1992_Ordinances - Laserfiche WebLink

Home Browse Search

�Ac • the years 1988 to 2007, both inclusive, and bearing interest payable on January 15, 1988 and semiannually on each January 15 and July 15 thereafter (the 111987 Public Improvement Bonds"). (d) The 1987 Public Improvement Bonds maturing on and after July 15, 1998 are subject to redemption on or after July 15, 1997 upon the terms and at the redemption prices stated in the 1987 Public Improvement Bonds and in the aforementioned ordinance and resolution adopted by the Council on April 20, 1987 and May 13, 1987. (e) The City desires to issue the Bonds (as hereinafter defined) to provide for (i) the refunding in advance of their stated maturities and redemption on August 1, 1995 of the 1985 Public Improvement Bonds maturing on August 1 in each of the years 1996 to 2005, both inclusive (the "Refunded 1985 Public Improvement Bonds"), and (ii) the refunding in advance of their stated maturities and redemption on July 15, 1997 of the 1987 Public Improvement Bonds maturing on July 15 in each of the years 2003 to 2007, both inclusive (the "Refunded 1987 Public Improvement Bonds" and, collectively with the Refunded 1985 Public Improvement Bonds, the "Refunded Bonds"). (f) On June 17, 1992, the State Council on Local Debt (the "State Council") approved the issuance of the Bonds authorized • hereby to refund the Refunded Bonds in accordance with Section 15.1-227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of Refunding Bonds by the State Council on Local Debt" adopted by the State Council on November 20, 1991. (g) The City Manager has caused a Summary Notice of Sale of the Bonds, dated June 29, 1992 (the "Summary Notice of Sale") to be published in The Bond Buyer on June 29, 1992, and has caused a Detailed Notice of Sale of the Bonds, dated June 29, 1992 (the "Detailed Notice of Sale"), an Official Proposal Form (the "Official Proposal Form") and a Preliminary Official Statement relating to the Bonds, dated June 29, 1992 (the "Preliminary Official Statement"), to be prepared and distributed to prospective purchasers of the Bonds. (h) The Summary Notice of Sale and the Detailed Notice of Sale provided that sealed proposals would be received by the City Council until 10:00 A.M., E.D.T., on July 8, 1992, at the City Council Chambers, on the second floor of City Hall, 7th & Main Street, Charlottesville, Virginia 22902, at which time and place the sealed proposals would be opened. (i) Pursuant to the Detailed Notice of Sale, the following proposals were received on July 8, 1992, each accompanied by a certified or bank cashier's check in the amount of $42,900 payable to the City: 0