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- 2 - <br />financial journal published in the City of New York, New <br />York, providing that sealed proposals for the purchase of <br />the Bonds (the "Proposals") would be publicly opened before <br />the Council of the City at 11:00 A.M., Virginia time, on May <br />6, 1987; <br />WHEREAS, pursuant to the Notice of Sale, the City <br />reserved the right to postpone the offering of the Bonds, <br />provided that such postponement is announced via Munifacts <br />wire information service and provided that the alternative <br />date selected is announced via Munifacts wire information <br />service, all in accordance with the Notice of Sale; <br />WHEREAS, the City exercised its right to postpone <br />the offering of the Bonds <br />and selected Wednesday, May 13, <br />1987, as the alternate date <br />of offering of <br />the Bonds, in <br />full compliance with the <br />provisions of the <br />Notice of Sale; <br />and <br />WHEREAS, pursuant <br />to the Notice <br />of Sale, the <br />following Proposals were <br />received on May 13, <br />1987, each <br />accompanied by a certified or bank cashier's <br />check in the <br />amount of $50,000 payable <br />to the City: <br />True or Canadian <br />• Name of Bidder Premium Offered <br />Interest Cost <br />The Northern Trust Company, et al. <br />9 720.00 <br />6.77716% <br />Manufacturers Hanover Trust Co. <br />5.00 <br />6.785140% <br />Harris Trust and Savinp Rank, et al. <br />945.00 <br />6.7866% <br />Chemical Eank, et al. <br />4,280.00 <br />6.788802'. <br />Blunt, Ellis & Loewi, Inc., et al. <br />395.00 <br />6.7895% <br />Alex Brown & Sons, Inc. <br />None <br />6.838836% <br />Chase Manhattan Capital Markets <br />Corp., et al. <br />645.00 <br />6.8398% <br />Scott & Stringfellow, Inc., et al. <br />42.50 <br />6.847988% <br />National Bank of North Carolina <br />Nene <br />6.886416% <br />Craigie, Inc., et al. <br />None <br />6.8834% <br />Merrill Lynch Capital Markets <br />Inc., et al. <br />17.50 <br />6.9017% <br />WHEREAS, the Council reasonably expects that, <br />including the Bonds, no more than ten million dollars <br />($10,000,000) of "qualified tax-exempt obligations" (other <br />than "private activity bonds"), as such terms are used in <br />Section 265 of the Internal Revenue Code of 1986, as amended <br />(the "Code"), will be issued during calendar year 1987 by <br />the City, including its "subordinate entities", as such term <br />is used in Section 265 of the Code; <br />• NOW► THEREFORE, BE IT R89OLVRD BY THE COUNCIL OF <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA: <br />