1972-06-13June 13, 1972
An adjourned meeting ef the Beard ef County Supervisors of Albemarle
County, Virginia, was held at 11:15 A.M~ on this date in the Beard Reem of
the County 0ffiee Building, said meeting being adjourned from June 7~ 1972.
Present: Messrs. Stuart F. Carwile, Gerald E. Fisher,
Wm. C. Thacker, Jr., ~rdon L. ~Wheeler. r
Absent: Mr. J. T. Henley, .Jr. and Mr. Lloyd F. Wood, Jr.
Officers present: County Executive.
It was reported to the meeting that thefollewing bids were received by
the State Commission on Local Debt on behalf ef the Beard ef Supervisors at
the opening ef bids held in .Richm~end, Virginia at 11:00 A.M., en this ~date
for $1+,850,000 Scho~ol Bo~a~and $.~0,000 Jail ~Bends of Albemm"le County:
Name of Bidder
Amount of Bid
Bank of Virginia - Central
and Associates
$2,700,000 bonds maturing January 1 5,
197~ te 1986, incl., at 5.25%;
$1~850,000 bends maturing ~anuary 15,
1987 to 1991, incl., at 5%; $800,000
bends maturing January 15, 1992 and
1993 at 3.50%~
we will pay $5,350,000 plus a premium
ef $ ~0-
Craigie, Mason-Hagan, Inc.
Virginia National Bank
and Associates
$t,~00',000 ~onds maturing January 15,
1974 te 197~, incl., at 5%; $~00,000
bends maturing January 1~, 1979 and 1980,
at 4%; $-1,5~O, 900 bend~ maturing
January 15, 19~1 to 1987,~inel.~, at ~
W.75%~ $2,000,000 bends maturing
J~uary 15, 1988 te 1992, incl., at
~%; SWO0,O?O bonds maturing January 15,
1993 at ~%~
W. H. Morton & Ce.
we will .pay' $5,350,000 ~lus a premium
of $2,465~00
$200,000 bends maturing January 15,
197~-, at ~%~ $~O0,O00bends maturing
January 15, 1975 and 1976 at 5%;
$1,200,000 bonds m~turing~anuary 15,
1977 to 1982, incl., at 6%~ $2,~50,000
bond~ maturing January 15, 1983 te 1990,
incl., at ~%, $1,200,000 bonds maturing
January 15, i991 to 1993, incl., at 4%;
we will pay $5,350~000 plus a premium~
of $ -o-
First National City Bank
First Penne.o Securities, Inc.
$800,000 bends maturing Ja.nuary 15,
197~ to.1977, incl.., at 6%, $3~750, O00
bends maturi.ng January I 5, 1978 to 1991
incl.,, at 5%~ $800,000 bonds maturing
January 15, 19~2 and 19~3 at 4%~
we will pay $~,350,O00 plus a ~remium
of $-0-
The Chase Manhattan Bank, N.A.
Bankers Trust Company
and Associates
$200.,000 b~n~s maturing January 15,
197~ at 6~! $200,000 maturing January
1975 at 5%; 15800,000 bonds maturing
January 15~ 1976 to 1979, incl., at
6 '
%~ $3,350,000 bends maturing January
1980 to 1991, incl., at 5%~ $800,000
bonds maturing January 15, 1992 and
1993 at W%;
we will pay $5,350~000 plus a premium
or $580.00
Name of Bidder
Amount of Bid
The Northern Trust Company
and Associates
$2,000,000 bonds maturing ~fanuary 1[,
1974 te 1983, incl., at [%, $200,000
bends maturing January 15, 1985 at
~.~0%~ $~,750,000 bonds maturing
January I5, 198~ te 1992, incl., at
5%7 $$00.,~?0 bonds maturing January
1993 at ~4~, ~ ~
we will pay $5,350,000 plus a.~premium
of $101.00
United Virgini~ Bank
Wertheim & Co., Inc.
and Associates
$20~,000 bend~ maturing January 15,
1974 at 4.50%, $3,1[0,000 bonds maturinE
January 1~, 197[ to 1988, in~l., at
W.75%; $2~000,~00 ben~s-maturing
1__.
January 1~,~19~9 te 1993, incl., at 5%,
we will pay $553[0,000 plus a premium
of $70~.00
Reynolds Seeurities~ Inc.
First & Merchants National Bank
and Associates
$1,800,000 bends maturing January 15~
1974 to 1982, incl., at ~-1/2%;
$3.15~0~000 bonds ~at~in~lJanuary 1~,
198~ t 1992,incl , [ 0%~
$~00,000 bonds maturing January 1~,
1993 at 3-1/2%;
we ¥i11. pay $%~3%05000 plus a premium~
of $12,4651.50
Morgan Guaranty Trust Company
of New York
Salomon Brothers
North Carolina National ~ank
$$09~O00 bonds maturin~ January 15,
1974'and 1975 at 5.30%'~' $$,~[0,ooo
bonds maturing Janua~[ 15, 1976 to
1992, incl., at [.10%, $$00,000 bends
maturing January 15, 199~ at 3.~0%~
we will pa~ $5,3[0,000 plus a premium
of $121.00
Anderson & Strud~ick
and Associates
$1 ,.600~000 bonds maturing Janu~.ary 15,
197~ te 1981, incl., at
$3.~50,000 bonds maturing ~.Jandary 1
1982 te 1992, incl., at [%~ $$00,000
bonds maturing January 1~, 1993 at ~%~
we will pay $5,350,000 plus a premium
or $~2~.0o
United California Bank
$1 ,.600,O00_bends maturing _January 15,
1974 to 1981, incl., at 6%~ $~2,950,000
bonds'maturi.ng January 1~, 19~2 to
incl., at [%, $800,000 bonds maturing
January 1[, 1992 and 1993 at
we will pay $5,350,000 plus a premium
of $926.
O8
Each of the above bids offered to pay accrued interest from the date of the
bonds to the date of delivery.
The State Commission on Local Debt reported that the bid of Bank ef Virginia -
Central and Associate~ offered te 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.
Thereupon~ on motion by Mr. Carwile, seconded by Mr. Thacker, the following
resolution was adopted by the following recorded vote:
AYES: Messrs~ Carwile,~ Fisher, Thaeker and Wheeler.
NAYS: None.
Absent: Mr.~Henley~and Mr. Wood.
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF ALBEMARLE_
COUNTY, VIRGINIA, that the $~,850,000 School Bends andthe
$500,000 Jail Bonds of .Albemarle County, ~dated July 15~ 1972,
which were authorized te be issued and sol~ by resolution haretofore
adopted on May 30, 1972, be and .the same are hereby awarded to Bank
of Virginia - Central and Associate~ in accordance with ~e terms
ef their bid and shall bear interest as set_ cut in such bid.
BID FORM
June 13, t972
Board-of Supervisors of Albemarle County, Virginia
c/o State Commission of Local Debt
Room 101~,~ Finance Building
Capitol Square
Richmond, Virginia 23219
Dear Sirs:
-For all of the $4,850,000 School Bonds and $500,000 Jail Bonds of Albemarle
County, Virginia, described in the official Notice of Sale which is made a
part hereof, dated July 15, 1972, and maturing on January 15 in years and
amounts and bearing interest.~.as follows:
Yea~ Amount Rate Year Amount Rate
1974 $200,000 ~.25 % ~ ---$'20b,000 5.25 ¢
oo,ooo ¢ o,ooo
1976 200,000 5.25 % 1 250,000 5.25
197~ 200,000 5.25 % 198~ 250,000 5.00~'%
197U 200,000 5.25 % 198 400,000 5.00 %
1989 400,0o0 %
200,000 .oo
19 0 200,000 5~25 . 199o 4oo,ooo 5. oo %
1981 200,000 5.25 % ~99~ 400,000 5.00 %
1982 2oo,o00 5.25 % 1992 4oo,o00 3.50 %
~983 2oo,ooo 5.25 % 1993 4oo,ooo 3.5o %
we will pay $5,350,000 plus a premium of $ -0- and accrued interest from the
date of the bonds to the date.of delivery.
'We enclose a certified or bank cashier's check for $107,000 drawn upon an
incorporated bank or trust company and payable unconditionally to the .Jorder
of Albemarle County, Virginia to secure the County against any loss resulting
from 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 th~urchase 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;J~lll be returned promptly upon award of the bonds. We
understand that no interest will be paid on the check.
BANK OF VIRGINIA-CENTRAL & ASSOCIATEB
BANK OF VIRGINIA CENTRAL.
BY; Ballard R. Parker~ III
Investment Officer
NO ADDITION OR ALTERATION, EXCEPT AS PROVIDED ~BOVE, SHOULD BE ~DE TO THIS BID.i
(Note--The following is stated for information only and is not part of the
bid: The aggregate 'amount of interest upon al~l of the bonds from"thir date
until their respective maturities, after deducting any premium is
$~,324,375.00. The average net.-interest cost of the bid is 4.72199%).
Mr. Fisher made motion to go into executive session.'" MOtion was seconded
by Mr. Thacker and carried 'by the following, recorded vote:
AYES: Messrs. Carwile, Fisher', Thacker and Wheeler.
NAYS: None.
ABSENT: Mr. Henley-and~Mr. Wood.
The Board reconvened.
Mr. Thacker then made motion to adopt the fell. owing resolution.
WHEREAS, the Development Corporation owns a tract ef land situated
in Albemarle County~ Virginia, at the intersection ef Route 29 North and
State Route 631 (Rio Road), said tract of land containing approximately
99 aar.es presently zoned in three, parcels~ and
WHEREAS, the Development Corporation desires to sell a 32 acre
portion of its ~-~ zoned property to a Marcus Weinsteln~' · and
WHEREAS, the Development Corporation desires water and sewerage
service and the County desires to have Development Corporation as a
customer of its services for such utilities~ and
WHEREAS, the County has, or will have, available in the area
such utilities ( it already owning certain lines in the area which are
serviced foX'it by the Albemarle County Service Authority),
NOW, THEREFORE~ BE IT RESOLVED, that the Chairman of the Board of
County Supervisors is hereby ~uthorized to execute contract under date
of May 2ff~ I972, with Development Corporation and the Clerk is authorized
to attest such signature and to affix the County seal to this contract.
Motion was seconded by Mr. Carwile and passed by the following recorded vote:
~&YES: Messrs. Carwile~ Fisher, Thacker and Wheeler.
NAYS:~ None.
ABSENT: Mr. Henley & Mr. Wood.
THIS AGREEMENT made this 2~th day of May, 1972, by and between
ALBEMARLE DEyELO~R~ CORPORATION, a Virginia corporation, hereinafter
referTed to as Development Corporation~ partyof the first part, and THE
COUNTY OF ALBEMARLE, VIRGINIA hereinafter referred to as "Csunty~,
W I T N E S S E T H:
~EREAS, the Development Corporation own~ a tract of land situated in
.Albemarle County, Virginia, at the intersection of Route 29 North and
State Route 631 (Rio Road), ~id tract of land containing approximately
99 acres presently zoned in three parcels as follows: (1) Approximately
50 acres zoned B-I, (2) ~7 acres zoned R-3, and (3) 2 acres zoned
(see plat of William S. Roudabush, C.L.S.~ attached hereto as E~hibit "a"),
and
WHEREAS~'~the ,Devellepment 'Ce~poratie~ desires 'bo sell a 32 acre
portion ef its R-3 _zoned property to a M.a~cus Xeinsbe.in~ and
WHEREAS~ the De~ete.~ent Corporation .desi~esWater and sewerage
service and ~the County desire~ to have De~el.oDment Corporation as a
customer of its services .for .such utilities, and
~EREAS~ the Connty has~-or will have~-availa~hle'in the area
s.nch utilities { it already~ewn~ing cert. ain~lines, in ~the area which
are serviced E~r it by the Alhema,rl~ Connty Service Authority)~
NOW~THEREFORE, for and~in Consideration-cf' the premises and~
the.mutnal covenants, and benefits 'flowing fr°m one party to the
and agree, as follows,
other~ the.~parties hereto covenant
(I) Development Corporation agrees to pay the'entire cost of the
offsite 12 inch s~wer line necessary to serve the subject ~roperty',
construction of which will,he s.ubj.ect to the approval of.the County's
Engineering Department~ which 12 inchline shall~be in conformity wi't~ the
specifications and plat presented to the~County Engineer and approved
by him, ~excepting only sUeh digressionwhieh may be necessary'to
foreshorten>the proposed line for purposes of connection with'the
Cou.n~y's'~ Berkeley treatment plant~ construction to be done
Development COrporation.
(2) Development Corporation will pay the cost'of tappi~
into the waterlines of 'the City of Charlottesville, Seeurin§ .~a'id
CitY's approval-for the same~-and will-~ay for instaTlatiOn ef the
meter therefor~ the sale of water thereby being made-by said City
to the County which in turn sell the same to ~evelopment Corporation.
(3)~ The Development Corporation will pay for and, constr~t
all interior distrib~t±on and collection lines, including required
meters~ within-~the ~aid tract of land and will donate-all' ~ch onSite
u~ility~lines,and the 12inch sewer line described in Paragraph (1~)
above to the COunty or whomsoever~the County may designate ~uccessor
t~ its.'inter~st in previdihg~such UtiIities. Materials. and workman-
shi~ ~of~th~said ~nes shalI be ~ubJ~bt .to the i,~sp~ion and-approval
of the'County'Engineer. ~
-(~) ~'~Dev~lopment Corporation agrees to us~ no ether water or
sewerage s~e~rvfce ~o long as County is-able to provide'the same~hereunder,
('5) 'C~unty agrees tO-obtain an~'easement~for the sewer tine
desoribmed in Paragraph ~l)~above' throughBranchlands,~at.no ~expens~'
te ~Development 'Corperation~'~and ft,i~ ~eX~ressTy understood between
the parties hereto that the said easement shall run in favor of the
County or ±ts successor` in interest to this contract. Development
Corporation will co-operat~ with the County in the acquisition of
thi~ easement.
163
(6) County ~waives atl.~water connection fees for the said tract
of land, as~well~.as sew~er cennectionfees en the_ 32 .acre tract of land
being soldtoNeinstein.. Like.is.e, it waives se~e~ connection cha~Ees
on the ~proper~y presently zoned B-1 so long as~it is zonedfor any
c.ommercialnse ~resmently ~erm,iZted in ~he B-1 cateEory of the Albemarle
Cennty Zoning Ordinance~ .er here.after permittmed~in~snhsequent amendments
to the~said e~dinance which shall p~ermi~.additional Uses of property
new inclnded~in the said B-1 cateEory. Except for the foregoing., a
reclassificationoof the zoning of the present B-1 area, o~-any part
thereof at the 'instance of the Cennty, shall have no effect upon this
waiver of said fees~ andin the event of a reclassification of~the zoning
of~the said area~ or ~any,~part thereof at the instance of Development
Corporation, or their successors in interest, such rezoning, if other
than ¢ommer. ical~ shall release County from the waiver of said fees only
with respect to the specific area so rezoned.
(7) The terms of this agreement shall be binding upon the ~parties
hereto as well as their successors and assigns,_and within 30 dams
following its due execution it shall be recorded in the Clerk's Office
of the Circuit Court of Albemarle County by Deve~opment Coyporation.~
(8) In the event County, or its successor, for reasons beyond its
control cannot continue to furnish water from the waterlines presently
owned by the, City of Charlottesville, the County or its successor agrees
to~preVide water from its own lines, provided that Development Corporation,
at its expense, shall extend the County's lines by the. most direct and
reasonable route to connect with the internal system of lines within
the subj~ect property of Development Corporation. If the County or its
successor, voluntarily acts to discontinue the water service~to be ~
presently supplied by the City or its ~uccessers in interest, then the
County shall~at its expense entend adequate ~lines, designed to p~ovide
comparable pressure, and capacity to the point of the then e~isting
connection~ or such other point as~shall bem~tually agreed.~Don. The
purpose of thi~ ~ar~ag~h is ,to assur~e a continuous and a.deq~ate ~upply
ef water and sewerage service to the entire subjec~ pro~erZ~ However,
if for any reason the County or its successor shall be unable to furnish
water ~and sewerage service, or either of them~ to the-general geoEraphic
area (m~aning the U. S. Route 29North corridor, including within its
general ~ea, Berkeley~ Branehlands.~,~Four Seasons and.~roperty lying
within ~he~area of a circle dra~n ~ith ¢ radius sufficient ~o include
the just enumerated properties) then the services, or either of them,
to be sBpplied to the subject area may be interrupted, suspended or
terminated, but e.nly insofar as and to the same de~ree as like service to
all otherparcels ~ithin theSaid_gaag~aDhic ar~eais~like~wise
interrupted, suspended er terminatad. Thisagreement reco~zes
that there Can he ~temperaryPrehlems r. eqni~ing..maintanamce, or
acts of God, which may cause shert-terminter.rnp~iens in.~ services.
It is not the .intent of this .paragraph te~impose~animpossi~le
burdenupen~the Connty er its successors; the intent.~a~ther is
to assure that Development Corporation shall_have a right to
water ~and sewer ~sarvices equal to all other customers in the
general geographic a~ea.
IN WITNESS WHEREOF, Albemarle Development Corporation has
Caused this contract to be executed and its Seal hereto affixed
and attested by officers duly authorized so to act~ and the County
of Albemarle, Virginia, has caused this contract to'be executed
on its~behalf by the Chairman of its Board of Supervisors and its
seal affixed and attested 'by its Clerk~ both having been duly
authorized so to act by resolution ef said BOard of Supervisors,.
ALBEMARLE DEVELOPMENT CORPORATION
ATTEST:
By
ATTEST:
COUNTY OF ALBEMARLE
By
Chairman, Board of Supervisors
ci~rk to Board of SuperVisors
Upon proper motions-the meeting was adjourned~.
Chairman