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0 <br />A RESOLUTION MAKING CERTAIN FINDINGS CONCERN- <br />ING THE BIDS SUBMITTED FOR THE PURCHASE OF <br />FIVE MILLION DOLLARS ($5,000,000) PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVE- <br />MENT BONDS, SERIES 1987, OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA; ACCEPTING A <br />PROPOSAL TO PURCHASE SUCH BONDS; DESIGNATING <br />SUCH BONDS AS "QUALIFIED TAX-EXEMPT OBLIGA- <br />TIONS" FOR PURPOSES OF SECTION 265 OF THE <br />INTERNAL REVENUE CODE OF 1986; FIXING THE <br />RATES OF INTEREST TO BE BORNE BY AND CERTAIN <br />OTHER DETAILS OF SUCH BONDS; AND APPOINTING <br />THE REGISTRAR FOR SUCH BONDS <br />WHEREAS, pursuant to an ordinance, entitled "AN <br />ORDINANCE AUTHORIZING THE ISSUANCE OF FOURTEEN MILLION FIVE <br />HUNDRED THOUSAND DOLLARS ($14,500,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING <br />FUNDS TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND <br />FOR THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN <br />• OTHER FEATURES OF SUCH BONDS; PRESCRIBING THE FORM OF A <br />NOTICE OF SALE FOR SUCH BONDS; PROVIDING FOR THE SALE OF <br />SUCH BONDS; AND AUTHORIZING AND PROVIDING WITH RESPECT TO <br />THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE <br />ISSUANCE AND SALE OF SUCH BONDS", adopted by the Council of <br />the City of Charlottesville, Virginia (the "City") on April <br />20, 1987 (the "Bond Ordinance"), there were authorized to be <br />issued $14,500,000 principal amount of general obligation <br />bonds and a like principal amount of general obligation bond <br />anticipation notes in anticipation of the issuance and sale <br />of such bonds; <br />WHEREAS, in the judgment of the Council of the <br />City, it is necessary and expedient to approve the sale of <br />$5,000,000 principal amount of general obligation "City of <br />Charlottesville, Virginia, Public Improvement Bonds, Series <br />1987, dated May 1, 1987" (the "Bonds"), for the purpose of <br />providing funds for improving and renovating Clark <br />Elementary School, constructing an addition to City Hall and <br />renovating the existing City Hall facility; <br />WHEREAS, the Director of Finance of the City, has <br />caused a notice of sale of the Bonds (the "Notice of Sale") <br />to be published on April 24, 1987 in The Bond Buyer, a <br />• <br />