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38
<br />
<br />CITY MANAGER'S OFFICE - 10:20 a.m., December 4, 1991
<br />
<br /> Council met in special session at 10:20 a.m. on this
<br />date in the reception area of-the City Manager's office with
<br />the following members present: Rev. Edwards, Ms. Slaughter,
<br />Mr. Toscano, Mr. Vandever, Ms. Waters.
<br />
<br /> Mr. Clyde Gouldman, City Attorney, explained that while
<br />Councilors had been verbally informed of a scheduled 1:00
<br />p.m. special meeting, due to a clerical error formal notice
<br />of the scheduled 1:00 p.m. special Council meeting had not
<br />been sent. Mr. Gouldman stated that the City Code allows
<br />the Council to waive the notice requirement by unanimous vote
<br />of all members and requested that Council do so at this time
<br />and recess and continue the meeting until 1:00 p.m. in: the
<br />Council Chambers at which time and place the $7,000,000 bond
<br />issue would be considered.
<br />
<br /> On motion by Mr. Vandever, seconded by Mr. Toscano,
<br />Council unanimously voted to waive the special notice
<br />requirement as authorized by Section 2-42(a) of the
<br />Charlottesville City Code and recessed the meeting until
<br />1:00 p.m. as suggested.
<br />
<br />COUNCIL CHAMBER - 1:00 p.m., December 4, 1991
<br />
<br /> Council reconvened in special session with the following
<br />members present: Ms. Slaughter, Mr. Toscano, Ms. Waters.
<br />Absent: Rev. Edwards and Mr. Vandever.
<br />
<br />Mr. Toscano called the meeting to order.
<br />
<br /> Ms. Rita Scott, Director of Finance, stated that bids
<br />have been received and verified, and recommended that the
<br />bonds be sold to the low bidder, Merrill Lynch, at a rate of
<br />5.976207%. Ms. Scott noted that the City has maintained its
<br />AAA bond rating.
<br />
<br /> On motion by Ms. Waters, seconded by Ms. Slaughter, the
<br />"RESOLUTION.MAKING CERTAIN FINDINGS CONCERNING THE BIDS
<br />SUBMITTED FOR THE PURCHASE OF SEVEN MILLION DOLLARS
<br />($7,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS, SERIES 1991, OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA; ACCEPTING A PROPOSAL TO PURCHASE
<br />SUCH BONDS; DESIGNATING SUCH BONDS AS "QUALIFIED TAX-EXEMPT
<br />OBLIGATIONS" FOR THE PURPOSES OF SECTION 265 OF THE INTERNAL
<br />REVENUE CODE OF 1986; FIXING THE RATES OF INTEREST TO BE
<br />BORNE BY AND CERTAIN OTHER DETAILS OF SUCH BONDS; AND
<br />APPOINTING THE REGISTRAR AND PAYING AGENT FOR SUCH BONDS" was
<br />approved by the following vote. Ayes: Ms. Slaughter, Mr.
<br />Toscano, Ms. Waters. Noes: None. Absent: Rev. Edwards and
<br />Mr. Vandever.
<br />
<br /> WHEREAS, pursuant to an ordinance entitled "AN ORDINANCE
<br />AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS
<br />($7,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS. OF THE CITY OF CHARLOTTESVILLE, VIRGINIA,
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF PUBLIC
<br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; FIXING THE FORM,
<br />DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; AND
<br />PROVIDING FOR THE SALE OF SUCH BONDS," adopted by the
<br />Council of the City of Charlottesville, Virginia (the "City")
<br />on November 18, 1991 (the "Bond Ordinance,'), there were
<br />authorized to be issued $7,000,000 principal amount of
<br />general obligation bonds of the City~
<br />
<br /> WHEREAS, in the judgment of the Council of the City, it
<br />is necessary and expedient to approve the sale of ~7,000,000
<br />principal amount of "City of Charlottesville, Virginia,
<br />General Obligation Public Improvement Bonds, Series 1991,
<br />dated December 1, 1991" (the "Bonds"), pursuant to the Bond
<br />Ordinance;
<br />
<br />
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