1996-06-19 - Laserfiche WebLink

Home Browse Search

112 WHEREAS, pursuant to the Detailed Notice of Sale, the following proposals were received on June 19, 1996, each accompanied by a certified or bank cashier's check in the amount of $95,000 payable to the City or, in lieu thereof a financial surety bond in the amount of $95,000 (the "Surety Bond"), conforming in all respects to the requirements specified in the Detailed Notice of Sale: Name of Bidder True Interest Cos, t. Ferris Baker Watts Crestar Craigie Inc. Harris Trust & Savings Bank Legg Mason Nations Bank - First Union Prudential Scott & Stringfellow Wachovia 5.444602% 5.433377% 5.378039% 5.520282% 5.432619% 5,468934% 5.552112% 5.388071% 5.479212% WHEREAS, the Council reasonably expects that, including the Bonds, no more than ten million dollars ($10,000,000) of "qualified tax-exempt obligations" (other than "private activity bonds"), as such terms are used in Section 265 of the Internal Revenue Code of 1986 (the "Code"), will be issued during calendar year 1996 by the City, including its "subordinate entities, as such term is use din Section 265 of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council of the City hereby finds and determines: (a) The proposal (the "Proposal") of Craigie Inc. (the "Purchaser") to purchase the Bonds from the City has in all respects been submitted in the proper form and in a timely manner. Defects if any, in the form of the Proposal or in the manner of its submission are hereby waived. (b) Of all proposals submitted in response to the Detailed Notice of Sale referred to in Paragraph 3, the Proposal of the Purchaser is the one offering m purchase the Bonds at the lowest true interest cost to the City. 2 The proposal of the Purchaser to purchase the Bonds for a purchase price is hereby accepted. In accordance with the terms of the Proposal of the Purchaser, the Bonds shall bear interest at the rates per annum as set forth in Paragraph 4. 3. All action taken to date by the officials of the City with respect to the sale of the Bonds, including the action of the City Manager in causing to be published on June 10, 1996 in The BondBuyer, a financial newspaper published in the City of New York, New York, the Summary Notice of Sale, and the actions of the City Manager, the Director of Finance and the Summary Notice of Sale, and the actions of the City Manager, the Director of Finance and other officials of the City in causing to be distributed copies ora Preliminary Official Statement relating to the Bonds, dated June 1, 1996, the Detailed Notice of Sale and the Official Proposal Form for the submission of proposals for the purchase of the Bonds in the respective forms thereof presented at the meeting of the Council at which this resolution is being adopted and the form and contents of such Preliminary Official Statement, Summary Notice of Sale, Detailed Notice of Sale and Official Proposal Form, and the details of the Bonds described therein, are hereby approved, ratified and confirmed. The City Manager or the Deputy City Manager and the Director of Finance of the City are hereby authorized to prepare and deliver to the Purchaser a final Official Statement relating to the Bonds, dated the date of adoption of this resolution, substantially in the form of the Preliminary Official Statement, and to .execute and deliver to the Purchaser the "CERTIFICATE CONCERNING OFFICIAL STATEMENT" described in such final Official Statement. The Preliminary Official Statement is "deemed final" for purposes of Rule 15c2-12 ("Rule 15c2-12")