|
Resolution re:
<br />Acceptance of Bid
<br />of Mason-Hagan, Inc.
<br />
<br /> On motion by Mrs. Rinehart, seconded by Mr. Van Yahres the
<br />following resolution was adopted by the following recorded vote.
<br />Ayes: Mr. Barbour, Mr. Gilliam, Mrs. Rinehart and Mr. Van Yahres,
<br />
<br />Noes: None. Abstained: Mr. Fife.
<br />
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE:
<br />
<br /> SECTION 1. There shall be, and hereby is, accepted the
<br />joint bid of Craigie Mason-Hagan, Inc., Virginia National Bank;
<br />First & Merchants National Bank, Homer, Barksdale & Company;
<br />Davenport & Company of Virginia, Inc. and National Bank & Trust
<br />Company (the "Purchaser"), for the purchase of the three~z million
<br />dollars ($3,000,000) principal amount of 'bonds of the City of
<br />Charlottesville, Virginia, authorized by an ordinance adopted June
<br />2, 1975, entitled "An Ordinance Authorizing the Issuance of Three
<br />Million Dollars ($3,000,000.00) General Improvement Bonds of the
<br />City of Charlottesville, Virginia, for the Purpose of Providing Funds
<br />to Pay the Cost a Acquiring, Constructing, Reconstructing, Improving,
<br />Extending, Enlargin~ and Equipping Various Public Improvement Projects
<br />of Said City; Fixing the Form and Details of said Bonds; Providing for
<br />the Sale of said Bonds; and Providing for the Payment of said Bonds,,
<br />said bonds being designated in said ordinance as "General Improvement
<br />Bonds, 1975" (the "Bonds'.'), said bid being a bid of par and accrued
<br />interest from the date of the Bonds to the date of delivery thereof,
<br />the Bonds to be dated and to bear interest at the rates as set forth
<br />in Section 3 hereof.
<br />
<br /> SECTION 2. Ail action taken to date by the officials of the
<br />City of Charlottesville, Virginia, with respect to the sale of the
<br />Bonds, including the action of the City Manager in fixing the date
<br />of the Bonds as July 1, 1975, and in fixing the date of sale
<br />of the Bonds as June 24, 1975, and in causing to be published on
<br />June 11, 1975, in both the Daily Bond Buyer and the Daily Progress
<br />and in distributing a notice of sale of the Bonds, and the form
<br />and words of such notice of sale, be and they hereby are approved,
<br />ratified and confirmed.
<br />
<br /> SECTION_r3. The Bonds shall be dated July 1, 1975, in
<br />coupon form without privilege of registration and without option
<br />redemption, numbered from 1 to 600, both inclusive, and of the
<br />denomination of $5,000 each, and shall mature serially in numerical
<br />order $150,000 of Bonds on July 1 in each of the years set forth
<br />below, the Bonds maturing in each year to bear interest payable
<br />January 1, 1976, and semi-annually thereafter on July 1 and January
<br />1 at the rate per annum set forth opposite such year, to wit:
<br />
<br /> Interest Interest
<br />Year Rate Year Rate
<br />
<br />1976
<br />1977
<br />1978
<br />1979
<br />1980
<br />1981
<br />1982
<br />1983
<br />1884
<br />1985
<br />
<br />6.70%
<br />6 70%
<br />6 70%
<br />6 00%
<br />4 70%
<br />4 85%
<br />5 00%
<br />5 10%
<br />5.20%
<br />5.30%
<br />
<br />1986
<br />1987
<br />1988
<br />1989
<br />1990
<br />1991
<br />1992
<br />1993
<br />1994
<br />1995
<br />
<br />5 35%
<br />5 45%
<br />5 55%
<br />5 65%
<br />5 70%
<br />5 75%
<br />5 8O%
<br />5 85%
<br />5 90%
<br />5 90%
<br />
<br /> SECTION 4. The Bonds shall, as soon as practicable, be
<br />prepared, executed and delivered at the expense of the City of
<br />Charlottesville, Virginia, to the Purchaser in accordance with
<br />the provisions of the aforesaid Ordinance and this resolution and
<br />upon payment of the balance of the purchase price for the Bonds.
<br />
<br /> SECTION 5. The City Attorney is hereby authorized and
<br />directed to file a certified copy of this resolution with the Clerk
<br />of the Circuit Court of the City of Charlottesville, Virginia
<br />
<br />SECTION 6.
<br />
<br />This resolution shall take.effect upon its
<br />
<br />passage.
<br />
<br />On motion the meeting adjourned.
<br />
<br />Pres zdent
<br />
<br />
<br />
|