19721017 r-72-23 R-72-23
A RESOLUTION AWARDING $2,600,000 TRANSIT
BONDS OF THE CITY OF FAIRFAX, VIRGINIA
THE COUNCIL OF THJE CITY OF FAIRFAX. HEREBY RESOLVES:
Section 1. Advertisement was du%y made calling for sealed
bids to be received, for and on behalf of, the City Council of the
City of Fairfax, Virginia, at the office of the State Commission on
Local Debt of the Commonwealth of Virginia, Room 101, Finance Build-
ing, Capitol Square, Riclunond, Virginia, until 11 A.M., Eastern Day-
light Time, October 17, 1972, for $2,600,000 Transit Bonds of the
City of Fairfax, Virginia, dated October 1, 1972, maturing annually
October 1, 'in the years 1973 to 1992, inclusive, as heretofore pro-
vided by the City Council, at which hour bidding was closed and the
following bids were found to have been filed and to accord in all
respects to the terms of said advertisement, each bid offering to
pay accrued interest and enclosing a certified or bank cashier's or
treasurer's check for $52,000 payable to the order of the City
Treasurer of the City of Fairfax, Virginia:
(1} Bid of Bankers Trust Co., Wheat First Securities, Inc., &
Fidelity Nation. al Bank offering to pay $2,601~009.5'0 _ for said bonds
bearing interest at the rates set forth below in Column I.
(2) Bid of The Northern Trust Co., United Vir,ginia Bank, Girard Bank
& George B. Gibbons & Co. offering to pay $2.600,234.00 for said bonds
bearing interest at the rates set forth below in Col.umn TI.
(3) Bid of North Carolina National Bank
offering to pay $ 2,600,000.00 for said bonds
bearing interest at the rates set forth below in Column III.
(4) Bid of First National Exhange Bank of Virginia
.. offering to.pay $ 2,600,309.40 for said bonds
bearing interest at the rates set forth below in Col~umn IV.
(5) Bid of Reynolds Securities
-offering to pay $ 2,601,265.00 for said bonds
bearing interest at the rates set forth' below in Column V.
Year of Principal
Maturity Amount I . II ~... III _ IV
1973 $125,000 6.00 % 6.00% 8.00
1974 125,000 6.00 6.00 8.00
1975 125,000 6.00 6.00 8.00
1976 125,000 6..00. 6.00 8.00
1977 125,000 6.00 6.00 7.50
1978 125,000 6.00 6.00 4.25'
1979 100,000 6.00 6.00 4.25
1980 100,000 6.00 5.75 4.25
1981 100,000 6.00 4.50 4.50
1982 100,000 6.00 4.50 4.50
1983 100,000 6.00 . 4.60 4.60
19S4 150,000 5.20 4.70 4.70
1985 150,000 4.80 4.80 4.80
1986 150,000 4.875 4.90 4.90
1987 150,000 4.90 4.90 5.00
1988 150 000 5.00 5.00 5.00
' 5.00 5.00 5.00
1989 15~,000
5.0o 5.00 5°0O
1990 150,000 3.00 5.00 4.00
1991 150,000 3.00 3.00 4.00
1992 150,000
8.00 %
6.50
6.50
6.5o
6.50
6.5o
5.375
4.50
4.5o
4.50
4.60
4.7o
4.80
4.9O
4.90
5.00
5.0o
5.00
4.00
4.OO
V
7.00 %
7.00
7.OO
7.oo
7.oo
5.50
5.50
5.5o
5.5O
5.5o'
4.60
4.70
4.8O
4.90
5.oo
5.oo
5.1o
5.1o
3.5o
3.5o
R-72-23
(6) Bid of Craigie,.Mason-_Hagan, Inc., First & Merchants
National Bank. offering to pay $ 2,600,036.50 for said bonds
bearing interes~ at the rates set forth below in Coltunn VI.
(7) Bid of Chemical Bank
offering to pay $ 2,600,000.00 for said bonds
bearing interest at the rates set forth below in Colunu~ VI l.
(8) Bid of Alex Brown & Sons
offering to pay $ 2,600~000.00 for said bonds
bearing interest at the rates set forth below in Col~n VIIi.
(9) Bid of Matthews & Wright
offering to.pay S 2,6Q0,..000.00 . for said bonds
bearing interest at the rates set forth below in Colu~n IX.
(lO)
Bid of Shearson, Hammill & Co., Inc.
offering to pay $ 2,600,642.20
bearing interest at the rates set forth' below in column
Year of Principal
Maturity.. kmount VI VII VIII ! X
for said bonds
X.
X
1973 $125,000 . 5.00 % 6.00 % 6.00 % 7.00 % 7.00 %
1974 125,000 5.00 6.00 6.00 7.00 7.00
1975 125,000 5.00 6.00 6.00 7.00 7.00
1976 125,000 5.00 · 6.00 6.00 .~ 7.00 7.00
1977 125,0 00 4.80 6.00 6.00 7.00 7.00
1978 125,000 4. ]0 6.00 6.00 7.00 5.00
1979 100,000 4.20 6.00 4.60 7.00 5.00
1980. 100,000 4.30 6.00 4.40 7.00 5.00
1981 t00,000 4.40 5.10 4.50 4.40 5.00.
1982 100,000 4.50 4.5O 4.60 4.5O 4.50
1983 100,000 4.60 ' 4.60 4.70 4.60 4.60
1984 150,000 4,70 4.70 4.75 .4.70 4.70
1985 150,000 4.80 4.80 4.90 4.80 4.80
1986 150,000 4.90 4.90 5.00 4.90 4.90
1987 150,000 4.90 4.90 5.00 5.00 4.90
1988 .150,000 5.00 5.00' 5.00 5.00 5.00
1989 150,000 5.00 5.00 5.10 5.00 5.00
19.90 150,000 5.10 5.10 5.10 5.00 5.00
1991 150,000 5.10 5.10 5.10 3.50 5.00
1992 150,000 5. l0 3.00 4.00 3.50 3.50
(ll) Bid of Continental illinois National Bank & Trust Company.
of Chicago offering to pay $2,.600;465.d0 for said bonds
~aaring interest at the rates set forth below in Col~n Xl.
(12) Bid of First National Bank of Chicago
offering to pay $ 2~600~491.25 for said bonds
bearing interest at the rates set forth below in Coltu~ Xll.
(13') Bid of Wertheim & Company, Inc.
offering to pay $ 2,600,212.75 for said bonds
bearing interest at the rates set forth below in Colt~mp. Xlll.
(14) Bid of Halsey, Stuart & Company, Inc.
· . offering to.pay $ 2,600,000.0,0 .. for said bonds
bearing interest at the rates set forth below in Colu=~ XIV.
(15) ~Jid of Morgan Guaranty Trust Company, Bank of Virqinia-Central
offering to pay $. 2,600,000.0.0. ior said bonds
b~aring interes'~ at the rates set forth' below in Coluran XV.
R-72-23
Year of
!.~at. urit~.
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
Principal
km. ount Xi X|~ X~ X~V XV
$125,000 7.00 % 6.00 % 7.O0 % 6.00 % 6.00
125,000 7.00 6.00 7.00 6.00 6.00
125,000 7.00 6.00 7.00 6.00 6.00
125,000 7-.00 ' 6.00 .7.00 ._ 6.00 6.00
125,000 7.00 6.00 7.00 6.00 6.00
125,000 7.00 6.00 7.00' 6.00 6.00
100,000 7.00 6.00 7.00 6.00 6.00 '
100,000 5.70 6.00 5.20 6.00 6.00
100,000 4.50 6.00 4.50 4.75 5.]0
100,000 4.60 6.00 4.60. 4.50 4.60
100,000 4.70 6.00 4.70 4.60 4.70
150, O00 4.80 5.7O 4.75 4.70 4.80
150, O00 4.90 4.90 4.90 4.80 4.90
150, O00 5.00 5.00 5.00 4.90 5.00
150,000 5.o0 5.0o 5.00 5.00 5.00
150,000 5.00 5.10 · 5.10 5.10 5.10
15b, 000 5. io 5.1o 5.1o 5.1o 5. lO
150,000 5.1o 5. lO 5.20 5.20 5. lO
150,000 3.50 3.00 3.50 5.25 5.10
150,000 3.50 3.00 3.50 3.00 3.00
bearing
(16) Bid of Kuhn, Loeb & Company
offering to pay $ 2,600,000.'00 for said
interest at the rates set forth below in Column XVi.
bonds
bearing
(17) Bid of First National City Bank, United Ca.lifornia Bank
offering to pay $ 2,600,702.00 for s~id
interest at the rates set forth below in Col~.~u XVll.
bearing
(18) Bid of The Chase Manhattan Bank, N. A., Salomon Brothers
offering to pay $ 2,600,197.00 for said bonds
interest at the rates set forth below in Col~n XVIli.
bearing
Bid of
offering to.pay $ for said
interest at the rates set forth below in Col~ XIX.
bonds
bearing
Bid of
offering to pay $ for said
interesk at the rates set forth'below in Column XX.
bonds
Year of
1.1aturity.
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
].9~7
1988
1989
1990
1991
Principal
kw. ount XVI XVIi- XVlll ~IX
$125,000 7.00 % 6.00 % 8.00
125,000 7.00 6.00 8.00
125,000 7.00 6.00 6.50
125,000 7~00 6.00 4.00
125,000 7.00 6.00 4.00
125,000 7.00 6.00 4.20
100,000 7.O0 6.00 4.30
100,000 6.6O 6.00 4.40
100,000 4.50 6.00 4.50
100,000 4.60 6.00 4.60.
100,000 4.70 6.oo 4.70
150,000 4.80 6.00 4.80
150,000 4.90 5.70 4.90
150,000 5.00 5.O0 5.00
150,000 5.0O 5.0O 5.OO
150,000 5.10 5.0O 5.OO
15b,O00 5.1o 5.00 5.10
150,000 5.1o 5.00 5110
150,0O0 3.50 3.00 5.20
150,000 3.50 3.00 5.25
XX
%
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R-72-23
Section 2. The bid offering to purchase the bonds at
the loll:est interest cost to the City, such cost being determined
by deducting the tot. al gu0.ount of any premihm bid front the aggre-
gate amount of interest on all of the bonds from their date until
their respective maturities, was the bid of° Bankers Trust Company
offering to pay $ 2,60],009.50 for said bonds,
and accrued interest for said bonds bearing interest at the rates
set forth in Column ~ of the foregoing tabulation-
Section 3. Said bid of Bankers Trust Compso¥
is hereby accepted and said $2,600,000 Transit
Bonds are hereby awarded to Bankers Trust Company
at the price of $2~60],009.50 and accrued interest fo~
said bonds bearing interest at the rates 'set forth in Column I
of the forego%ng tabulation. Delivery of said bonds is to be made
on or about November 9, 1972 in New York City.
Section 4. The checks of unsuccessful bidders shall be
returned imm'ediately.
Section 5. There shall be prin~ed on the reverse of
each of said bonds the legal opinion of Mitchell, Petty & Shetterly
respecting the validity of said bonds and, immediately following
such legal opinion, a certificate signed %~ith the facsimile signa-
ture of the Mayor of the City substantially as follows: .~
"I HEREBY CERTIFY that the foregoing is
a true and correct copy of the legal
opinion upon the bonds therein descr%~ed'
,which was manually signed by Mitchell, -
Petty & Shetterly, New York, N- Y., and
.was .dated .as of the' date of. delivery of ..
,, . (Facsimile SignatUre) ........ ,
Section 6. Ali"steps necessary to carry this resolution
into effect shall be taken by the proper officers of the City of
Fairfax.
Passed:
October 17, 1972.
Attest:
C~ty Clerk
I, Dorothy L. Wilkinson, City Clerk of the City of Fair-
fax, Virginia, and Clerk of the Council of said City, DO HEP~BY
CERTIFY that the foregoing is a true copy of a resolution entitled:
"A RESOLUTION AWARDING $2,600,000 T~ANSIT BONDS OF THE CITY OF
FAIRFAX, VIRGINIA.", as passed and approved and set forth in full
in the minutes of the meeting of the Council of said City held on
October 17, 1972.
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· R-72-23
WITNESS my hand and the corporate seal of said City this
day of , 1972.
Clerk of the Council
of the
City of Fairfax, Virginia