03-15-1989 MintuesMA~CH 15, 1989
Supervisors in Attendance:
MS. G. H. Applegate, Ckairman
Mr. C. F. Cnrrin, Jr., Vice Chairman
Mr. Harry G. Daniel
Mr. Jesse J+ Mayes
Mr. M. B. Sullivan
Mr, Lane B, Ramsey
County Administrator
Staff in Attendance:
MS. Joan Dolezal~
Clerk to the Board
Mr. Steve Micas, CO.
Attorney
1. CALL TO ORDER
Mr. Applegate called the meeting to order at 7:05 p.m. (EST) at
Manchester High School Auditorium.
2. INVOCATION
Mr. Applegate introduced Dr. James McKinnell, Pastor of
Chesterfield Church of the Brethren, who gave the invocation.
3. PLEDGE OF ~LLEGIANCE TO 'ru~ FLAG OF 'r~ UNi-~o STATES OF
The Pledge of Allegiance to the Flag of the United States
America was recited.
4. PUBLTC ~EAP~TNG TO CONSIDER APPLICANTS FOR APBOINTMENT AS
of
CI~F~R HXLL DISTRICT ~CHOOL ~OA~D ~p~$~F~ATIVE
Mr. Applegate stated this date and time had been advertised for
a public hearing to consider candidates who wish to be
considered for appoin~ent to the School Board from the Clover
Hill Magisterial District and to accept public co~ent
regarding the qualifications of those persons. He outlined the
criteria required for those individuals seeking the appointment
and requested any candidates wishing to be considered to sign
in and explained the procedure by which each candidate would be
called to present himself/herself.
Mrs. Maria Karti~i~ formally declared herself a candidate for
the Clover Bill School Hoard for the period of July 1, 1989
through June 30, 1993. She outlined her educational
background, qualifications and experience and stated she had no
planned speakers on her behalf as she felt the Board was
already aware of he~ credentiale, Mr. Applegate stated he had
received letters in favor of Mrs. Keritsis' reappointment to
the School Board which were submitted for the record.
Mrs. Penny Naris, a Midlothian District resident, voiced
support for Mrs. Keritsis' candidacy to the School Board as she
felt Mrs. Keritsis exhibited qualities of continuity, and
stated that she is a communioato~ and good listener and is
approachable and empathetic to the concerns of parents.
There being no one else to speak on behalf of Mrs. Keritsis,
Mr. Applegate closed the public comment.
Dr. John Cardea formally declared himself a candidate for the
Clover ~ill School Board for the period cf July 1, 1989 through
June 30, 1993. He outlined his educational background,
89-188
qualifications and experience end presented the Beard with
Mr. Tim Roach, Ms. Betty Parker, Dr. Robert Bussey, Ms. Jo
Trout, Ms. Penny Gilliam, Ms. Jean Chappell, Mr. Ji~ H~ndrick$t
Mr. Frank Morton and Mr. Eric Eaglet voiced suppert for the
appointment of Dr. John Cerdea to the Chesterfield County
school Board for the clover Hill Dimtrict as they felt his
credentialm clearly reveal him to b~ w~ll-prepared to l~nd a
unique service to the citizenry of the County, that he is an
enlightened, concerned parent with a demonstrated inter~$t iD
the educational welfare of youn~ people, and that him
~ducational background, experience and knowledge will De an
invaluable asset fo the County.
There being no one else tc speak on behel~ of Dr. Car~ea, Mr.
Mrs. Marcia Crandall formally declared hermelf a candidate for
the Clover Hill School Board ~or the period of July 1~
19~9 through June 3Q, 1993. She eutlined her ~d~oationel
background, qualifications and experience which she felt
qualified h~r for the pcmition.
MS. Barbara Perry, Mr. Vine~ Burgess, Mr. Michael ~elly, Ms.
Evonne Beaver, Mr. Jim Coleman, Mr. Jerry Baloh~ and ~s. Kathy
Cracdall to the Chesterfield County $checl Beard for the Clever
Sill District as they felt her ability to work with %he public
on a personal and professional basis~ knowledge of the full
expanse of the District citizens and schools, first-hand
knowledge and experience in the public school ~ymtem, ability
to develop and overses the implementation of budgets, ability
to listen to public opinion and determine facts from emotion,
and her sincere commitment to educational excellence qualily
her as the best candidate.
Mr. Applegate read a letter from Mr. Paul Cox~ Chairman of the
Cheste~Iield County Committee on the Future, endorsing Mrs.
Crandall's candidacy for the School Board and submitted it for
the record.
There being ne one else =o speak on behalf of' Mrs. Crandall,
Mr. Applegate closed the public coiffeur.
Mrs. Katherine ~argrave formally declared herself ~ candidate
~or the Clover Hill School Board for the per,od cf July l,
19~9 through Jun~ 50, 1993. She submitted copies of her
educational backgrcund~ qualificatien~ and experience.
~r. Joe Wal~h~ Mr. Ji~ $impscm, Ms. Pat Durleek, Mr. David
~owell and Ms. Vickie ~ansQn voiced support for :he appointmen~
of Mrs. Mercia Crandall to the Chemt~rfield County School Board
for the Clover Rill District as ~hey felt her energy,
enthusiasm, excellent management mkills in ba~king and finance,
ability to mak~ tough decisions and hsr commitment to cp/ality
education qualify he~ as the best candidate.
There being ne one elsa to ~peak on behalf of Mrs. Hargrave~
~r. Applagate closed the public comment.
~r. F. Norris Hedge, Jr. formally declared himself a candidate
for the Clover Bill School Board for the period of July 5,
1989 througk June 30, !99~. Hs presented information relative
to his educational background, qualificationg and expPrieno~.
~s. Kathy Milam, ~r. Richard Vaughan, Mr. Stev~ Overguard, Ms.
~my Stewart, ~. bane chambers, Ms. Vickie Hedge, Mr. Meade
Shorm, Mr. Wayne Sullivan/ Mr.. Jamen Burbano, Mr. Chuck
Kennedy, ~r. Frank Shipp, Ms. Adrian Vaughan, Mr. William
Kincaid and Mr. John Gla~ voiced $~pport for the appoint of
Mr. F. Norris Hedge, Jr. for the Clever Kill District as they
felt
his commitment to human values and the welfare of children, his
strong Christian background; his. integrity and tireless efforts
toward betterment of the School System qualify him as the best
candidate.
There being no one else to speak on behalf of Mr. Hedge, Mr.
Applegate closed the public comment.
Mr. Daniel K. Smith formally declared himself a candidate for
the Clover Hill School Board for the period of July 1, 1989
through June 30, 1993. He presented information relatlv~ to
his educational background, qualifications and experience.
Mr. Ray Cash, Mr. Tom Miller, Ms. Kathy Krause, Mr. Jay Katz,
Mr. Cecil Chambers and Mr. Gene Rudd voiced support for the
appointment of Mr. Daniel K. Smith for the Clover Eill District
as they felt his extensive financial/budgetary experience, his
corm~itment te th~ community and the welfare of children, his
leadership, organization skills, dedication, his integrity and
tireless efforts toward betterment of the School System q~alify
hi/0 a~ the best candidate. When asked, approximately 35 people
stood in support of Mr. Smith.
The time limit for Mr. smith expired and Mr. J~mes A. Ball
submitted a letter in support of Mr. Smith for the record.
There being no one else to speak on behalf of Mr. Smith, Mr.
Applegate closed the public comment.
Mr. Ralph Peachee formally declared himself a candidate for the
Clover Bill School Board for the period of July 1, 1989 through
June 30, 1993. He presented information relative to his
educational background, qualifications and experience and
distributed said information to the Board.
There being no one to speak on behalf of Mr. Peaches, Mr.
Applegate closed the public comment.
It was generally agreed to recess for five (5) minutes.
Reconvening:
A question and answer session followed the presentation of the
candidates and public CO~ents. (It is noted Mr. Hedge was not
present during this portion of the meeting.)
There were no further candidates to announce.
On motion of Mr. Daniel, seconded by Mr. Mayes, the Beard
closed the public hearing.
Vote= UnanimOUS
Mr. Applegate complimented and expressed appreciation to all
those presenting themselves as candidates for the School Board
nomination and those individuals who were present to speak on
the candidates behalf for their participation.
Mr. Daniel stated he would like to meet individually with each
of the candidates to further discuss their positions on issues
and concerns and directed staff to arrange meetings in the
immediate future. Mr. Applegate indicated he also would like
to further discuss matters with the candidates.
89-190
ADOPTION OF A RESOLUTION CON'PIP, MING ~te; $AI.~ OF $3,095~000
IN CERTIFICATES OF PARTICIPATION FOR 'ru~
~'r~u~ION OF SUCIt DOCUMENTS
Hr. Ramsay briefly explained that earlier in the day bids were
accepted and opened for the sale of $3~095,000 in certificates
Of participation for the 615 M~pping System with the bid being
awarded to the lowest reopens±ye bidder Scott and Stringfellow,
Inc. with an intsres~ rate of 6.9385%. Mr. Hayes expre[]~ed
concern that he had not had an opportunity to review th~ matter
and could not suppor~ it. ~r. Ramsay stated the ~oard had
previously ~uthorized and approved action for the GIS Mapping
System ani the action necessary at this time was only approval
uf the resctution, the closing documents and execution of such
doc~entS.
On motion of ~r. Daniel, seconde~ by Mr. ADpl~qate, the Board
adopted th~ following resolution:
~SOL~ION ~VING w~ ISS~ ~ ~ ~
$3,09~,~ ~IFI~S OF P~TICIPATION, ~PROV~G
~P~ING ~r~R~E~ IN~TION ~'~
W~A$, ~he County of Chesterfield, Virginia (tho
"County"), is intending to acquire an automated mapping system,
consisting of a main frame computer sy~t~a~ comprised of
computer eg~ipment~ software, geographically oriente~ data,
installed geodetic control ~rker~, printers, plottmrs and
screen copy devices {the 'Project");
W~EREA~, pnr[]~ant to a lea~e purchase agreement (the
"LeaSe Purcha$~ Agre~mont"), the Project will be lea~e~ by the
County from Sovran Bank~ M.A., Richmond, -Virginia (the
WHEREAS, the coat of the acquisition, construction end
equipping of the ~roject will be financed, together with other
moneys available therefor, by the sale of certiflcatea of
participation in the aggregate principal amount of
(th~ "Certifiuates") evidencing an undivided ownership interest
Agreement, the proceeds of which Certificates will be deposited
trust agreement, pursuant to which the Lessor will assign to
th~ Trustee, for the benefit of the holders of the
Certificates, all cz its right, ~itla and inuores~ in and to
right to receive pa!rments under the Lea~e Purchase Agreement;
WHEREAS, the foregoing arrangements will be reflected in
the followlnq document~, form~ of which have been presented at
this meeting and ~iled with the Board's records: (i) th~ Trust
Agreement (the "Trust Agree~snt"} a~ong the County, the Lessor
and the Trustee; (ii) the Certificate~, the form of which is
attached to th~ Trust Agreement as Exhibit A~ (iii) the
Assignment Agreement from the Le~$or to the Trustee; (iv) the
Prsliminary O~!ering Statement with respect to the offer and
between the Lessor and the County, all of which
listed above~ except the Preliminary Off,ring Statement, ar~ to
be dated for referense as of March 1, 1989 and ail of which
documents listed above, except89_191 ~he Certificate~ and the
Preliminary Offering Statement are referred to in this
Resolution as the "Basic Documents"~
WHEREAS, pursuant to a duly published Summary Notice of
Sale of the Certificates, the following bide for the purchase
of the Certificates were received, the terms thereof being
surmmarized as follows:
Name of True Interest
Bidder Purchase Price Cost Rate
Scott & Stringfellow
Inc. $3,070,549.50 6.9308%
Wheat, First
Securities, Inc. $3,070,240.00 7.0463%
Ferris, Baker Watts,
Inc. $3,064,155.00 7.1472%
Merrill Lynch Capital $3,064,050.00 7.1864%
Craigie Inc. $3,064,050.00 6.9609%
Citicorp North
America, Inc. No bid
GE Capital Fleet
Services $3,095,000.000 7 19/20%
After careful consideration and in furtherance of the
purposes set forth herein and in the Basic Documents, NOW,
THEREFOP, E, BE IT RESOLVED, THAT:
1. The issuance of the Certificates, to be Known as
"Chesterfield County, Virgi~ia~ Certificates of Participation,
Series 1989," is authorized~ The Certificates shall be issued
in the aggregate principal amount of $3,095,000 and shall be in
eubstantially the form attached to the Trust Agreement as
Exhibit A. The Certificates shall be dated as of March 1,
1989; shall be numbered f~om R-1 upwards in order of issuance;
shall be issued in fully registered form in the denomination of
$5,000 or any integral multiple thereof; shall Bear interest
payable on March 1 and September 1 in each year at the rates
per annum set forth below in accordance with the successful bid
and shall mature serially in each of the years and in the
amounts set forth below:
Principal Interest
Year Amount Rate
1992 $445,000 6.60%
1993 445,000 6.65
1994 445,000 6.70
1995 440,000 6.75
1996 440,000 6.80
1997 440,000 6.85
1998 440,000 6.875
The Certificates shall be issued only in fully registered
form without coupons. One Certificate representing each
maturity will be issued to and registered in the name o£ Cede &
Company, as nominee of The Depository Trust Company, New York,
New York ("DTC"), as registered owner of the Certificates and
each such Certificate shall be immobilized in the custody of
DTC. DTC will act as securities depository for the
Certificates. Individual purchases will be made in book-entry
form only, in the principal amount of $5,000 or any integral
multiple thereof. Purchasers will not receive physical delivery
of certificates representing their interest in the Certificates
purchased.
Principal, premiu~l~ if any, and interest payments on the
Certificate8 will be made by the County hy wire transfer to DTC
or its nominee, Cede & Co., a~ registered owner of the
Certificates, which will in turn remit such payments to the DTC
participants for subsequent disbursal to the beneficial owners
of the Certificates. Transfer of principal, premium, if any,
89-t92
and interest payments to OTC participants will be the
r~pon~ibili%y of DTC~ Transfers of such payments to
beneficial owners of the Certificates by DTC participants will
be the responsibility of such participants and other nominees
of such bensfinial owners. Transfers of ownership interests in
the Certificates will be accomplished by book entrie~ made by
DTC and~ in tnrn~ by OTC participants who act On behalf of the
indirect participants of OTC and the beneficial owners Of the
Certificates.
The County will not ba reSpOnsible or liabl~ for sendiDg
transaction statements or for maintaining, supervising or
reviewing records maintained by OTC, i~s participants or
persons acting through such partlcipant~ or for transmitting
payment~ to, communicating with, noPifying, er otherwise
dealing with any beneficial owner of the Certificates.
The Certificates ~hali be payable and subject to
redemption prior to maturity in accordan~ with %he provisions
set forth in the form of Certificates attached to ~he Trust
Agreement as Exhibit A. The C~rtifioatas shall be subject to
such provisions with respect to registration and transfer as
are set forth in such form of Certificate and in the Trust
Sovran Bank, N.A., Richmond, Virginia, is hereby appointed
TruStee an~ Registrar with such duties and obligations as are
prescribed in the Trnst Agreement.
2. The Certificates and the Basic Documents are h~r~by
approved in substantially the forms submitted to this meeting,
with such chang~, in~rtion~ of omissions (including~ without
limitation, changes of ihs dates thereof) as may be approved by
the Chairman oY tho Vies Chairman of the Board, whc~e approval
shall be eviden=ed co~clusively by the execution and delivery
of the Basic Documents to which the County is a
3. The execution, delivery and performance by the County
of the Sasic Documents to which it is a pa:by .are authorized.
The execution uf the Certificates by the Trustee =nd their
delivery against payment therefor, the a~oent of such palrment
to be disbursed in accordance with the terms of the Trust
4. Nothing ~n this Resolution, the Certifieate~ or the
Basic Documents shall constitute a pledg~ of the full faith and
credit of the Count~.
5. The Board hereby finds and determines that the best
Stringfellow, Inc. offering to purchase the certificates at
purchase price of $~,070,~49.50 and at a =rue interest cost
rate cf 6.9388%, such bid conferees in all respects to the
Detailed Notice of Sale for the Certificates and is accepted
and the Chairman of the Board of County Supervisors of the
County is hereby authorized and directed to execute and deliver
6. The appropriate officers end agents o~ the County are
hefeby authorized and directed to prepare, execute and deliver
the Offering statement with respsct to the issuance and sale of
the Certificates in substantially the form of the Preliminary
Offering Sta~emsnt now on file with the Board with such changes
or supplements as such officers and agent~ may consider
necessary or ~ssirable in connection thsrew~th. The
distribution of fha Preliminary 0£feTing Statement is hereby
ratified an~ ~he preDaration and distribution of the Offering
Statement is hereby authorized~ The form, distribution and
Dublication of the Summary ~otice of Sale of the Certificates
is hereby ratifie~ ~nd the form and distribution of the
Detailed Notice of Ssle end for~ of Bid is hereby ratified,
$9-193
forms of such Detailed Notice of Sale, Notice of Sale and Bid
having been' presented at this meeting and filed with the
Board's records.
7. The Chairman and the Vice Chairman of the Board are
each authorized and directed to execute on b~half of the county
and the Board the ~azic Documents ~e which the county is a
party, and, if required, the Clerk of the Board is authorized
and directed to affix er to cause to be affixed the seal of the
Board to the Basic Documents and to attest such seal. Each
officer or agent of the County is authorized to execute and
deliver on behalf of the County such instrumentS, documents or
certificates, and to do and perform such things and acts, as
they shall deem necessary or appropriate to carry out the
transactions authorized by this Resolution or Contemplated by
the Certificates, the Preliminary Offering Statement, the
Offering statement, the Basic Documents or such instrumentS,
documents or certificates, and all of the foregoing, previously
done or performed by such officers or agents of the County, are
in all respects approved, ratified and confirmed.
8. The Board determines that the issuance of the
Certificates and the acquisition of the Project, and all
actions of the County contemplated under the Basic Documents,
will be in furtherance of the welfare of the citizens of the
County and will provide facilities which are essential and
necessary to the operations of the County.
9. The Board hereby declares its intent to complete
acquisition of the Project and to £und such completion costs
either from the proceeds of Additional Certificata~ under the
Trust Aqreement Or from moneys derived from appropriations
included in the County's budget from time to time.
10. The County hereby covenants and agrees to comply with
the provisions of Sections 103 and 141-150 inclusive, of the
Internal Revenue Code of 1986, as amended, and %he applicable
regulations or the Internal Revenue Service thereunder
throughout the term of the Certificates. The provisions of
this section shall be a covenant with the holders of the
Certificates throughout the term of the Certificates.
11. This Resolution shall be effective upon its adoption.
Ayes: Mr. Applegate, Mr. Currin, Mr. Daniel and Mr. Sullivan.
Nays: Mr. Mayas.
7.
On motion of Mr. Sullivan, seconded by Mr.
adjourned until March 22, 1989, at 9:00 a.m.
Vote: Unanimous
Daniel~ the Board
~. S. App~eg~ate
Chairman
89-194