REGULAR COUNCIL MEETING
The Regular Meeting of Council was held on March 14, 1988 at 7:30 p.m. with Mayor Carroll presiding. Members present were Councilmen Richter, Daisey, Legates, Lynn, Christiansen, Levitt, Weyandt, and VanSant.
Council staff members present were Captain Hutchison, Mr. Lucas, Mr. Bartolotta, Mr. Roe, Ms. Bittner, and Mr. Rodriguez.
The invocation was given by the Reverend J.H. Williams, Council Chaplain.
AGENDA ADDITIONS/DELETIONS
Mr. VanSant requested an additional agenda item to convey birthday wishes to the City Clerk. Mr. VanSant also requested an agenda item to take referral action on a new ordinance relative to skateboarding pipes.
Mayor Carroll requested the addition of two letters, to be considered under correspondence, as follows: 21 H - Kent County AeroPark; 21 I - Mosquito Control.
Mr. Richter requested the addition of an executive session to discuss legal matters.
Mr. Weyandt moved for approval of the agenda as amended, seconded by Mr. Christiansen and unanimously carried.
Members of Council wished City Clerk Debrah Bittner a happy birthday.
PROCLAMATION - MARCH OF DIMES - WALKAMERICA
The City Clerk read the following Proclamation into the record:
WHEREAS, the March of Dimes Birth Defects Foundation is celebrating its 50th anniversary as a voluntary health organization working to assure healthy lives for America’s children and prevent disability and illness, and
WHEREAS, the March of Dimes was founded in 1938 to raise funds through the efforts of thousands of volunteers to support the development of a vaccine that virtually eliminated the crippling human toll of polio, and
WHEREAS, for the past 30 years the March of Dimes has been a pioneer in preventing birth defects, the nation’s number one child health problem, through research, education and health care programs, and
WHEREAS, the March of Dimes WalkAmerica is the greatest source of funds for continuing these vital life-saving programs, involving millions of walkers across the United States, and
WHEREAS, the nation’s hope for assuring future generations of children a healthy start in life depends on the efforts and commitment of all Americans,
NOW THEREFORE, I, CRAWFORD J. CARROLL, MAYOR OF THE CITY OF DOVER, do hereby proclaim 1988 as March of Dimes 50th Anniversary Year and urge all residents of Kent County to celebrate this year by supporting the efforts of the March of Dimes to prevent birth defects, and walk in the 1988 March of Dimes WalkAmerica on Saturday, April 23,1988.
Mayor Carroll urged members of Council to participate in the Walk-A-Thon.
ADOPTION OF MINUTES - REGULAR COUNCIL MEETING OF FEBRUARY 22, 1988
The minutes of the Regular Council Meeting of February 22, 1988 were unanimously approved by motion of Mr. Weyandt, seconded by Mr. Lynn and bore the written approval of Vice-Mayor Richter.
FORREST AVENUE ANNEXATION RESULTS
As certified by County Election Officials, the City Clerk reported an annexation referendum vote for property located on Forrest Avenue, as follows:
2 Votes FOR Annexation
0 Votes AGAINST Annexation
Mr. Lynn moved for approval of the annexation referendum results, seconded by Mrs. Legates and carried by a unanimous roll call vote.
Mr. VanSant moved that the Howard Pollitt property, located on Forrest Avenue, be annexed into the City of Dover, seconded by Mr. Daisey and by a unanimous roll call vote, Council adopted the following resolution:
A RESOLUTION APPROVING THE INCLUSION OF AN AREA WITHIN THE LIMITS OF THE CITY OF DOVER.
WHEREAS, the Charter of the City of Dover authorizes Council to extend the boundaries of the said City after a special election of the qualified voters and real estate owners of the territory proposed to be annexed, and
WHEREAS, the Mayor and Council of the City of Dover deem it in the best interest of the City of Dover to include an area contiguous to the present City limits, and hereinafter more particularly described within the limits of the City of Dover, and
WHEREAS, an election as above mentioned was held during the 127th General Assembly, Special Session 1973 for the purpose of submitting the question of annexation of the following described area to the persons entitled to vote thereon, and
WHEREAS, the aforementioned Amendment of the Charter of the City of Dover provides that if a majority of the Votes cast in an election held in a territory proposed to be annexed shall be in favor of inclusion of that territory within the limits of the City of Dover, the Council shall thereupon adopt the resolution annexing said territory and including same within the limits of the City of Dover.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF DOVER, IN COUNCIL MET:
1. That the following described area situated in East Hundred, Kent County, State of Delaware and more particularly described and bounded therein shall be annexed to and included within the limits of the City of Dover:
All that certain piece or parcel of land situate in East Dover Hundred, Kent County and State of Delaware, and lying on the southerly side of Delaware State Route 8 leading from Dover to Pearsons Corner, and more particularly described as follows:
Beginning at an iron pipe in the southerly line of Delaware Route 8 at a corner for this parcel; said point being located, when measured along said line of Route 8, westwardly approximately 1049 feet from its intersection with the physical centerline of Bennington Street; thence from said beginning point with lands of Frank Robino South 7 degrees 35 minutes West 455 feet to a point at a corner for said Robino land and this parcel, thence North 82 degrees 25 minutes West 155 feet to a point at a corner for this parcel, thence North 7 degrees 35 minutes East 455 to a point in the southerly right-of-way line of aforesaid Route 8 at a corner for this parcel, thence South 82 degrees 25 minutes East 155 feet to the point and place of beginning. Containing 1.6190 acres, more or less.
2. That the certified copy of the resolution of annexation together with a plot of the area annexed shall be forthwith filed for record with the Recorder of Deeds of Kent County.
3. That the above described area so annexed and included within the limits of the City of Dover shall be for all purposes beginning with the effective date of this resolution be a part of the City of Dover.
4. That the effective date of this resolution shall be the 15th day of March, 1988 at 12:01 a.m. o’clock.
ADOPTED: March 14, 1988
WHITEOAK ROAD ANNEXATION RESULTS
As certified by County Election officials, the City Clerk reported an annexation referendum vote for property located on Whiteoak Road, as follows;
0 Votes FOR Annexation
1 Vote AGAINST Annexation
Mr. VanSant moved for approval of the annexation referendum results, seconded by Mr. Lynn and unanimously carried.
Referring to the costs involved in holding an annexation referendum, Mayor Carroll suggested that the Legislative and Finance Committee consider a Charter change to permit annexation of single properties, or a small group of properties by petition of the involved parties and resolution of Council.
Mr. Weyandt moved that the matter be referred to the Legislative and Finance Committee for review, seconded by Mr. Christiansen and unanimously carried.
RESULTS - $2,000,000 BOND REFERENDUM FOR STREET REPAIRS
In accordance with Section 50 of the City of Dover Charter, a Bond Referendum was held on March 3, 1988 to allow citizens and property owners to cast their vote relative to the City borrowing $2,000,000 for street repairs in conjunction with the Street Program. As certified by the appointed election officials, the City Clerk reported the following results;
248 FOR Bond Issue
35 AGAINST Bond Issue
Mr. VanSant moved for acceptance of the results of the March 3, 1988 Bond Referendum, seconded by Mr. Lynn and unanimously carried.
BOND RESOLUTION - $2,000,000 GENERAL OBLIGATION BOND SERIES 1988 Mr. Weyandt moved that the bond resolution for $2,000,000 General Obligation Bond Series 1988 be brought on the floor for discussion, seconded by Mr. Lynn and unanimously carried.
Mr. Charles McDowell of Potter Anderson & Corroon, City’s Bond Counsel, addressed Mayor Carroll and Members of Council relative to the Bond Issue. Mr. McDowell explained the Adopting Resolution, Preliminary Official Statement, Notice of Sale, etc. All proceeds of the bond issue is for a period of 15 years and the City’s rating is expected to be A1.
By motion of Mr. VanSant, seconded by Mr. Weyandt, Council adopted the following Resolution by a unanimous roll call vote:
A RESOLUTION ACCEPTING THE RESULTS OF THE REFERENDUM ELECTION OF MARCH 3, 1988 AND AUTHORIZING THE SALE OF BONDS IN THE AMOUNT OF TWO MILLION DOLLARS AS APPROVED THEREBY.
WHEREAS, a referendum election was held on March 3, 1988 for the purpose of voting on a proposed issuance of bonds to be used for the purpose of making street improvements within The City of Dover; and
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DOVER, IN COUNCIL MET, AS FOLLOWS:
Section 1. The Council hereby receives the results of the referendum election as being 248 votes in favor of the issuance of the bonds and 35 votes against.
Section 2. The Mayor and Council have authorized, by a Resolution passed by City Council on February 8, 1988, certain improvements or repairs to or construction of public streets and appurtenances throughout The City of Dover (the “City’) as more particularly described in that Resolution (the “Projects”).
Section 3. In accordance with the results of the referendum election, the Mayor and Council have determined that General Obligation Bonds in the amount of $2,000,000 should be issued to fund the Projects and for any other lawful street- related projects approved by the Council pursuant to Section 50 (d) of the City Charter and have authorized the City officials to proceed with implementation of the Projects and the issuance of bonds and to use City funds to be reimbursed out of bond proceeds and to take all other proper action in furtherance of the purposes set forth in this Resolution.
Section 4. The City shall issue it negotiable bonds in the maximum aggregate principle amount of $2,000,000 (the “Bonds”) pursuant to and in accordance with Section 50 of the City Charter, to finance in whole or in part the cost of the Projects and facilities specified in Sections 2 and 3 above to the extent specified therein. The full faith and credit of The City of Dover is pledged to the payment of the Bonds and the interest, and premium, if any, thereon. The Bonds shall be dated, shall mature in such installments, shall be subject to redemption prior to maturity, with or without premium, and shall otherwise contain such terms and provisions as are provided in the form of the Preliminary Official Statement (hereinafter described ) and as may be modified by, with the advise of the Financial Advisor, the Mayor and the Treasurer as they shall determine shall be in the best interest of the City.
Section 5. The Bonds shall be issued as a single consolidated issue of bonds and each of the Bonds shall bear the designation “General Obligation Bond, Series 1988". The Bonds shall be in denominations of $5,000 and any integral multiples thereof and shall be numbered consecutively.
Section 6. The Bonds shall bear interest from their date at a rate or rates not exceeding a true interest cost of eight and one-forth percent (8-1/4%) per annum when calculated for all the Bonds in the aggregate. Such interest shall be payable on July 1, 1988 and on each July 1 and January 1 thereafter. True interest (“Canadian”) cost shall be determined by doubling the semi-annual interest rate, compounded semiannually, necessary to discount the debt service payment from the payment dates to the date of the Bonds and to the price bid, excluding interest accrued to the date of delivery.
Section 7. The Bonds may be issued in book-entry form registered in the name of a securities depository (the “Depository”) and immobilized in the custody of the Depository subject to such terms and conditions as may be determined by the Mayor in which case the Mayor may execute and deliver on behalf of the City a letter of representation in such form as the Mayor may determine to be in the custody of a Depository to perform any obligation to any participant or beneficial owner of any such Bond.
Section 8. Principal and interest payments on the Bonds are to be made to the Depository as registered owner of the Bonds. Such payments are to be made to the owner of record as of the fifteenth day of the calendar month preceding the month is which the applicable interest or principal payment date occurs.
Section 9. Each of the Bonds shall contain a recital that it has been authorized and issued pursuant to the terms and conditions of Section 50 of the City Charter. Each of the Bonds shall be signed by the manual or facsimile signatures of the Mayor and the Treasurer. The official corporate seal of the City or a facsimile thereof shall be imprinted or impressed upon each of the Bonds.
Section 10. In the event any of the Bonds are called for redemption prior to maturity, notice thereof identifying said Bonds to be redeemed shall be given by mailing by first class mail, postage prepaid, to the registered owner or owners thereof at the address shown on the registration books not more than sixty (60) days nor less than thirty (30) days prior to the date fixed for redemption; provided, however, that failure to give such notice by mailing or any defect therein to the registered owner of any said Bond designated for redemption of any other said Bond. All of said Bonds so called for redemption will cease to bear interest on the specified redemption date provided funds for their redemption are on deposit at the place of payment at the time.
Section 11. Each of said Bonds and the provisions for the registration of the Bonds to be endorsed thereon, shall be in substantially the form hereinafter set forth, and the Mayor and the Treasurer of the City are hereby authorized and directed to cause said Bonds to be prepared when they shall have been sold and to execute said Bonds in accordance with their terms:
No.________________________ DOLLARS $_____________________
UNITED STATES OF AMERICA
STATE OF DELAWARE
THE CITY OF DOVER
GENERAL OBLIGATION BOND
Series 1988
Interest Rate Maturity Date Original Issue Date CUSIP
Registered Owner:__________________________________
Principal Sum:_____________________________________
THE CITY OF DOVER, in the County of Kent (hereinafter referred to as the “City”), a political subdivision of The State of Delaware, for value received, hereby acknowledge itself indebted and promises to pay to the registered owner named above, or registered assigns or legal representative, the principal sum stated above, on the maturity date stated above, upon presentation and surrender hereof, and to pay interest rate per annum stated above, payable July 1, 1988, and semi-annually thereafter on each January 1 and July 1, until payment of such principal sum shall be paid by check or draft mailed to the registered owner as shown on the bond register maintained by the City. The principal amount shall be payable upon presentation and surrender of this Bond by the registered owner at of the office of the City Treasurer, City Hall, Dover, Delaware.
In the event this Bond is held by or registered in the name of a securities depository or other agent or nominee of a beneficial owner, by purchase of a Bond the Bondholder agrees that the City shall have no responsibility or liability for any action or inaction by the depository or other agent or nominee in connection with the Bond.
Bonds maturing on or after July 1, 1996 are subject to redemption at the option of the City prior to maturity, as a whole at any time on or after July 1, 1995 or in part in any order of maturity selected by the City on any interest payment date on or after July 1, 1995, (if less than all of said Bonds outstanding of a single serial maturity shall be called for redemption, such Bonds to be so redeemed shall be selected by the City by lot) at the redemption prices expressed as percentages of their principal amounts plus accrued interest to the redemption date as set forth in the table below:
Redemption Period (Dates Inclusive) Redemption Price
July 1, 1995 through June 30, 1996 101%
July 1, 1996 through June 30, 1997 100.5%
July 1, 1997 and thereafter 100%
In the event that this Bond is called for redemption prior to maturity as aforesaid, notice thereof shall be given by first class mail, postage prepaid to the registered owner shown on the registration books not more than sixty (60) days nor less that thirty (30) days prior to the date fixed for redemption. If this Bond is called for redemption as aforesaid, it will cease to bear interest on the specified redemption date provided funds for its redemption are on deposit at the place of payment at that time.
This Bond is one of bonds of like date and tenor, except at to maturity and rate of interest, and has been duly authorized, and is issued pursuant to Section 50, Chapter 158, Volume36, Laws of Delaware, (the “City Charter”), as amended, and by Resolutions adopted February 8, 1988 and March 14, 1988 (collectively, the “Resolutions”) by the Mayor and City Council of the City to finance, in whole or in part, certain projects of the City described therein.
It is hereby certified and recited that all conditions, acts and things requires by the Constitution or statutes of The State of Delaware to exist, be performed or happen, precedent to or in the issuance of this Bond, exist, have been performed and have happened, and that the amount of this Bond, together with all other indebtedness of the City, is within every debt and other limit prescribed by said Constitution or statutes. The full faith and credit of the City are hereby pledged to the punctual payment of the principal of and interest on this Bond according to its terms.
The Series 1988 Bonds are issuable in the form of registered bonds without coupon in the denomination of $5,000 or any multiple thereof. The owner of any registered Bond or Bonds may surrender the same (together with a written instrument of transfer satisfactory to the City duly executed by the registered owner or his duly authorized attorney) at the office of the City Treasurer, in exchange for an equal aggregate principal amount of registered Bonds, of the same maturity and of any other authorized denominations.
Any transfer of this Bond must be registered, as provided in the Resolutions, upon the Bond Register kept for that purpose at the office of the City Treasurer be the registered owner hereof in person, or by his attorney duly authorize in writing, upon surrender of this Bond together with a written instrument of transfer satisfactory to the City duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new registered Bond or Bonds, of the same series and security and in the dame aggregate principal amounts, shall be issued the transferee in exchange hereof as provided in the Resolution free of charge except for any applicable transfer tax provided in the Resolutions free of charge except for any applicable transfer tax or other governmental charge. The City may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest due hereon and for all other purposes, as provided in the Resolutions.
IN WITNESS WHEREOF, the City has caused this Bond to be signed by the Mayor of the City of Dover by his manual signature or a facsimile thereof and by the Treasurer of The City of Dover by his manual signature or a facsimile thereof, and the official corporate seal of said City or a facsimile thereof to be imprinted or impressed hereon, and this Bond to be dated______________,_______.
(SEAL)
____________________________________
Mayor, The City of Dover
____________________________________
Treasurer, The City of Dover
Section 12. The Bonds shall be sold by the City for not less than ninety-eight percent (98%) of par plus accrued interest at a public sale to be held at such time as the Mayor and the Treasurer, with the advice of the Financial Advisor, shall determine shall be in the best interest of the City. In connection with such pubic sale, the City Treasurer is hereby authorized and directed to cause a Notice of Sale, in substantially the following form, to be published in a newspaper of general circulation published in the City of Wilmington, and the City of Dover, Delaware, and in a financial newspaper published in the City of New York, State of New York:
NOTICE OF SALE
THE CITY OF DOVER
$2,000,000 GENERAL OBLIGATION BONDS - SERIES 1988
Notice is hereby given that the City of Dover will receive sealed proposals for the purchaser of the bonds referred to above (the “Bonds”) of THE CITY OF DOVER (the “City”) at the offices of Potter Anderson & Corroon, 350 Delaware Trust Building, 9th and Market Streets, Wilmington, Delaware, until 11:00 a.m. no earlier than April 12, 1988 and no later than April 28, 1988 (the exact date of sale shall be determined by the City and announced, no later than the second business day prior to the date of sale, by Munifacts, telephone or such other manner selected by the City to those requesting such notice as hereinafter provided) at which time and place all proposals received will be publicly opened.
Description of the Bonds
The Bonds will be dated April 1, 1988 with interest payable from the date of the Bonds commencing July 1, 1988 and thereafter semi-annually on each January 1 and July 1 on the outstanding principal amount thereof and will mature in amounts, and on dates as follows:
Principal Principal
July 1 Amount July 1 Amount
1989 $ 1997 $
1990 1998
1991 1999
1992 2000
1993 2001
1994 2002
1995 2003
1996
Form of Bids and Basis of Award
Bids must be submitted on Official Bid Forms, without modifications or change. Bidders are invited to name the rate or rates of interest which the bonds are to bear. Each rate named must be a multiple of one- eight or one twentieth of one per centum per annum. Each proposal should be enclosed in a sealed envelop marked “Proposal for Bonds” and should be addressed to the undersigned as Treasurer, The City of Dover. The Bonds will bear interest at the rate or rates per annum named in the proposal accepted. No proposal for less than all of the Bonds and another rate or rates for the balance of the Bonds. The difference between the lowest and the highest rates named in the proposal shall not exceed five per centum, such rates to be in ascending order. Any rate must be for an entire maturity in any one year. The Bonds will be awarded to the bidder who offers to buy the bonds at the lowest true interest cost, expressed in dollars, to the City. The lowest true interest cost will be determined by doubling the semiannual interest rate necessary to discount the semiannual debt service payments from the payment dates to the date of the Bonds (April 1, 1988) and to the price bid, excluding interest accrued to the date of delivery. The City reserves the right to waive any irregularity or informality in any proposal and to reject any and all proposals. All proposals shall remain firm for four (4) hours after the time specified for the opening of the proposals, and an award of the Bonds or rejection of the proposals will be made by the City within such period of time.
Good Faith Deposit
Each bidder must, as a condition precedent to the consideration of his proposal, submit with his proposal a certified or cashier’s check in an amount equal to $40,00 drawn upon an incorporated bank or trust company, payable to the order of the City. The check submitted by the bidder to whom the Bonds are awarded will be retained by the City and will be applied toward the purchase price of the bonds. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. The Bonds must be paid for in Federal Funds. No interest will be allowed upon the amount of the check submitted by the successful bidder. If the winning bidder fails to accept delivery of and to pay for the Bonds, the proceeds of such check will be retained by the City and applied to damages sustained by the City by reason of such failure.
Optional Redemption
The Bonds maturing on or after July 1, 1996 will be subject to redemption at the option of
the City, on or after July 1, 1995 and prior to maturity, as a interest payment date, at the respective redemption prices (expressed as percentages of the principal amount of the Bonds to be redeemed) set forth in the following table, plus interest accrued and unpaid to the redemption date:
Redemption Period Redemption
(Dates Inclusive) Price
July 1, 1995 through June 30, 1996 101%
July 1, 1996 through June 30, 1997 100.5%
July 1, 1997 and thereafter 100%
Notice of any such redemption will be mailed to The Depository Trust Company, New York, New York (“DTC”) as registered owner of the Bonds not more than sixty days nor less than thirty days prior to the redemption date. If less than all of the Bonds of any maturity of any series shall be called for redemption, the particular Bonds to be redeemed shall be selected by lot.
Interest on Bonds
Interest on the Bonds is payable by check or draft mailed to DTC or its nominee as the registered owner of the Bonds. Principal on the Bonds will be payable by check or draft delivered to DTC or its nominee in exchange for the applicable Bonds. Principal and interest are payable in any coin or currency of the United States of America, which at the time of payment is legal tender for the payment of public and private debts.
Book Entry
The Bonds will be issued in book-entry form with no physical distribution of Bond
certificates made to the public. One Bond certificate for each maturity will be issued in the of DTC or its nominee and immobilized in its custody. A book-entry system is expected to be employed showing ownership of the bonds in principal amounts of $1,000, or integral multiples thereof, with transfers of beneficial ownership effected on the records of DTC (and its participants) pursuant to rules and procedures established by DTC. The winning bidder, as a condition to delivery of the Bonds, will be required to deposit the Bond certificates with DTC, registered in the name of Cede& Co, a nominee of DTC. The City does not presently intend to apply for listing of the Bonds on the New York Stock Exchange.
It is anticipated that CUSIP identification numbers will be assigned to each maturity of the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of or pay for the Bonds in the printing of CUSIP numbers on the Bonds and CUSIP Service Bureau charge for the assignment of said numbers shall be paid for by the City.
Delivery of Bonds
The Bonds are expected to be delivered on or about two weeks after the date of sale through
the facilities of DTC, in New York, New York. The City will make available to the purchaser, without cost to the purchaser, at the time the Bonds are paid for, the opinions and certificates referred to under the caption “Opinions and Certificates Available on Delivery of Bonds” in the Preliminary Official Statement dated April 1, 1988 prepared and distributed by the City in connection with the offering for sale of the Bonds.
Bank Eligibility
In the opinion of Bond Counsel, for the purposes of Sections 265 (b) and 291 (e) (1) (B) of the Internal Revenue Code of 1986 (the “Code”), the Bonds, in the hands of a financial institution described therein, will be treated as having been acquired on August 7, 1986. Consequently, the Bonds in the hands of such a financial institution will be subject to the 20% interest disallowance rule of Code Section 291(a) (3) and not the 100% interest allowance rule of Code Section 265 (b) (1).
Certificate of Issue Price
In order to provide the City with information required to enable it to comply with certain requirements of the Code relating to the exclusion of interest on the Bonds from gross income for Federal income tax purposes, the successful bidder will be required to execute and deliver to the City at the time of the delivery of the Bonds a certificate as to the “issue price” in substantially the form available from the City. In the event a successful bidder will not offer the Bonds for sale or is unable to sell a substantial amount of approved by the City. Each bidder, by submitting its bid, agrees to execute and deliver such a certificate by the date of delivery of the Bonds, if its bid is accepted by the City. It will be the responsibility of the successful bidder to institute such syndicate reporting requirements, to make such investigation, or otherwise to ascertain the facts necessary to enable it to make such certification with reasonable certainty.
Additional Information
Information concerning Bond ratings, the scheduling of the receipt and opening of the bids
for the Bonds or any other information in connection with the offer and sale of the bonds will be given to prospective bidders by Munifacts wire, telegram or other verbal or written communication as the City may determine to be reasonable, and any such supplemental information shall be deemed a part of this Notice of Sale. Prospective bidders interested in receiving such additional information should file their names and addresses with the City by calling Public Financial Management, Inc. (215) 567-6100, the City’s Financial Advisor with respect to the Bonds. Copies of the Preliminary Official Statement, when available, can be obtained by calling Public Financial Management, Inc., at (215) 567-6100.
M. C. Karia
Treasurer
City of Dover, Delaware
Dated:_________________________
Section 13. The Preliminary Official Statement with respect to the sale and issuance of the Bonds as presented to the City Council at this meeting, is hereby approved in substantially the form presented, and its distribution to prospective purchasers of the Bonds is hereby authorized. The Mayor and City Treasurer are hereby authorized to execute the Preliminary Official Statement in the name of the City, to supervise its distribution to prospective purchasers of the Bonds (prior to the availability of the final Official Statement, the “Official Statement”), and to make the information contained therein not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement therein, in light of the circumstances under which they are made, no misleading.
The Official Statement, to be in substantially the form of the Preliminary Official Statement presented to this meeting with appropriate modification for interest rates, maturities and the like, is hereby approved and its distribution to prospective purchasers of the Bonds is hereby authorized. The Mayor and City Treasurer are hereby authorized to execute the Official Statement in the name of The City of Dover, to supervise its distribution to prospective purchasers of the Bonds and to make any changes thereto to the date of delivery as aforesaid with respect to the Preliminary Official Statement.
Section 14. The moneys raised by the issuance of the Bonds, after the payment of charges and expenses connected with the preparation, sale and issuance thereof, shall be expended only for the purposes authorized in this Resolution, including reimbursement of City funds for authorized advances made prior to the sale of the Bonds.
Section 15. City Council hereby finds that the City does not reasonably anticipate issuing more the $5,000,000 of obligations of The City of Dover (including the Bonds) during calendar year 1988. The City hereby designates the Bonds as “qualified tax exempt obligations” for the purposes of Section 265 (b) (3) (B) of the Internal Revenue Code of 1986.
Section 16. The Mayor and Council are authorized and directed to take all appropriate action to maintain the exclusion from gross income of interest on the rebate to the United States, if required, and the establishment of special accounts in connection therewith.
Section 17. The power to prescribe the final terms, form and contents of the Bonds, and the power to sell, issue and deliver said Bonds subject to the provisions of this Resolution, is hereby delegated to the Mayor and City Treasurer with the advise of the Financial Advisor. Upon awarding the sale of the Bonds to the winning bidder, the City Treasurer shall promptly notify the City Council in writing of such award. The power to execute any documents, and the power to take any further action and do all things necessary, with respect to the sale, issuance and delivery of the Bonds is hereby delegated to the Mayor and City Treasurer, subject to the provisions of this Resolution.
Section 18. At any time when the Mayor is unable to perform any of the acts or duties described herein, the Vice-Mayor may take the appropriate action necessary for the sale, issuance and delivery of the Bonds.
ADOPTED: March 14, 1988
COMMITTEE OF COMMITTEES REPORT
The Committee of Committees met on February 22, 1988 with Chairman Weyandt presiding. The committee recommended approval of a Policy on Sale and Disposition of Excess Land, which was approved during the Council Meeting of February 22, 1988
Mr. Weyandt moved that the contents of the report of the Committee of Committees be accepted as written, seconded by Mr. VanSant. Mayor Carroll stated that individual motions should be taken on the parcels. Mr. Weyandt withdrew his motion, as did Mr. VanSant his second.
The committee considered the sale of several parcels of City owned land and made the following recommendations:
Parcel #1 - Kenton Road
The committee recommended that the parcel of land located on the Kenton Road be rezoned to R-20 and sold as one property, with the value of the property to be determined at a later date.
Mr. Weyandt moved that the parcel be rezoned to R-20 and that it be sold as one property, said sale to be in accordance with the Policy on Sale and Disposition of Excess Land, with the value to be determined at a later date. The motion was seconded by Mr. VanSant and carried by a unanimous roll call vote.
Mr. VanSant moved to direct the City Planner to move forward with the administrative rezoning for this parcel to R-20, seconded by Mr. Christiansen and carried by unanimous roll call vote.
Responding to a question by Mr. Richter, Mr. Roe stated that an administrative rezoning will be handled by the City Planner and will follow the same channels and procedures as any other rezoning request.
Parcel #3 - Turner Drive
The committee tabled action on the parcel of City land located on Turner Drive to allow staff an opportunity to seek the reaction of Wedgewood residents relative to the possible sale of the property.
Parcel #4 - Whiteoak Road
The committee noted that a 25' easement from the west property line is necessary for an electric transmission line.
The committee recommended that the property be placed on the market for sale at its present zoning of RG- 3, stipulation that a 25' easement be retained.
Mr. Weyandt moved that the parcel of City land located on Whiteoak Road, at its present RG-3 zoning, be placed on the market for sale in accordance with the Policy on Sale and Disposition of Excess Land. The motion was seconded by Mr. VanSant and carried by a unanimous roll call vote.
Parcel #5 - Roosevelt Avenue
The committee tabled action on the parcel of City land on Roosevelt Avenue until such time as staff can submit additional information for committee consideration.
Parcel #6 - S. Bradford Street
The committee recommended that the property be placed on the market for sale at its present zoning, stipulating that a required easement be maintained by the City.
Mr. Weyandt moved that the City owned parcel of land located on S. Bradford Street, at its present R-8 zoning, be placed on the market for sale in accordance with the Policy on Sale and Disposition of Excess Land. The motion was seconded by Mr. VanSant and carried by a unanimous roll call vote.
Parcel #7 - S. Queen Street
The committee recommended that the City retain ownership of the City owned parcel of land located on S. Queen Street.
Mr. Weyandt moved that the City maintain ownership of its property located on S. Queen Street, seconded by Mr. Christiansen and unanimously carried.
Aaron Knopf Re