04-16-1957 MinutesBoard of Supervisors of Chesterfield
County, held on the 16th day of April,
1957, at 7:30 p.m. at Chesterfield Court-
House.
Present:
Irvin'G.Horner, Chairman
H. T. Goyne'
H.K.Hagerman
R,J.Britton
Marshall F. Driskill
Stanley R.Hague, Jr,
On motian of Mr. R,J.Britton, seconded by Hr, M. F.Driskill, the following
resoiutien was duly adopted by the following vote:
Ayes: Mr. Irvin O.Horner, Mr, H.T.Ooyne, Hr.H.Koklagerman, ir. R,J.Britton, and
Mr. Marshall F.Driskill.
Nays: None
WHEREAS, the Water Revenue Bonds of the County of Chesterfield described
in the form of notice herei~after set forth, are now outstanding and may be
fledeemed at the option of ~he County, at the times and upon the terms stated
in ~ucb notice, and the Board of Supervisors desires to provide for the redemptio!
of said bonds as provided in said notice;
Now, Therefore, Be it Resolved, by the Board of Supervisors of the County
of Chesterfield as follows:
(1) The outstanding $260,000 WaierrRevenue Bonds dated April 1, 1948,
described in said notice, issued pursuant to a resolution adopted by the Board
of Supervisors on 0c~ober I2, 1948, shall be r~deemed, on October 1, 1958, at a
redemption price of par and accrued interest to October 1, 1958; and the out-
standin& $860,000 ~ater Revenue Bonds dated'July 1, 1951, described'in said
notice, issued'pursuant to a resolutien adopted by the Board of Supervisors on
July 17, 1951, shall be redeemed on July 1. 19~8. at a redemption price of par
and accrued interest to July 1. 19~8 plus a premium, in the ease of each bond
redeemed of $1.25 for each six months from the date of redemptien tothe stated
date of ~turity of such bond.
(2) Notice of the County's election to redeem said bonds, required to be
published pursuant to said resolution, shall be in the following form:
COUNTY OF CHESTERFIELD'! VIRGINIA
NOTICE OF REDEMPTION
$1~120~000,~ATER REVENUE BONDS
NOTICE IS HEREBY GIVEN that, in accordance with the term~ ef the'bonds
hereinafter ,referred to, the County of Chesterfield, a County of the Commonwealth
of Virginia, has determined to redeem and will, on October 1, 1958, redeem its
oustanding $260,000 ~ater Revenue Bonds ddted April 1, 1948, hereinafter describe
at a redemption price of par and accrued interest to October 1, 1~58, and it has
determined to redeem and will, on July 1, 1958, redeem tis outstanding
~ater Revenue Bonds dated July 1, 1951~ hereinafter described, at a redemption pt
of par ~nd accrued, interested to July 1, 1958 plus a premium, in the case of eec
bond redeemed, of $1.25 for each six months from the date of redemption to the
siated date of maturity of such bond.
Said $260,000 ~atsr Hevenue Bonds consist of two hundred and sixty bonds
of the denomination of $1,000 each, numbered from ~41 to 500, inclasive, in the
order of their maturity, payable in annual installments on October 1 in each
year as follows, viz: $25,000 in each of the years 1959 to 1966, inclusive,
and $~0,000 in each of the years 1967 *nd 1968, and bearing interest at the
rate of ~-1/4~ per annum, payable semi-annually on April I and 0otober 1, and
being a part of an authorized issue of bonds of the aggregate principal amount
of $500,000o
Said $860,000 ~ater R venue Bonds consist of eight hundred and sixty
bonds of the denomination of ~1,000 each, numbered from 141 tel,000, inclusive,
in the order of their maturity, payable in annual installments on July 1 in
each year as follows, viz: $600000 in 1959, $?0,000 in each of the years 1960
to 1970, lnclu~ve, and $300000 in 1971, and bearing interest at the rate of 3-1/!
per annum, payable semipannually on January 1 and July 1, and being a part of
an authorized issue of bonds of the aggregate principal amount of $1,000,000.
~e redemption price with respect to each of said bonds willbe paid
upon prese~tation and surrender of such bond at the principal office of The First
and Merchants National Bank of Richmond, in thegity of Richmond, Virginia, on
the respecti~e redemption date prescribed for such bond. Each bond surrenderel
unless it has been registered in accordance with its terms, must be accompanied
by all coupons for in~erest accruing after the respective redemption date.
Coupons for interest payable on or before the redemption date may be attached
to the bonds for payment, or, if detached from the bonds by the holders thereof,
may be presented for payment in the usual course. Each registered bond surrende~
must be accompanied by'prOper instruments of assignment and transfer.
BE TT RE$OLVEI), by the }~oard of Supervisors of the County of Ches.terfiel,
as follows:
(1) The County of Chesterfield shall enter into an agreement with First
and Merchants National Rank of Richmond, reading as follows:
AGREEMENT Between THE COUNTY OF CHESTERFIELD( herin referred to as
"County"), a political subdivision of the Commonwealth of Virginia, and FIRST
AND ME[iG]~NT$ NATIONAL ]~NK OF RIC,IMOND ( herein referred to as "l&ank,), a
corporation having its principal office in the City of Richmond, Virginia.
WHEREAS, Water Revenue l%onds of the aggregat~ principal amount of
$1,260,000 have been ~ssued by the County and are now outstandin~ and consist
of ~he following bonds:
(1) $310,000 Water ~evenue Bonds dated April 1, 19~8, consisting
of three hundred and ten bonds of the denomination of $1,000
each, numbered from 191 to 500, inclusive, in the order of
their maturity, payable in annual installments on Octoesr 1
in each year as follows: $25,000 in each of the years 1959
to 1966, inclusive, and $30,000 in each of the years 1967
and 1968, and bearinK interest at the rate of 3-1/~per
annum, payable semi-annually on April 1 and October 1, and
being a part of an issue of L~nds of the aKgre~ate principal
amount of $50J~,000, issued pursuant to a resolution adopted
.by the ~oard of Supervisors of the County on October 12, 19~8.
(~)
$950,000 Water Rnvenue Bonds, dated July 1, 1951, consisting
of nine hundred and fifty bonds of th. denomination of $1,000
each, numbered from 51 to 1,000 inclusive, in the order of their
maturity, payable in annual installments on July 1 in each
year as follows: $~0,000 in 1957, $50,000 in 1958, $6q,000in
1959, $?0,000 in each of the ymars 1960 to 1~?0, inclusive,
and~$)~000 in 1971, and bearing interest at the rate of
3-1/4~ per ann~,m, payable semi-~nnually on January I and July
and being a par% of an issue of bo~ds of the
principal amomnt of $1,000,000 issued pursuant to a resolution
adopted ~y the }~oard of Supervisors of the County on July 17, 1951
and
WHEREAS, all of the Water Revenue Bonds dated April 1,1948.
payable subsequent to Ootobo~ 1,1958, have been duly called for redemption
on October 1, 1958, and all of the Wa~er Revenue ltonds dated July 1, 1951,
payable subsequent to July 1, 1958. have been duly called for redemption on
July 1, 1958, and
WHEREAS, the amount required to pay t~o principal of all of
said aonds either at their respective stated dates of maturity or at the respeoti
dates fixed for their redemption and also the interest which shall have accrued
thereon at tho time such pay,~ent is made and the redemption premium, if aBy,
required by the terms of said bonds %o L)e paid at the redemption of said bonds,
amounts to $1.333,912.50. and
WHEREAS, each of said bonds is payable at the principal office
of the [tank in theCity of Richmond, Virginia,and the County desires to deposit
the last mentioned sum with the Bank, in trust, to be applied to the payment or
redemption o~ said bonds and the interest thereon and the payment of such
demption premium;
NOW, ~IE[~EFORE, in consideration of the mutual covenants
contained and the acceptance by the Bank of the trust here~y created, it is hereb
ooveoanted and aKreed as follows:
(1) The County shall pay to the Bank the sum of $1,333,912.50,which
shall be held by the tfank, io trust, and shall be used solely for the purpose
making the payments authorized by this a~reement,
(2) The Bank shall pay the principal of and interest on the $~0,000
Water Revenue t~onds aated April 1, 19~8, payable on October 1 in the years
1957 and 1958, as such principal and interest shall become payable, and shall
pay ~he princ ipal of and interest on the $90,000 Water Revenue Bonds dated
July 1, 1951, payable on July 1 in the years 1957 and 1958, as such ~rincipal
and interest shall become payable.
(3) 3'he {{ank shall pay the principal of the $260,000 Water Revenue
Bonds dated April 1, 19~8, which are by their terms payable on October 1 in
each of the years 1959 to 1968, inclusive, and which have ,,sen called for
redemption on October 1, 1955,on Octo~er 1, 1958, and shall pay the i~terest
which shall accrue on said bonds on or prior to 0ctoberl, 1958 in accordance
with the terms of said bonds.
(/+) The ~3ank shall pay the principal of the $860,000 ~al;er R.venue
Bonds dated July 1, 1951, which are by their terms payable on July 1 in each
of the years 1959 to 1991, inclusive, and which have been called for redemption
on July 1, 1958, on July 1, 1958, and shall pay the iht. crest which shall accrue
on said bonds on or plier to July 1, 1958 in accordance with the terms of said
bonds and shall also pay to the holder of each such bond so redeemed a redemptiot
premium which shall be an amount equal to $1.25 for each six months in the period
beginnin~ July 1, 1958 and ending with the stated date of maturity of such bond.
(5) Notwithstanding anything contained in the preceding paragraphs of
this agreement, the Bank shall pay to the holder of any of said bonds, upon
presentation and surrender of such bond at any time pr[or to its stated date of
maturity or the respective date prescribed for its redemption, whichever may
be earlier, the principal amount of such bond and the unpaid interest which
shall ~ve ~hen accrued bhe~eon and ~he redemption p~emium, if any. ~equired
~o bepatd ~o ~he holder of such bond if such bond were ~edeemed a~ ~he da~e
prescribed fo~ ils redemption, in ~he event that any bond is paid. surrendered
and cancelled pursuan~ ~o ~he provisions of ~hts paragraph. ~he ~nk sAall
remi~ ~o ~he County. as soon as may ~e practicable. ~he difference be~een ~he
amoun~ ~aid ~o ~he holder of such bond so surrendered and cancelled and ~he
amouo~ uhlch ~ould be pa~.able ~o such holder had i~ ~en surrendered for paymen~
on i~s s~a~ed da~e of maturity or ~he da~e prescribed for t~s redemption.
whichever may be earlier.
(6) After all of said bonds have been paid and surrendered and canoel~ed.
any moneys deposited pursuant to this agreement and not expended for the purpose=
hereinbefore stated, shallbe returned to the County as soon as may be practicaul
IN WITNESS WHEREOF, the County has caused this agreement %o be
sit, ned in its name by the Chairman of its Board of Supervisors and its corporate
seal to be hereunto affixed and attested by the Clerk of' said Board. and the
Bank bas caused ~hi~ aKreement to be signed in t~s 0orporate name by its
Chairman and Clork and its corporate seal to be h~reunto affixed and attested
by its Chairmand and Clerk all as of the day of A~ril, 1957.
By.
COUNTY OF CHESTERFIELD
ATTEST: Chairman
Clerk
FIRST AND MERCHANTS NATIONAL I~ANK
OF RICHMOND
ATTEST:
By,
(~) The Chairman of the Board of Supervisors is hereby authorized and
directed to execute said acreement on behalf of the County of Chesterfield and
the ~erk a~ the Board of Supervisors is hereby author[zed .and directed to
affix ther.~to the County's meal.
(3) The County Treasurer is hereby authorized and directed to pay to
First and Merchants National Bank of Richmond the sum of $1,260.000.00 from
moneys raised by the issuance of $3.250.000 Water R.venue }½onds of the County
da%ed January l, 1957, authorized by a resolution adopted by %he ~oard of
Supervisors on ~arch ?, 1957, and from other fupds ofthe Goun%y lawfully
available to make such payment, such sum to be held by First and Merchants
National Bank of Richmond pursuant to and in accordance with said a~reement.
The holder of any of said bonds may, at hie option, surrendar,~i such bond
in advance of the redemption date prescribed for such bond and receive therefor
the principal amount of such bond and th® unpaid interest which shall have accrued
thereon at the date of such surrender plus.the redemption premium which such
holder would be entitled to receive if such bond were surrendered at the res'
redemption date prescribed for such bond.
By Order of the Board of Supervisors of
Chesterfield County
Dated,April 16, 19~7.
Clerk, of Board of Supervisors
(3) The Clerk of the Board of Supervisors is hereOF authorized and directed
to cause said notice robs published in Richmond Times-Dispatch, which is a news-
paper published in the English language and having a general circulation in the
City of Richmond, Virginia, and in the Bond Buyer, which is a financial newspaper
published in the Borough of Manhattan, City an~ State of New York. Such
publications shall be made once a week for twosuEcessive weeks*as soon as may be
practicable after the adoption of this resolution, and shall also be published
a second time not less than 30 nor more than 60 days prior to July
(4) The Clerk of the Board of Supervisors is hereby, authorized and directed
to cause a copy of such notice to be mailed, postage prepaid, as soon as may be
prqcticable after the adoption of this resolution, to the registered owners of any
of said bonds, at their last addresses, if any, appear/nc upon the register kept
in the office of the County Treasurer,
The A~reement with ~he Firs~ and Merchants National Bank to pay off existing bonds
motion being made by Mr, Hague, seconded by Mr. Britton, the oritinal motion of
some 6 pages in length will be copied into the Hinute Book,
On motion of Mr. Britton, seconded by Mr. Oriski11, the following resolution was
duly adopted by the following vote:
Ayes: Mr, Irvin G,Horner, Mr,Tt.T.Goyne, ~Mr, H.K.~acerman, Mr, R,J,]-~rittqn~ Mr.
Marshall F. Driskill and Mr, Stanley R.Hague,
Nays: None.
Be it Resolved. by the Board of Supervisors of the County of Chesterfield that
each of the bonds authorized by the resolution entitled aaa Resolution authorizinc
the issuance of ~,000,000 ~ater Hevenue Bonds of the County of Chesterfield,
payable from the n~t revenue derived By-the County from the operation of its
water system, adopted by the Board of supervisors on March ?, 1~57~ shall be
payable at the option of the holder~ at the principal off[ce of The Central
Bank of Richraond, in Richmond, Virginia, or ef its successor as Trustee under said
resolution, or, at the option of the hold°r, at the principal off, ce of tho
United States Trust Company of New Yor~, in the Borough o~ ~anhattan, City and
State of New York.
On motion of Mr. Britton, seconded by Mr. Drisklll, Be it Resolved~
That the Chairman of this Board is authorized to~ sign a requisition requestin~
The Central National Bank, Trustee, under Bond Resolution adopted March ?,
to transfer from the Construction Fund to the credit of a special account in
the name of the County, the amount of $68,000'to pay F.W. Cra[cie & Company
for fiscal services rendered the County with the sale of $~,250,000. Water H~venue
Bonds.
Be it Further ~ffsolved: That the Board doth certify that the obligation is a
proper charge against the Construction Fund and is a pEoper co~t of the water
improvements as provided in Section ~0~, of the Bond Resolution and has not been
paid; and
Further, upon the transfer f~om the Construction Fund to the credit of the special
account the Treasurer of this County is authorized and directed to draw a check
on such special account payable to F.~.Craigie & Company in the amount of
$68,000~00 for fiscal services as aforesaid.
The matter of a water line extension policy came before the Board and after a
lengthy discussion it was a~reed that this matter be deferred for further
consideration.
This day ~ro $.T. Wagstaff came before the Board requesting permission to install
water lines by private contract in and to his subdivision of Irvingdale on the
Elkhardt Road. Upon consideration whereof and on motion of Mr. C~yne, seconded
by ~r. Britton, it is resolved that this Board request Mr. Wagstaff to obtain
his bids for the entire job of install[n§ said lines and the matter be referred
to the Water Committee.
On motion of Mr. Goyne, seconded by ~r. Brisk[Il, it is resolved that this Board
request the School Board of this County to grant an easement for sufficient
right of way, becinnin~ on the nc~th side of the Briggs Road in the line of the
electric light poles and extending southwardly on the former Dyer propertyto
construct a ~0-foot road, leadin~ eastwardly from the Harrowgate Road.
On motion of Hr. Britton, seconded by Hr, Driskill, it is resolved that this
Board grant to Mr, J,H.Williams of 1614 Chesterfield Brive, a variance in our
building restrictions to allow the construction of an addition tohis ho~e not
less than 5 feetfrom the property line,
On motion of Mr. Goyne, seconded by Mr. ~riskill. it is resolved that this Board
retire into Executive Session for a short time.
9~convenin~:
On motion of Mr. Goyne, seconded by Mr. Ha~erman. it is resolved that this Board
appropriate from the Countyts General Fund $231,411.3~ to the School Boardts
Operating Fund for its expenditures through April 17, 1957.
This day the matter of the Chesterfield County School Budget again came before the
Board and after much discussion concerning this matter, and on motion of Mr.
Driskille seconded by Mr. Ooyne, it is resolved that this Board return to the
School Board this ~roposed budget with the request that the County,s share be
reduced $2,085,220.40,
On motion of Mr, Britton, seconded by Mr.Driski11, it is resolved that the
Executive Secretary be and he hereby is requested to write a letter to the School
stating generally that this Board believes that the $300.00 teacher salary inet,as
as proposed in the tentative School ~udKdtBud~et can bo retained as originally
recommended a~d adopted bi tho School Board, and it is the Board's desire that
this raise be retained.
On motion of Mr. Britton, seconded by Mr. Driskill, it is resolved that the
water contract for the installation of a wa~er line to the property owned by
Mr. R. Pinkney Sowers, northwardly from the Jahnke Road. be. and it hereby is
approved, and the Chairman and the Clerk of this Boarfl are authorized to si~n
said contract.
½
On motion of Mr. Britt0n. seconded by Mr. Driski11, it is resolved that the water
contract for Oxford Addition be and it hereby is approved and the ~hairman and
Clerk of this Board are authorized resign said oontracte
approve the proposed cost of $1800e00 to f£nanoe the connection with the City's
water mains at the Jahnke Road.
On mo tion of Mr. Ha§erman, seconded by Hr.Brit&on, it is resolved that this Board
request the Commonwealth's Attorney to draw up the necessary resolutions in :
order to sell the $50,000 Sanitary Districe bond~ for the .sewerage improvement
program for the Rttrick Sanitary District,
On motion of Mr. Driski11, seconded by Mr. Goyne, it is resolved that this Board
adjourn until 1:00 p,m, on April
Executive Se6retary