the proceeds of such sale, 6. Ail actions and proceedings heretofore taken by this Board, the County Administrator and other officsrz, employees, agents and attorneys of the County in connection with the authorization, issuance and sale of the Bonds, are hereby ratified, confirmed and approved. 7. The County Attorney is hereby authorized and directed to file a copy of this resolution, certified by the Clerk of this Board to be a true and correct copy hereof, with the Circuit Court of the County. 8. If any section, paragraph, clause or provision of this resolution shall be held invalid or unenforceable for any reason, the invalidity or unenforceability cf such section, paraqraph, clause or provision shall not aifect any of the remaining portions of this resolution. 9. All resolutions and proceedings in conflict herewith are, to the extent of such conflict, repealed. 10. This resolution shall take effect upon its adoption. The Board being polled, the votes were as follows: Ayes: Mr. Applegate, ~r. Mayes~ Mr. Dodd and M_rs. Girone. Absent: ~r. Daniel. 3. EXECUTIVE SESSION On motion of Mr. Dodd, seconded by Mr. Mayes, the Board wept into Executive Session to discuss personnel matters pursuant to Section 2.1-344 (a) (1) of the Code of Virginia, 1950, as amended. Ayes: Mr. Applegate, Mr. Mayes, Mr. Dodd and Mrs. Girone. Absent: Mr. Daniel. Reconveninq: 4. ADJOURNMENT On motion of Mr. ~ayes, seconded by Mrs. Girone, the Board adjourned at 1:15 p.m. until 2:00 p.m. On April 10, 1985. Ayes: Mr. Applegate, Mr. Mayes, Mr. Dodd and Mrs. Girone. Absent: Mr. Daniel. Richard L. HedriS~ County Administrator 85-215 ' . H. A~51~gate/;- Chairman