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39 <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 November 20, 1991, in The Bond Buye~ and has <br />caused a Detailed Notice of Sale of the Bonds (the "Detailed <br />Notice of Sale,,) 'to be prepared and distributed to <br />prospective purchasers of the Bonds, such Summary Notice of <br />Sale and Detailed Notice of Sale each providing that sealed <br />proposals for the purchase of the Bonds (the "Proposals") <br />would be publicly opened at 11:00 a.m., Virginia time, on <br />December 4, 1991~ <br /> <br /> WHEREAS, pursuant to the Detailed Notice of Sale, the <br />following proposals were received on December 4, 1991, each <br />accompanied by a certified or bank cashier's check in the <br />amount of $70,000 payable to the City: <br /> True or Canadian <br />Name of Bidder Premium Offered Interest Cost <br /> <br />Merrill Lynch N/A 5.976207 <br />Craigie $2,000.00 5.9878216 <br />Wachovia N/A 5.999 <br />Crestar N/A 5.999139 <br />Scott & Stringfellow N/A 6.01401 <br />Harris Bank 549.50 6.0689 <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 1991 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 Merrill Lynch <br />& Co. (the "Purchaser"), to purchase from the City its seven <br />million dollars ($7,000,000) aggregate principal amount of <br />"City of Charlottesville, Virginia, General Obligation Public <br />Improvement Bonds, Series 1991, dated December 1, 1991 <br />(defined in the recitals hereto as the "Bonds"), authorized <br />to be issued by the Bond Ordinance, has in all respects been <br />submitted in the proper form and in a timely manner. <br />Defects, if any, in the form of the Proposal or in'the manner <br />of its submission are hereby waived. <br /> <br /> (b) Of all proposals submitted in response to the <br />Detailed Notice of Sale referred to in paragraph 3, the <br />Proposal of the Purchaser is the one offering to purchase the <br />Bonds at the lowest.True'' or "Canadian" interest cost to the <br />City. <br /> <br /> 2. The Proposal of the Purchaser to purchase the Bonds <br />for a purchase price equal to the principal amount thereof <br />plus a premium of None dollars ($-0-) and accrued interest <br />from the date of the ~onds to the date of the payment in full <br />of the purchase price thereof is hereby accepted. In <br />accordance with the terms of the Proposal of the Purchaser, <br />the Bonds shall bear interest at the rates per annum, as set <br />forth in paragraph 4. <br /> <br /> 3. Ail action taken to date by the officials of the <br />City with respect to the sale of the Bonds, including the <br />action of the City Manager in causing to be distributed <br />copies of a Preliminary Official Statement relating to the <br />bonds, dated November 20, 1991, the Detailed Notice of Sale <br />and the Official Bid Form for the submission of proposals for <br />the purchase of the Bonds in the respective forms thereof <br />presented at the meeting of the Council at which this <br /> <br /> <br />