|
47
<br />
<br /> WHEREAS, in the judgment of the Council of the City, it
<br />is necessary and expedient to approve the sale of $9,090,000
<br />principal amount of "City of Charlottesville, Virginia,
<br />General Obligation Public Improvement and Refunding Bonds,
<br />Series 1993, dated May 1, 1993" (the "Bonds"), pursuant to
<br />the Bond Ordinances;
<br />
<br /> WHEREAS, the City Manager has caused a Summary Notice of
<br />Sale of the Bonds (the "Summary Notice of Sale") to be
<br />published on April 19, 1993, in The Bond Buyer and has caused
<br />a Detailed Notice of Sale of the Bonds, dated April 16, 1993
<br />(the "Detailed Notice of Sale") to be prepared and
<br />distributed to prospective purchasers of the Bonds, such
<br />Summary Notice of Sale and Detailed Notice of Sale each
<br />providing that sealed proposals for the purchase of the Bonds
<br />(the "Proposals") would be publicly opened at 10:00 a.m.,
<br />E.D.T., on April 28, 1993~
<br />
<br /> WHEREAS, pursuant to the Detailed Notice of Sale, the
<br />following proposals were received on April 28, 1993, each
<br />accompanied by a certified or bank cashier's check in the
<br />amount of $90,900 payable to the City or, in lieu thereof a
<br />financial surety bond in the amount of $90,900 (the "Surety
<br />Bond") conforming in all respects to the requirements
<br />specified in the Detailed Notice of Sale:
<br />
<br />Name of Bidder
<br />
<br />True Interest Cost
<br />
<br />First Union Securities
<br />Wheat First Securities
<br />Nations Bank
<br />Harris Bank and Trust
<br />Merrill L'ynch
<br />Wachovia Bank of North Carolina
<br />Craigie
<br />
<br />4.979966
<br />4.9984
<br />5.064
<br />5.0695
<br />5.0964
<br />5.1
<br />5.1106569
<br />
<br /> WHEREAS, the Council reasonably expects that, including
<br />the Bonds, no more than ten million dollars ($10,000,000) of
<br />"qualified tax-exempt obligations,, (other than "private
<br />activity bonds"), as such terms are used in Section 265 of
<br />the Internal Revenue Code of 1986 (the "Code"), will be
<br />issued during calendar year 1993 by the City, including its
<br />"subordinate entities," as such term is used in Section 265
<br />of the Code~
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
<br />CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br />1. The Council of the City hereby finds and determines:
<br />
<br /> a) The proposal (the "Proposal") of First Union
<br />Securities, Inc. (the "Purchaser,,), to purchase from the City
<br />its $9,090,000.00 principal amount of City of
<br />Charlottesville, Virginia, General Obligation Public
<br />Improvement and Refunding Bonds, Series 1993, dated May 1,
<br />1993 (defined in the recitals hereto as the "Bonds"),
<br />authorized to be issued by the Bond Ordinances, has in all
<br />respects been submitted in the proper form and in a timely
<br />manner. Defects, if any, in the form of the Proposal or in
<br />the manner of its submission are hereby waived.
<br />
<br /> b) Of all proposals submitted in response to the
<br />Detailed Notice of Sale referred to in Paragraph 3, the
<br />Proposal of the Purchaser is in the one offering to purchase
<br />the Bonds at the lowest true interest cost to the City.
<br />
<br /> 2. The Proposal of the Purchaser to purchase the Bonds
<br />for a purchase price is hereby accepted. In accordance with
<br />the terms of the Proposal of the Purchaser, the Bonds shall
<br />bear interest at the rates per annum as set forth in
<br />Paragraph 4.
<br />
<br />
<br />
|