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- 3 - • 1. The Council of the City hereby finds and determines: (a) The .proposal (the "Proposal") of The Northern Trust Company, et al. ( the "Purchaser") , to purchase from the City its five million dollars ($5,000,000) aggregate principal amount of "City of Charlottesville, Virginia, Public Improvement Bonds, Series 1987, dated May 1, 1987" (defined in the recitals hereto as the "Bonds"), authorized to be issued by the Bond Ordinance, has in all respects been submitted in the 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. (b) Of all proposals submitted in response to the Notice of Sale referred to in paragraph 3, the Proposal of the Purchaser is the one offering to purchase the Bonds at the lowest "True" or "Canadian" interest cost to the City. 2. The Proposal of the Purchaser to purchase the Bonds for a purchase price equal to the principal amount thereof plus a premium of Seven Hundred and Twenty---- Dollars ($720.00 --------------- ) and accrued interest from the date of the Bonds to the date of the payment in full of the purchase price thereof is hereby accepted. In accordance • with the terms of the Proposal of the Purchaser, the Bonds shall bear interest at the rates per annum as set forth in paragraph 4. 3. All action taken to date by the officials of the City with respect to the sale of the Bonds, including the action of the Director of Finance of the City in causing to be published on April 24, 1987 in The Bond Buyer, a financial newspaper published in the City of New York, New York, the Notice of Sale, and the actions of the Mayor, the Director of Finance and other officials of the City in causing to be distributed copies of a Preliminary Official Statement relating to the Bonds, dated April 22, 1987, the Notice of Sale and a Proposal Form for the submission of proposals for the purchase of the Bonds in the respective forms thereof presented at the meeting of the Council at which this resolution is being adopted and the form and contents of such Preliminary Official Statement, Notice of Sale and Proposal Form, and the details of the Bonds described therein, are hereby approved, ratified and confirmed. The City Manager and the Director of Finance of the City are hereby authorized to prepare and deliver to the Purchaser a final Official Statement relating to the Bonds, dated the date of adoption of this resolution, substantially in the form of the Preliminary Official Statement, and to • execute and deliver to the Purchaser the "Certificate Concerning Official Statement" described in such final Official Statement.