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CDUNCIL CHAlfBER - TUESDAY, DECEMBER 11, 1979
<br />
<br />Pursuant to the following call:
<br />
<br />Mr. Thomas E. Albro
<br />Mr. Laurence A. Brunton
<br />Mr. Francis L. B, uck
<br />Mr. Edwin E. Gatewood, Jr.
<br />Mrs. Nancy K. O'Brien
<br />
<br />SPECIAL MEETING
<br />
<br /> TAKE NOTICE
<br />
<br /> A special meeting of the Council will be held TOMORROW AFTERNOON
<br />~ llth inst. at 1:00 p.m. O~clock.
<br />
<br />1. To receive and consider City Manager's report on sale of
<br /> $1,000,000.00 General Improvement Bonds, Series of 1980.
<br />
<br />BY ORDER OF
<br />
<br />J. S. Rush, Jr. (signed)
<br /> Clerk
<br />
<br />Laurence A. Brunton (signed)
<br /> President
<br />
<br />Report on/sale of
<br />$1,000,000
<br />General Improve-
<br />ment Bonds -
<br />Series of 1980
<br />
<br />Resolution re:
<br />Acceptance of
<br />Craigie Inc.
<br />as Best Bid
<br />
<br /> The Council met in special session on this date with the following
<br />members present: Mr. Albro, Mr. Brunton, Mr. Buck, Mr. Gatewood and
<br />
<br />Mrs. O'Brien. Absent: None.
<br />
<br /> The City Manager reported that pursuant to an ordinance adopted by
<br />the Council on June 19, 1978, and amended on October 1, 1979, he was
<br />authorized to sell at par or more $1,000,000.00 City of Charlottesville
<br />General Improvement Bonds, Series of 1980. He reported that in
<br />
<br />accordance with said authorization, he received seven bids at 11:00 a.m.
<br />
<br />on December 11, 1979 for the purchase of $1,000,000.00 City of
<br />
<br />Charlottesville General Improvement Bonds, Series of 1980, dated
<br />
<br />January 1, 1980.
<br />
<br /> Mr. Hendrix reported that after consideration of the bids, he
<br />determined that the bid of Craigie Incorporated was the best bid
<br />
<br />received, and recommended acceptance of this bid.
<br />
<br /> On motion by Mr. Gatewood, seconded by Mrs. O'Brien the following
<br />resolution was adopted by the following recorded vote. Ayes:
<br />
<br />Albro, Mr. Brunton, Mr.Buck, Mr. Gatewood and Mrs. O'Brien. Noes: None.
<br />
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE:
<br />
<br /> SECTION 1. Findings and Determinations. Pursuant to an
<br /> ordinance passed by this Council on June 19, 1978, entitled "AN
<br /> ORDINANCE AUTHORIZING THE ISSUANCE OF ONE MILLION DOLLARS ($1,000,000.00)
<br /> GENERAL IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR
<br />THE PURPOSE OF ACQUIRING, CONSTRUCTING, RECONSTRUCTING, II, PROVING,
<br />___EXTENDING, ENLARGING~AND EQUIPPING VARIOUS PUBLIC IMPROVEMENT PROJECTS
<br /> OF SAID CITY; FIXING THE FO~M AND DETAILS OF SAID BONDS; AND PROVIDING
<br /> FOR THE SALE OF SAID BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS
<br /> as amended by an ordinance passed by this Council on October 1, 1979,
<br /> entitled "AN ORDINANCE AMENDING AND REORDAINING AN ORDINAi~CE ADOPTED
<br /> ON JUNE 19, 1978, AUTHORIZING THE ISSUANCE OF ONE MILLION DOLLARS
<br /> ($1,000,000.00) GENERAL IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE,
<br /> VIRGINIA, TO PROVIDE THAT THE BONDS AUTHORIZED THEREBY MAY BE ISSUED
<br /> ON OR BEFORE JUNE 30, 1980 AND TO PROVIDE FOR THE CHANGE OF CERTAIN
<br /> DESIGNATIONS AND DETAILS OF SAID BONDS" ~collectively, the "Ordinance")
<br /> a Notice of Sale (the "Notice of Sale") of $1,000,000.00 General
<br /> Improvement Bonds, Series of 1980 (the "Bonds") was duly published on
<br /> Nov. 30, 1979 in The Daily Bond Buyer, a financial newspaper published
<br /> in the City of New York, New York and in The Daily Progress, a news-
<br /> paper of general circulation in the City of Charlottesville, Virginia.
<br />
<br /> The Notice of Sale provided that sealed proposals for the
<br />purchase of the Bonds should be directed to the Council of the City of
<br />Charlottesville, Virginia (the "City"), c/o City Manager, City Hall,
<br />Charlottesville, Virginia. Pursuant to the Notice of Sale, seven
<br />proposals for the purchase of the Bonds were received, each accompanied
<br />by a good faith, certified or bank treasurer's or cashier's check pay-
<br />able to the order of the City of Charlottesville, Virginia in the
<br />amount of $20,000. The names of the bidders submitting each such
<br />proposal, the purchase price for the Bonds specified in each such
<br />proposal and the net interest cost to the City resulting from each such
<br />proposal are as follows:
<br />
<br />
<br />
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