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12-14-1976 MinutesPresent: Mr. E. Merlin O'Neill, fhai~ Mrs. Joan Girone, Vice-Chairman Mr. J. Ruffin Apperson Mr. C. L~ Bookman Mr. Lee O. Falwell, Co. Administrator ~sent: Mr. Leo Myers VIRGINIA: At an adjourned meeting of the Board of Supervisors of Chesterfield County, held at the Courthouse on Deoember 14, 1976. Also Present: Mr. Janms Condrey, Dir. of Cent. Acctg. Mrs. Joan Dolezal, Secretary Mr. Lane Ramsey, Asst. Dir. of Cent. Acctg. Mr. Steve Micas, County Attorney The Board having met at 11:00 a.m. in the Finance Building, Capital Square, RichnDnd, Virginia, to witness the opera_lng of sealed bids for the purchase of $29,900,000 in County General Obliga- tion B~nds the Chairman called the meeting to order at 12:00 noon. It was on motion of the four Board members present that the Board of Supervisors of Chesterfield Comty accepted the lc~ bid of Chase Fmnhattan Bank/Lehman Brothers and Associates, to purchase $29,900,000 of General Cbligation BOnds. It was reported that the following bids were received and opened at 11:00 a.m., Richn~nd time, on December 14, 1976, by the State Commission on Local Debt, Rictm~nd, Virginia, for the $29,900,000 School Bonds, Series of 1976: Name of Bidder Amount of Bid The chase Manhattan Bank, N.A. Le_hmmn Brothers Incorporated and Associates $9,450,000 bonds maturing in 19 79 to 1984, incl., at 4 1/2%; $7,875,000 bonds maturing in 1985 to 1989, incl., at 4.60%; $1,575,000 bonds maturing in 1990 at 4 3/4% $1,575,000 bonds maturing in 1991 at 4.80%; $1,575,000 bonds maturing in 1992 at 4.90%; $7,850,000 bcnds maturing in 1993 to 1997, incl. , at 5% premium- $1,100.00 The Northern Trust Company Drexel Burnham & Co., Incorporated, in association with Bache Halsey Stuart Inc. Smith Barney, Harris Upham & OD. Incorporated John Nuveen & Co., Inc. ': · Goldman, Sachs & Co., in association with Harris Trust and Savings Bank Merrill Lynch, PierceFenner & Smith, Inc. and Associates $15,750,000 bonds maturing in 1979 to 1988, incl., at 4.60%; $1,575,000 bonds maturing in 1989 at 4.58%; $1,575,000 bonds maturing in 1990 at 4.80%; $1,575,000 bonds maturing in 1991 at 4.90%; $9,425,000 bonds maturing in 1992 to 1997, incl., at 5% premium- $101.00 Citibank, N.A. The First Boston Corporation Salomon Brothers, in association with Weeden & CO., Inc. Donaldson Lufkin & Jenrette Sec. Corp., in association with Morgan Guaranty Trust Ge. of New York $6,300,000 bonds maturing in 1979 to 1982, incl. , at 4.70%; $14,175,000 bonds maturing in 1983 to 1991, incl., at 4 3/4%; $9,425,000 bonds maturing in 1992 to 1997, incl., at 5% premium- $0- Bankers Trust Company ODntinental Illinois National Bank and Trust Company of Chicag~ The First National Bank of chicago E. F. Hutton & Company First National Exchange Bank of Boanoke and Associates, in association with Beynolds Securities, Inc. United Virginia Bsnk The Bank of Virginia Wheat, First Securities Inc. and Associates $15,750,000 bonds maturing in 1979 to 1988, incl., at 4.70%; $1,575,000 bonds maturing in 1989 at 4 3/4%1 $1,575,000 bonds maturing in 1990 at 4.80%; $1,575,000 bonds maturing in 1991 at 4.90%; $9,425,000 bonds maturing in 1992 to 1997, incl., at 5% premium - $2,760.25 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. It was noted that the State Commission on Local Debt had advised representatives of the Cotmty that the bid of The Chase Manhattan Bank, N.A., Lehman Brothers Incorporated and Associates offered to purchase the bonds at the lowest cost to the County, a copy of which bid is attached hereto and made a part of these minutes, and that the State Commission on Local Debt reconmended acceptance of the bid. On ration duly made and seconded, the following resolution was adopted by a majority of all menbers of the Board of S~ervisors by roll call vote, the ayes and nays being recorded in the minutes of the meeting as follows: M~mber Vote E. M~rlin O'Neill Aye Joan Girone Aye C. L. Bookman Aye J. Ruffin Apperson Aye BE IT RESOLVED BY 5~E BOARD OF SUPERVISORS OF C}IESTERFIELD COUNTY, VIRGINIA, that $29,900,000 School Bonds, Series of 1976, the form and details of which have heretofore been prescribed by resolution adopted cn November 24, 1976, be and the san~ are hereby awarded to The Chase M~nhattan Bank, N.A., Lehman Brothers Incorporated and Associates, in accordance with the terms of their bid and shall hear interest as set out in such bid. The undersigned Clerk of the Board of Supervisors of Chesterfield County, Virginia, hereby certifies that the foregoing cc~stitutes a t_rue and correct iextract from the minute~ of an adjourned m~eting of the Board of Supervisors held c~ the 14th day .of Decen~er, 1976, and of the whole thereof so far as applicable to the matters referred to in such extract. WITNESS m3 hand and the seal of the Board of S%pervisors of Chesterfield ODunty, Virginia, this day of December, 1976. (SEAL) Clerk, Board of Supervisors of Chesterfield County, Virginia BID ~IDRM Board of Supervisors of Chesterfield County, Virginia c/o State Cu~ssion on Local Debt Room 10'1, Finance Building Capitol Square Richmond, Virginia 23219 Dear Sirs: December 14, 1976 For all of the $29,900,000 School Bonds, Series of 1976, of Chesterfield County, Virginia, described in the official Notice of Sale which is made a part hereof, dated December 15, 1976, and maturing cn December 15 in years and a~Dunts and bearing interest at rates as follows: Year . · ~unt . Rate Year Amount Rate 1979 $1,575,000 4.50% 1989 $1,575,000 4.60% 1980 1,575,000 4.50% 1990 1,575,000 4.75% 1981 1,575,00'0 4.50% 1991 1,575,000 4.80% 1982 1,575,000' 4.50% 1992 1,575,000 4.90% 1983 1,575,000 4.50% 1993 1,575,000 5.00% 1984 1,575,000 4.50% 1994 1,575,000 5.00% 1985 1,575,000 4.60% 1995 1,575,000 5.00% 1986 1,575,000 4.60% 1996 1,575,000 5.00% 1987 1,575,000 4.60% 1997 1,550,000 5.00% 1988 1,575,000 4.60% we will pay $29,900,000 plus a premi~ of $1,100.00 and accrued interest from the date of the bonds to the date of delivery. We enclose a certified or bank cashier's check for $598,000 drawn upCn an incorporated bank or trust company and p~yable uncc~ditionally to the order of Chesterfield County, Virginia, to secure the County against any loss resulting frc~ our failure to comply with the terms of this bid. If our bid is accepted, the check will be deposited by the County and credited on the purchase price. The proceeds of the 'check will be retained by the County as liquidated damages in case we fail to accept delivery of and pay for the bonds. If our bid is not accepted, the check will be returned promptly ~pon the. award of the bonds. We understand that no interest will be paid on the check. The Chase Manhattan Bank, N.A.) Jt. Imhman Brothers Incorporated ) Mgrs. And Associates (See. List At~ached) BY: THE CHASE MANHATTAN BANK, N.A. Thom E. Ruddy Second Vice President NO ADDITION OR ALT~kCATION, EXCEPT AS PNDVIDED ABOVE, SHOULD BE MADE TO THIS BID (NOTE--The following is stated for information only and is not part of the bid: The aggregate amount of interest upon all of the bonds from their date until their respective maturities, ~fter deducting any premium, is $17,193,700.00. The average net interest cost for the bid is 4. 7950%) L~DI VIDED ACCOUNT $29,900,000 COLBITY OF (/~ESTERFIELD, VIRGINIA SELLING DEC~VBER 14, 1976 %he Chase Manhattan Bank, NAA. ) JOINT Le_hnmn Brothers Incorporated ) MANAGERS Chemical. Bank Bear Stearns & Co. The Philadelphia National Bank Shields Model RDtand Incorporated Mercantile Trust Company, N.A., St. louis L. F. Pothschild & HOrnblower & Weeks-Hemphill Noyes European-American Bank & Trust CO. R. W. Pressprich & Co., Incorporated Faulkner, Dawkins & Sullivan Securities Corp. Loewi & CO., Incorporated, Milwaukee National Central Bank, Lancaster Bevill, Bresler & Sdaulman Securities, Inc., Newark Blunt Ellis & Sinmons Incorporated, Chicago · Brown Brothers Harrinmn & Cb. M0seley, Hallgarten & Estabrook, Inc. W. E. Pollock & Co., Inc. Rand & CO., Inc. U. M. I. C., Lnc. , M~_mphis Baird Patrick & CO. Berghoff, Marsh & Company, Inc., Chicago Colin Hochstin CO. Douglas & Co. Municipals, Inc. Ernst&co. Folger Nolan Fleming Douglas, Incorporated, Washington, D.C. Beinholdt & Gardner, St. Louis Ayes: Mr. O'Neill, Mrs. Girone, Mr. Apperson and Mr. Bookman. Absent: Mr. Myers. Mr. Falwell made note that the interest cost for the bonds was 4. 7950%. The Board complimented the County staff for their part in making this sale a' success, especially the Central Accounting Department, the County Attorney's Office, the County Administrator's Office and the County Planning Department. It was on motion of Mr. Apperson, seconded by Mrs. Girone, resolved that %he following resolution be adopted: Whereas, Richmond Negional Planning District Con~nission and the Virginia Departn~nt of Highways and Transportation have had a comprehensive transportation planning agreement since 1964 to accomplish local, state and federal highway planning objectives and to meet Federal Highway Administration planning requirements; and Whereas, the Highway Department and the Planning District Cor~nission Transportation Committee are the principal agencies through which Chesterfield County accomplished highway planning; and Whereas, the Chesterfield County Board of Supervisors recognizes a significant improve- ment in highway planning and project implementaticn through these agencies; and Whereas, the Plarkning District Commission has no% yet signed an agreemant with the Highway .Department for the current fiscal year transportation planning; Now, Tnerefore, Be It Resolved that the Chesterfield County Board of Supervisors does hereby request the Planning District Cor~nission to accelerate its review and auproval of their agreement with the Highway Department. Ayes: Mr. O'Neill, Mrs. Girone, Mr. Apperson and Mr. Bookman. It was on motion of Mr. Bookman, secc~ded by Mr. Apperson, resolved that %his Board adjourn for lunch in E~cutive Session for consultation with counsel and staff pertaining to legal matters within the jurisdiction of the public body. Ayes: Mr. O'Neill, Mrs. Girone, Mr. Apperson and Mr. Bookman. Bsconvening: Mr. Ritz stated that the Planning Department made a mistake in their take notice for zoning cases on M~nday. He stated that it was sent out as Wednesday but they have notified all adja- cent property owners of the mistake. Chief Pittman, Major Richter' and Capt. Sia,~Luns cams before the Board to discuss the Polioe Departnmnt's bhx~get for t977-78. Mr. Ramsey and Mr. Falwell explained the new forms and the method by which to' follow the figures and explanatic~s. Chief Pittman explained the. Animal Control Departmant's budget which request for next fiscal year would be $124,589.. He ex- plained each category and the requested budget for each in the Police Department stating that it would be an increase.of approximately 30% and would cost the County an additional $713,469 if approved as presented. There was sonm discussi°n of manpower, workloads, services, etc. Mr. Bookman and the Board corananded Sgt. Matthews for doing such a fine job in his position. Mr. Bookman and Mrs. Girone discussed the possibility of having a gas station located in another .area of the County for police officers in lieu of having them to come to the Courthouse for fill-ups. Chief Pittman stated that they have to com-= to the Courthouse at least once a day and this is usually when the officer will refuel his vehicle. Mrs. Girone asked that the Polide Department keep ~ecords for a one mcnth period of tinms an officer comes to the Courthouse, when he refuels his vehicle, etc. Mr. Bookman inquired ho~ much over this year's budget was the Police Departnmnt going to overrun. Chief Pittman stated between ~$40,000 and $50,000. Chief Pittmcnn stated that Chesterfield County .has the least number of police officers per square mile and per citizens than any other juris- diction in the area. He stated that what has been presented was what he feels is needed but it would be up to the Board to cut where they thought it necessary. Chief Pittrm3n stated that he would like the authority to~ hire the 11 n~n that was in his budget for this year but that had been delayed due to the financial situation. .He stated that if these n~n were not hired at this time that the County would not be able to catch up hiring the needed personnel. He stated that these 11 msn would be used during the peak crime hours-- instead of 12 men on all shifts, 12 men would be on shifts when crimes and calls corns in the least and there would be 16 man on the shifts when calls are more frequent. After consideration of this matter, it was on motion of Mr. Bookman, seconded by Mrs. Girone, resolved that the Police Chief be authorized to hire 11 man as budgeted for this year and also the associated expenses as budgeted for same were appro~md. Ayes: Mr. O'Neill, Mrs. Girone, Mr. Apperson and Mr. Bookman. It was on motion of Mr. Bookman, seconded by Mrs. C~rone, resolved that this Board adjourn at 6:15 p.m. until December 20, 1976 at 9:00 a.m. Ayes: Mr. O'Neill, Mrs. Girone, Yn~. Apperson and Mr. Bookman. Lee O. Falw~ll, Secretary E. M~rlin '0 'Neill, /