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- 3 - (j) In the judgment of the Council of the City, it is necessary and expedient to issue and sell General Obligation Public Improvement Refunding Bonds, Series 1992, of the City in the principal amount of Four Million Two Hundred Ninety Thousand Dollars ($4.290,000 )* for the purpose of providing funds to refund the Refunded Bonds. SECTION 2. Authorization of General Obligation Public Improvement Refunding Bonds. Series 1992. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the same being the Public Finance Act of 1991, and the Charter of the City, for the is purpose of providing funds to refund in advance of their stated maturities the Refunded Bonds, there are hereby authorized to be issued Four Million Two Hundred Ninety Thousand Dollars ($4.290.000)* principal amount of general obligation bonds of the City to be designated "General Obligation Public Improvement Refunding Bonds, Series 1992" (the "Bonds"). SECTION 3. Approval of Sale and Details of the Bonds. (a) (i) The Council hereby finds and determines that the proposal (the "Proposal") of Merrill Lynch (the "Purchaser") to purchase the Bonds from the City has in all respects been submitted in proper form and in a timely manner. Defects, if any, in the form of the Proposal or in the manner of its submission are hereby waived. (ii) of all the proposals submitted in respect to the Detailed Notice of Sale, the Proposal is the one offering to purchase the Bonds at the lowest "True" or "Canadian" interest cost to the City. (iii) The proposal of the Purchaser to purchase the Bonds is hereby accepted. In accordance with the terms of the Proposal of the Purchaser the Bonds shall bear interest at the rates per annum specified in subsection (b) hereof. (b) (i) The details of the Bonds as set forth in the Detailed Notice of Sale are hereby ratified and confirmed. In • . accordance with the Detailed Notice of Sale and the Proposal, the Bonds shall be dated July 1, 1992; shall be numbered from R-1 consecutively upward in order of issuance; shall be issued in fully True or • Canadian Name of Proposer Interest Cost Merrill Lynch 5.3621% Kidder Peabody 5.3797 Craigie 5.3926299 Wheat First Securities 5.3993 Scott & Stringfellow 5.41205 Wachovia 5.43737 Harris Trust 5.47995 (j) In the judgment of the Council of the City, it is necessary and expedient to issue and sell General Obligation Public Improvement Refunding Bonds, Series 1992, of the City in the principal amount of Four Million Two Hundred Ninety Thousand Dollars ($4.290,000 )* for the purpose of providing funds to refund the Refunded Bonds. SECTION 2. Authorization of General Obligation Public Improvement Refunding Bonds. Series 1992. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, the same being the Public Finance Act of 1991, and the Charter of the City, for the is purpose of providing funds to refund in advance of their stated maturities the Refunded Bonds, there are hereby authorized to be issued Four Million Two Hundred Ninety Thousand Dollars ($4.290.000)* principal amount of general obligation bonds of the City to be designated "General Obligation Public Improvement Refunding Bonds, Series 1992" (the "Bonds"). SECTION 3. Approval of Sale and Details of the Bonds. (a) (i) The Council hereby finds and determines that the proposal (the "Proposal") of Merrill Lynch (the "Purchaser") to purchase the Bonds from the City has in all respects been submitted in proper form and in a timely manner. Defects, if any, in the form of the Proposal or in the manner of its submission are hereby waived. (ii) of all the proposals submitted in respect to the Detailed Notice of Sale, the Proposal is the one offering to purchase the Bonds at the lowest "True" or "Canadian" interest cost to the City. (iii) The proposal of the Purchaser to purchase the Bonds is hereby accepted. In accordance with the terms of the Proposal of the Purchaser the Bonds shall bear interest at the rates per annum specified in subsection (b) hereof. (b) (i) The details of the Bonds as set forth in the Detailed Notice of Sale are hereby ratified and confirmed. In • . accordance with the Detailed Notice of Sale and the Proposal, the Bonds shall be dated July 1, 1992; shall be numbered from R-1 consecutively upward in order of issuance; shall be issued in fully