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268
<br />
<br />This would authorize bond anticipation notes in the amount of
<br />$1,500,000 to.finance .expansion of the City gas system. Mr. Hendrix
<br />explained that the notes were recommended at this time over long-term
<br />
<br />financing.
<br />
<br /> The resolution was moved by Mrs. Gleason, seconded by Dr. Gunter,
<br />
<br />and approved by the following vote. Ayes: Mr. Buck, Mr. Conover,
<br />Mrs. Gleason, Dr. -Gunter, Dr. Hall. Noes: None.
<br /> BE' IT RESOLVED BY THE COUNCIL OF 7HE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA:
<br /> 1. The Council of the City of Charlottesville, Virginia (the
<br />"Council") hereby finds and determines the proposal (the "Proposal")
<br />of Capitoline Investment Services, Inc. (the "Purchaser") to ourchase
<br />from the City of Charlottesville, Virginia (the "City") its one
<br />million five hundred thousand dollars (L,500~000) principal amount of
<br />City of Charlottesville, Virginia, General Improvement Bond Anticipation
<br />Notes, dated as of September 15, 1983 (the "Notes"), authorized to be
<br />issued by an ordinance adopted by this Council on June 20, 198.3, entitled
<br />"AN ORDINANCE AUTHORIZING THE ISSUANCE OF ONE MILLION FIVE HUNDRED
<br />THOUSAND DOLLARS ($1,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />GENERAL IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA,
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF ACQUIRING,
<br />CONSTRUCTING, RECONSTRUCTING, IMPROVING, EXTENDING, ENLARGING AND
<br />EQUIPPING THE GAS DISTRIBUTION SYSTEM OF AND FOR SUCH CITY; FIXING
<br />THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS;
<br />PROVIDING FOR THE SALE OF SUCH BONDS AND PRESCRIBING THE FORM OF A NOTICE
<br />OF SALE THEREFOR; AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE
<br />ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br /> BOND ANTICIPATION NOTES INANTICIPATION OF THE ISSUANCE AND SALE OF SUCH
<br /> BONDS" (the "Bond OrdinanCe"), offers to purchase the Notes on a fair
<br /> and reasonable basis and the acceptance of the proposal is in the best
<br /> interest of the City.
<br />
<br /> 2. The Proposal of the Purchaser to purchase Zhe Notes for a
<br /> purchase price equal to one million five hundred thousand Dollars
<br /> ($1,S00,000.00) and accrued interest from the date of the Notes to
<br /> the date of the payment in full of the purchase price thereof is
<br /> accepted. In accordance with the terms ~of the Proposal the Notes shall
<br /> bear interest at the rate per annum as set forth in paragraph 4.
<br /> 3. All action taken to date by the officials of the City with
<br /> respect to the sale of the Notes, including the action of the City
<br /> Manager of the City in negotiating the sale of the Notes, an6 the
<br /> actions of the Mayor, the City Manager and other officials of the City
<br /> are approved, ratified and confirmed.
<br /> 4. The Notes shall be dated as of September iS, 1983; shall
<br /> mature on September'14, 1984;. shall be in bearer form without coupons
<br /> in the denomination of $2S,000.0.0 each; and 'shall bear interest at
<br /> the rate of six per centum (6%) per annum from their date (computed
<br /> on the basis of a 360-day year of twelve 30-day months), payable at
<br /> maturity. The Notes shall not be-subject to redemption or prepayment
<br /> prior to maturity.
<br />
<br /> S. The Notes shall be in substantially the following form, to wit:
<br />
<br /> (FORM o.r NOTE)
<br />UNITED STATES OF AMERICA
<br />COMMONWEAZTH~OF:~VIRGINIA
<br />CITY OF CHARLOTTESVILLE
<br />GENERAL IMPROVEMENT BOND
<br /> ANTICIPATION NOTE
<br />
<br />No. $25,000;00
<br />
<br /> The City of Charlottesville, a muni~ipal'corpo'ration of the
<br />Commonwealth of Virginia (the "City"), for value received, acknowledges
<br />itself-indebted and hereby promises to pay to bearer on.September 14,
<br />1984, the sum of twenty-five thousand Dollars ($25,000.00), upon pre-
<br />sentation and surrender hereof together with interest hereon from the
<br />date hereof (computed on the basis of a 360~day year 'of twelve 30-day
<br />months) at the rate of six per centum (6%) per annum, payable at
<br />maturity. Both principal of an interest on this note are payable in
<br />such coin or currency of the United. States of America as at the
<br />respective dates of payment thereof is legal tender for public and
<br />private debts, at the office of the. City Treasurer of the City of
<br />Charlottesville, in the City of Charlottesville, Virginia, or at the
<br />principal office of United Virginia Bank, in the City of Richmond,
<br />Virginia.
<br />
<br /> This note is one of an issue of notes aggregating one miIlion five
<br />hundred thousand dollars ($1.,500,000) in principal amount issued in
<br />anticipation of the issuance of a like principal amount of general
<br />obligation bonds by the City for the purpose of providing funds to pay
<br />the cost of public improvement projects of and for the City, under and
<br />pursuant to and in fu~l compliance with the Constitution and statutes
<br />of the Commonwealth o'f virginia, including Chapter S of Title ~15.1 of
<br />the Code of Virginia., 1.950, as amended (the same being the PUblic
<br />Finance Act), the Charter of the City, as amended, and an ordinance and
<br />proceedings of the Council of the City duly adopted and taken under such
<br />Chapt~ 5.
<br />
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