
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, July 26, 1990                   TAG: 9007270528
SECTION: NEIGHBORS                    PAGE: W-1   EDITION: METRO 
SOURCE: LESLIE TAYLOR STAFF WRITER
DATELINE:                                 LENGTH: Short

RICHMOND FIRM TO MANAGE SALEM'S $5 MILLION BOND SALE

Salem City Council selected the bid of a Richmond brokerage firm Tuesday to manage the sale of $5 million worth of general obligation bonds.

Davenport and Co. of Virginia submitted the low bid of 6.50768 percent, the interest rate at which Salem will repay the bonds over a 15-year period. Seven companies submitted bids.

Bond money has been earmarked for citywide sewer system improvements, a water storage tank, computer upgrading, downtown lighting and an addition to the main fire station.

"We gave them a check today for a small percentage of the deal and signed an agreement that we will sell the bonds at that level [interest rate]," Lucy Hooper of Davenport and Co. said Tuesday. "So now, we own them. The bonds, for the most part, are sold. On Aug. 14, Salem will get $5 million."

In other business:

Council agreed to purchase a $16,350 forklift, $15,000 commercial front mower and a used $19,000 backhoe for the Street Department.

Council agreed to purchase an $8,450 ditch digger for the Electric Department.

Council agreed to purchase a $149,904 track loader for use at the city landfill and a $17,506 car for the city manager's use.

Council adopted a resolution recognizing the retirement of Bennie Williams from the Street and Sanitation Department. Williams has been with the department for 37 years.

Council gave final approval to the rezoning of property at 318 Union St., allowing Alvin and Shirley Everett to construct two duplexes.

by CNB