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188
<br />
<br />Name of Bidder
<br />
<br />Purchase Price
<br />~Specified
<br />
<br />Craigie Incorporated
<br />Merrill, Lynch, Pierce, Fenner
<br />& Smith, Inc. and Davenport & Co.
<br />of Va.
<br />Alex Brown & Son
<br />Homer, Barksdale & Co. &
<br />Virginia National Bank
<br />Northern Trust Company, United
<br />Virginia Bank and Investment
<br />Corporation of Virginia
<br />First & Merchants National Bank
<br />Bank of Virginia and Associates
<br />
<br />$1,000,100.00
<br />
<br />1,000,000.00
<br />1.,000,127.50
<br />
<br />1,000,050.00
<br />
<br />1,000,005.50
<br />1,000,065.00
<br />1,000,790.00
<br />
<br />interest
<br />Cost
<br />
<br />6.2490476%
<br />
<br />6.2850
<br />6.299976
<br />
<br />6.30880
<br />
<br />6.224233
<br />6.336524
<br />6.3934285
<br />
<br /> After due consideration of all such proposals, this Board
<br />finds that (a) Craigie Incorprated (the "Purchaser") is a responsible
<br />bidder, (b) of the proposals received, the proposal of the Purchaser
<br />(.the "Proposal") is the proposal to purchase the Bonds at the lowest
<br />net interest cost to the City, computed by aggregating the total interest
<br />to maturity on-all of the Bonds at the rate of rates specified therein
<br />and deducting therefrom the premium bid, if any, and (c) the Proposal
<br />is the highest and beSt proposal received, is in accordance with the
<br />provisions of the NOtice of Sale, and should be accepted.
<br />
<br /> SECTION 2. ~cceptance of Proposal. The Proposal, being
<br />a proposal tO purchase the Bonds at the price of One Million One Hundred
<br />Dollars ($1,000,100.00) pluse accrued interest from the date of the Bonds
<br />to the date of delivery thereof and payment therefor by the Purchaser,
<br />and the Bonds to bear interest at the rates per annum specified in
<br />Section 4 hereof, is hereby accepted and ~he~.Bonds are hereby awarded
<br />to the Purchaserf.
<br />
<br /> SECTION 3. Good Faith Checks. ~ne good faith checks of the
<br />unsuccessful.-bidders shall be returned 'i"orthwith. The good faith check
<br />of the Purchaser will be deposited by the City and the proceeds thereof
<br />credited against the purchase price due for the Bonds upon their
<br />delivery or retained as and for liquidated damages in the event the
<br />Purchaser fails to take up and pay for the Bonds in accordance with
<br />the Proposal.
<br />
<br /> SECTION~4. Interest Rates. The Bonds maturing in each of
<br />the years specified below shall bear interest at the rate per annum
<br />set forth opposite such year, to wit:
<br />
<br />~. Interest Interest
<br />Year Rate Year Rate
<br />
<br />1981 6.25% 1991
<br />1982 6.25 1992
<br />1983 6.25 1993
<br />1984 6.25 1994
<br />1985 6.25 1995
<br />1986 6.25 1996
<br />1987 6.25 1997
<br />1988 6.25' 1998
<br />1989 6.25 1999
<br />1990 6.25 2000
<br />
<br />6 25%
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />6 25
<br />
<br /> SECTION 5. Paying Agents; Payments of Bonds. The principal
<br />of and premium, if any, and interest on the Bonds shall be payable at
<br />the Office of the City Treasurer of the City of Charlottesville in
<br />Charlottesville,Virginia or at the option of the holder thereof or of
<br />the coupons appertaining thereto, as the case may be, at the principal
<br />office of Virginia National Bank of Charlottesville, Virginia, or at
<br />the principal office of Chemical Bank in the City of New York, New
<br />York, as the paying agents for the Bonds, in such coin or currency of
<br />the United States of America as at the respective dates of payment is
<br />legal tender of public and private debts.
<br />
<br /> SECTION 6. Execution and Delivery of the Bonds. The City
<br />Manager and the Director of Finance and other appropriate officers,
<br />employees and agentS~ of the City are hereby authorized and directed
<br />to take all such action and to execute such instruments as shall be
<br />deemed by them to be necessary or appropriate to effect the printing,
<br />execution and issuance of the Bonds and the delivery or the Bonds to
<br />the Purchaser in accordance with the terms of the Proposal, the Notice
<br />of Sale, the Ordinance, and this resolution upon receipt of the purchase
<br />price therefor as set forth£in Section 3.he~eof, and for the proper
<br />application and use of the proceeds of such sale.
<br />
<br /> SECTION 7. Official Statement; Certification Concerning
<br />Official Statement. The Mayor of the City of Charlottesville, Virginia
<br />is hereby authorized and directed to execute and deliver to the
<br />Purchaser copies of an Official Statement of the City relating to the
<br />Bonds, dated December 11, 1979 (the "Official Statement"), presented
<br />at this meeting, and this Council hereby authorizes said Official
<br />Statement and the information contained therein to be used by the
<br />Purchaser in connection with the sale of the Bonds. The City Manager,
<br />the Director of Finance and the City Attorney are hereby authorized to
<br />execute on behalf of the City and deliver to the Purchaser the
<br />certificates refered to in the Official Statement under the caption
<br />"Certificates Concerning Official Statement".
<br />
<br /> SECTION 8. Ragification. The action of the City Manager
<br />in causing the Notice of Sale to be published as described in Section
<br />1 hereof,~ and in causing the Notice of Sale, a ~roposal for Purchase
<br />of Genmral Improvement Bonds and the Official Statement to be
<br />distributed, and the form and contents of the Notice of Sale, said
<br />
<br />
<br />
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