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Present:
<br />
<br />Mr. E. Merlin O'Neill, fhai~
<br />Mrs. Joan Girone, Vice-Chairman
<br />Mr. J. Ruffin Apperson
<br />Mr. C. L~ Bookman
<br />
<br />Mr. Lee O. Falwell, Co. Administrator
<br />
<br />~sent:
<br />
<br />Mr. Leo Myers
<br />
<br />VIRGINIA: At an adjourned meeting of the
<br />Board of Supervisors of Chesterfield
<br />County, held at the Courthouse on
<br />Deoember 14, 1976.
<br />
<br />Also Present:
<br />
<br />Mr. Janms Condrey, Dir. of Cent. Acctg.
<br />Mrs. Joan Dolezal, Secretary
<br />Mr. Lane Ramsey, Asst. Dir. of Cent. Acctg.
<br />Mr. Steve Micas, County Attorney
<br />
<br />The Board having met at 11:00 a.m. in the Finance Building, Capital Square, RichnDnd, Virginia,
<br />to witness the opera_lng of sealed bids for the purchase of $29,900,000 in County General Obliga-
<br />tion B~nds the Chairman called the meeting to order at 12:00 noon.
<br />
<br />It was on motion of the four Board members present that the Board of Supervisors of Chesterfield
<br />Comty accepted the lc~ bid of Chase Fmnhattan Bank/Lehman Brothers and Associates, to purchase
<br />$29,900,000 of General Cbligation BOnds.
<br />
<br /> It was reported that the following bids were received and opened at 11:00 a.m., Richn~nd
<br />time, on December 14, 1976, by the State Commission on Local Debt, Rictm~nd, Virginia, for the
<br />$29,900,000 School Bonds, Series of 1976:
<br />
<br />Name of Bidder
<br />
<br />Amount of Bid
<br />
<br />The chase Manhattan Bank, N.A. Le_hmmn Brothers
<br />Incorporated and Associates
<br />
<br />$9,450,000 bonds maturing in 19 79 to 1984,
<br />incl., at 4 1/2%;
<br />$7,875,000 bonds maturing in 1985 to 1989,
<br />incl., at 4.60%;
<br />$1,575,000 bonds maturing in 1990 at 4 3/4%
<br />$1,575,000 bonds maturing in 1991 at 4.80%;
<br />$1,575,000 bonds maturing in 1992 at 4.90%;
<br />$7,850,000 bcnds maturing in 1993 to 1997,
<br />incl. , at 5%
<br />
<br />premium- $1,100.00
<br />
<br />The Northern Trust Company
<br />Drexel Burnham & Co., Incorporated, in association
<br />with
<br />Bache Halsey Stuart Inc.
<br />Smith Barney, Harris Upham & OD. Incorporated
<br />John Nuveen & Co., Inc. ': ·
<br />Goldman, Sachs & Co., in association with
<br />Harris Trust and Savings Bank
<br />Merrill Lynch, PierceFenner & Smith, Inc. and
<br /> Associates
<br />
<br />$15,750,000 bonds maturing in 1979 to 1988,
<br />incl., at 4.60%;
<br />$1,575,000 bonds maturing in 1989 at 4.58%;
<br />$1,575,000 bonds maturing in 1990 at 4.80%;
<br />$1,575,000 bonds maturing in 1991 at 4.90%;
<br />$9,425,000 bonds maturing in 1992 to 1997,
<br />incl., at 5%
<br />
<br />premium- $101.00
<br />
<br />Citibank, N.A.
<br />The First Boston Corporation
<br />Salomon Brothers, in association with
<br />Weeden & CO., Inc.
<br />Donaldson Lufkin & Jenrette Sec. Corp., in
<br /> association with
<br />Morgan Guaranty Trust Ge. of New York
<br />
<br />$6,300,000 bonds maturing in 1979 to 1982,
<br />incl. , at 4.70%;
<br />$14,175,000 bonds maturing in 1983 to 1991,
<br />incl., at 4 3/4%;
<br />$9,425,000 bonds maturing in 1992 to 1997,
<br />incl., at 5%
<br />
<br />premium- $0-
<br />
<br />Bankers Trust Company
<br />ODntinental Illinois National Bank and Trust
<br /> Company of Chicag~
<br />The First National Bank of chicago
<br />E. F. Hutton & Company
<br />First National Exchange Bank of Boanoke and
<br /> Associates, in association with
<br />Beynolds Securities, Inc.
<br />United Virginia Bsnk
<br />The Bank of Virginia
<br />Wheat, First Securities Inc. and Associates
<br />
<br />$15,750,000 bonds maturing in 1979 to 1988,
<br />incl., at 4.70%;
<br />$1,575,000 bonds maturing in 1989 at 4 3/4%1
<br />$1,575,000 bonds maturing in 1990 at 4.80%;
<br />$1,575,000 bonds maturing in 1991 at 4.90%;
<br />$9,425,000 bonds maturing in 1992 to 1997,
<br />incl., at 5%
<br />
<br />premium - $2,760.25
<br />
<br />Each of the above bids offered to pay par, a premium as indicated and accrued interest from the
<br />date of the bonds to the date of delivery.
<br />
<br /> It was noted that the State Commission on Local Debt had advised representatives of the
<br />Cotmty that the bid of The Chase Manhattan Bank, N.A., Lehman Brothers Incorporated and
<br />Associates offered to purchase the bonds at the lowest cost to the County, a copy of which bid
<br />is attached hereto and made a part of these minutes, and that the State Commission on Local
<br />Debt reconmended acceptance of the bid.
<br />
<br /> On ration duly made and seconded, the following resolution was adopted by a majority of
<br />all menbers of the Board of S~ervisors by roll call vote, the ayes and nays being recorded in
<br />the minutes of the meeting as follows:
<br />
<br />
<br />
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