1998_Ordinances - Laserfiche WebLink

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• Projects Amounts Gas line reconstruction $5,000,000 School roof replacement projects 2,750,000 High School chiller 250,000 Washington Park pool 2.000.000 $10.000.000 If any project set forth above shall require less than the entire respective amount so set forth, the difference may be applied to any of the other projects so set forth. 9. (a) There is hereby delegated to the City Manager authority, without further action by the Council, to sell the Bonds authorized for issuance under this ordinance in accordance with the provisions hereof at competitive sale at such price as shall be determined by the City Manager, plus accrued interest thereon from their date to the date of delivery thereof and payment therefor, and on such other terms and conditions as shall be provided in the Notice of Sale relating to the Bonds. The City Manager is hereby authorized to cause to be published and distributed a Notice of Sale of the Bonds,of each series in such form and containing such terms and conditions as he may deem advisable, subject to the provisions hereof. In lieu of publishing the full text of the Notice of Sale of the Bonds in accordance with the provisions of the immediately preceding sentence, the City Manager is hereby authorized cause a Summary Notice of Sale of the Bonds in such form as the City Manager shall approve to be published in • The Bond Buyer on a date selected by the City Manager and is hereby further authorized to cause to be prepared and distributed a Preliminary Official Statement and a final Official Statement, a Detailed Notice of Sale and an Official Proposal Form relating to the Bonds of each series. u (b) The City Manager is hereby authorized to receive proposals for the purchase of the Bonds and, without further action by the Council, to accept the proposal offering to purchase the Bonds at the lowest true interest cost to the City, computed in accordance with the provisions of the Detailed Notice of Sale; provided (i) that such proposal is accompanied by a certified or bank cashier's check in the amount specified in the Detailed Notice of Sale payable to the order of the "City of Charlottesville, Virginia", or in lieu thereof a surety bond meeting the conditions specified in the Detailed Notice of Sale, and is otherwise in conformity with the Detailed Notice of Sale; (ii) that the true interest cost to the City as specified in such proposal is not in excess of seven and one-half percent (71/2%); and (iii) the redemption premium payable upon the redemption of the Bonds shall not exceed five percent (5 %) of the principal amount thereof. The City Manager is hereby further authorized to determine, or to modify the provisions of this ordinance with respect to, the dated date of the Bonds, the interest payment dates for the Bonds, the dates on which the Bonds shall mature, the principal amount of the Bonds maturing on each such maturity date and the redemption provisions applicable to the Bonds and to fix the rates of interest to be borne by the Bonds of each maturity of each series as specified in the proposal accepted by him in accordance with the immediately preceding sentence. 199960.1 019496 ORD