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<br /> (a) The proposal (the "Proposal") of First Union Capital Markets Corporation
<br />(the "Purchaser"), to purchase from the City its $5,000,000 principal amount of City of
<br />Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1994,
<br />dated May 1, 1994 (defined in the recitals hereto as the "Bonds"), authorized to be issued
<br />by the Bond Ordinance, has in all respects been submitted in the proper form and in a
<br />timely manner. Defects, if any, in the form of the Proposal or in the manner of its
<br />submission are hereby waived.
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<br /> (b) Of all proposals submitted in response to the Detailed Notice of Sale
<br />referred to in Paragraph 3, the Proposal of the Purchaser is the one offering to purchase
<br />the Bonds at the lowest true interest cost to the City.
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<br /> 2. The Proposal of the Purchaser to purchase the Bonds for a purchase price is
<br />hereby accepted. In accordance with the terms of the Proposal of the Purchaser, the
<br />Bonds shall bear interest at the rates per annum as set forth in Paragraph 4.
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<br /> 3. All action taken to date by the officials of the City with respect to the sale of
<br />the Bonds, including the action of the City Manager in causing to be published on April
<br />26, 1994 in The BondBuyer, a financial newspaper published in the City of New York,
<br />New York, the Summary Notice of Sale, and the actions of the City Manager, the
<br />Director of Finance and other officials of the City in causing to be distributed copies ora
<br />Preliminary Official Statement relating to the Bonds, dated April 27,1 994, the Detailed
<br />Notice of Sale and the Official Proposal Form for the submission of proposals for the
<br />purchase of the Bonds in the respective forms thereof presented at the meeting of the
<br />Council at which this resolution is being adopted and the form and contents of such
<br />Preliminary Official Statement, Summary Notice of Sale, Detailed Notice of Sale and
<br />Official Proposal Form, and the details of the Bonds described therein, are hereby
<br />approved, ratified and confirmed. The City Manager of the Deputy City Manager and the
<br />Director of Finance of the City are hereby authorized to prepare and deliver to the
<br />Purchaser a final Official Statement relating to the Bonds, dated the date of adoption of
<br />this resolution, substantially in the form of the Preliminary Official Statement, and to
<br />execute and deliver to the Purchaser the "CERTIFICATE CONCERNING OFFICIAL
<br />STATEMENT" described in such final Official Statement. The Preliminary Official
<br />Statement is "deemed final" for purposes of Rule 15c2-12 promulgated by the Securities
<br />and Exchange Commission pursuant to the Securities Exchange Act of 1934.
<br />
<br /> 4. (a) The details of the Bonds as set forth in the Detailed Notice of Sale are
<br />hereby ratified and confirmed. In accordance with the Detailed Notice of Sale, the Bonds
<br />shall be dated May 1, 1994; shall be numbered from R-1 consecutively upward in order of
<br />issuance; shall be issued in fully registered form in the denomination of $5,000 each or any
<br />integral multiple thereof} and shall bear interest from their date payable on August 15,
<br />1994 and semiannually on each February 15 and August 15 thereafter. The Bonds shall
<br />mature and become due and payable on February 15 in each of the years 1995 to 2014,
<br />both inclusive, in the principal amounts set forth opposite each such year below, with the
<br />Bonds maturing in each such year bearing interest at the rate per annum set forth opposite
<br />such year, as follows:
<br />
<br />Year Principal Interest Year Principal Interest
<br />(Feb. 15) Amount Rate (Feb. 15) Amount Rate
<br />
<br />1995 $250,000 7.00% 2005 $2507000 5.40%
<br />1996 250,000 7.00 2006 250,000 5.50
<br />1997 250,000 7.00 2007 250,000 5.60
<br />1998 250,000 5.35 2008 250,000 5.70
<br />1999 250,000 5.00 2009 250,000 5.70
<br />2000 250,000 5.00 2010 250,000 5.80
<br />2001 250,000 5.10 2011 250,000 5.80
<br />2002 250,000 5.20 2012 250,000 5.90
<br />2003 250,000 5.30 2013 250,000 5.90
<br />2004 250,000 5.40 2014 250,000 5.90
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