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268
<br />
<br />NOTICE OF SPECIAL MEETING
<br />
<br />A SPECIAL MEETING OF THE COUNCIL WILL BE HELD ON Tuesday,
<br />January 31, 1989 AT 1:00 p.m. IN THE Council Chamber.
<br />
<br />THE PROPOSED AGENDA IS AS FOLLOWS:
<br />
<br /> "RESOLUTION MAKING CERTAIN FINDINGS CONCERNING THE
<br />BIDS SUBMITTED FOR THE PURCHASE OF FIVE MILLION DOLLARS
<br />($5,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS, SERIES 1989, OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA; ACCEPTING A PROPOSAL TO PURCHASE
<br />SUCH BONDS~ DESIGNATING SUCH BONDS AS "QUALIFIED TAX-EXEMPT
<br />OBLIGATIONS" FOR PURPOSES OF SECTION 265 OF THE INTERNAL
<br />REVENUE CODE OF 1986; FIXING THE RATES OF INTEREST TO BE
<br />BORNE BY AND CERTAIN OTHER DETAILS OF SUCH BONDS; AND
<br />APPOINTING THE REGISTRAR AND PAYING AGENT FOR SUCH BONDS"
<br />
<br />BY ORDER OF THE MAYOR
<br />
<br />BY Jeanne Cox (signed)
<br />
<br />COUNCIL CHAMBER - January 31, 1989
<br />
<br /> Council met in special session on this date with the
<br />following members present: Mr. Buck, Rev. Edwards, Mr. Towe,
<br />Mr. Vandever, Ms. Waters.
<br />
<br /> Ms. Rita Scott, Director of Finance, stated that nine
<br />bids had been submitted for the purchase of the $5 million
<br />bonds, with Craige, Inc. and Associates submitting the low
<br />bid. Ms. Scott stated that she was very pleased with the
<br />6.75 % interest rate and recommended that the Craige, Inc.
<br />and Associates bid be accepted.
<br />
<br /> On.motion by Rev. Edwards, seconded by Mr. Towe, the
<br />resolution entitled "A RESOLUTION MAKING CERTAIN FINDINGS
<br />CONCERNING THE BIDS SUBMITTED FOR THE PURCHASE OF FIVE
<br />MILLION DOLLARS ($5,000,000) PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1989, OF THE CITY
<br />OF CHARLOTTESVILLE, VIRGINIA; ACCEPTING A PROPOSAL TO
<br />PURCHASE SUCH BONDS; DESIGNATING SUCH BONDS AS "QUALIFIED
<br />TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265 OF THE
<br />INTERNAL ~REVENUE CODE OF 1986; FIXING THE RATES OF INTEREST
<br />TO BE BORNE BY AND CERTAIN OTHER DETAILS OF SUCH BONDS; AND
<br />APPOINTING THE REGISTRAR AND PAYING AGENT FOR SUCH BONDS" was
<br />approved by the following vote. Ayes: Mr. Buck, Rev.
<br />Edwards,.Mr. Towe, Mr. ~Vandever, Ms. ~Waters. Noes: None..
<br />
<br /> WHEREAS, pursuant to an ordinance, entitled "AN
<br />ORDINANCE AUTHORIZING THE ISSUANCE OF FOURTEEN MILLION FIVE
<br />HUNDRED THOUSAND DOLLARS ($14,500,000) PRINCIPAL AMOUNT OF
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS
<br />TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE
<br />CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER
<br />FEATURES OF SUCH BONDS) PRESCRIBING THE FORM OF A NOTICE OF
<br />SALE FOR SUCH BONDS; PROVIDING WITH RESPECT TO THE ISSUANCE
<br />AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND
<br />SALE OF SUCH BONDS," adopted by the Council of the City. of
<br />Charlottesville, Virginia (the "City") on April 20, 1987 (the
<br />"Bond Ordinance"), there were authorized to be issued~
<br />$14,500,000 principal amount of general obligation bonds and
<br />a like principal amount of general obligation bond
<br />anticipation notes in anticipation of the issuance and sale
<br />of such bonds;
<br />
<br /> WHEREAS, on May 27, 1987, the City issued $5,000,000
<br />principal amount of general obligation City of
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1987, dated May 1, 1987 (the "1987 Bonds"), pursuant to the
<br />Bond Ordinance, for the purpose of providing funds for
<br />improving and renovating Clark Elementary School,
<br />constructing an addition to City Hall and renovating the
<br />
<br />
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