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268
<br />
<br />BONDS; AND APPOINTING A REGISTRAR AND PAYING AGENT FOR SUCH
<br />BONDS" was approved by the folloWing vote. Ayes: Ms. Daugherty, Rev. Edwards, Ms.
<br />Slaughter, Mr. Toscano, Mr. Vandever. Noes: None.
<br />
<br /> WItEREAS, pursuant to an ordinance entitled "AN ORDINANCE
<br />AUTHORIZING THE ISSUANCE OF FIVE MILLION DOLLARS ($5,000,000)
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC DvIPROVEMENT
<br />BONDS OF THE CITY OF CI-UkRLOTTESVILLE, %qRGINIA, FOR THE PURPOSE
<br />OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC
<br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; FIXING THE FORM,
<br />DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS;
<br />PROVIDING FOR THE SALE OF SUCH BONDS AND AUTHORIZING AND
<br />PROVIDING WITH RESPECT TO THE IssUANCE AND SALE OF A LIKE
<br />PRINCIPAL A2VIOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND
<br />SALE OF SUCH BONDS;" adopted by the Council of the City of Charlottesville, Virginia
<br />(the "City") on May 2, 1994, there were authorized to be issued $5,000,000 principal
<br />amount of general obligation bonds of the City (the "Bond Ordinance");
<br />
<br /> WHEREAS, in the judgment of the Council of the City, it is necessary and
<br />expedient to approve the sale of $5,000,000 principal amount of "City of Charlottesville,
<br />Virginia General Obligation Public Improvement Bonds, Series 1994, dated May 1, 1994"
<br />(the "Bonds"), pursuant to the Bond Ordinances;
<br />
<br /> WHEREAS, the City Manager has caused a Summary Notice of Sale of the
<br />Bonds (the "Summary Notice of Sale") to be published on April 26, 1994 in The Bond
<br />Buyer and has caused a Detailed Notice of Sale of the Bonds, dated April 27, 1994 (the
<br />"Detailed Notice of Sale"), to be prepared and distributed to prospective purchasers of the
<br />Bonds, such Summary Notice of Sate and Detailed Notice of Sale each providing that
<br />sealed proposals for the purchase of the Bonds (the "proposals") would be publicly
<br />opened at 10:00 a.m.E.D.T., onMay 11, 1994;
<br />
<br /> WHEREAS, pursuant to the Detailed Notice of Sale, the following proposals
<br />were received on May I 1, 1994, each accompanied by a certified or bank cashier's check
<br />in the amount of $50,000 payable to the City or, in lieu thereofa financial surety bond in
<br />the amount of $50,000 (the "Surety 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 Bank 5.6425
<br />Merrill Lynch 5.6923
<br />Harris Bank 5.7229
<br />Craigie 5.723260
<br />Payne Weber 5.727234
<br />Wacho~Sa 5.7320
<br />NationsBank 5.7353
<br />Wheat First Securities 5.7713
<br />
<br /> WHEREAS, the Council reasonably expects that, including the Bonds, no more
<br />than ten million dollars ($10,000,000) of "qualified tax-exempt obligations" (other than
<br />"private activity bonds"), as such terms are used in Section 264 of the Internal Revenue
<br />Code of 1986 (the "Code"), will be issued during calendar year 1994 by the City, including
<br />its "subordinate entities," as such term is used in SectiOn 265 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 determine:
<br />
<br />
<br />
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