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A RESOLUTION MAKING CERTAIN FINDINGS CONCERNING THE <br />• BIDS SUBMITTED FOR THE PURCHASE OF SEVEN MILLION <br />DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1991, OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA; ACCEPTING A PROPOSAL <br />TO PURCHASE SUCH BONDS; DESIGNATING SUCH BONDS AS <br />'QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF <br />SECTION 265 OF THE INTERNAL REVENUE CODE OF 1986; FIXING <br />THE RATES OF INTEREST TO BE BORNE BY AND CERTAIN OTHER <br />DETAILS OF SUCH BONDS; AND APPOINTING THE REGISTRAR <br />AND PAYING AGENT FOR SUCH BONDS <br />WHEREAS, pursuant to an ordinance, entitled "AN ORDINANCE <br />AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000) <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING <br />FUNDS TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE <br />CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF <br />SUCH BONDS; AND PROVIDING FOR THE SALE OF. SUCH BONDS", adopted by the <br />Council of the City of Charlottesville, Virginia (the "City") on November 18, 1991 (the "Bond <br />Ordinance"), there were authorized to be issued $7,000,000 principal amount of general <br />obligation bonds of the City; <br />• WHEREAS, in the judgment of the Council of the City, it is necessary and <br />expedient to approve the sale of $7,000,000 principal amount of "City of Charlottesville, <br />Virginia; General Obligation Public Improvement Bonds, Series 1991, dated December 1, 1991" <br />(the "Bonds"), pursuant to the Bond Ordinance; <br />WHEREAS, the City Manager has caused a Summary Notice of Sale of the Bonds <br />(the "Summary Notice of Sale") to be published on November 20, 1991, in The Bond Buyer and <br />has caused a Detailed Notice of Sale of the Bonds (the "Detailed Notice of Sale") to be prepared <br />and distributed to prospective purchasers of the Bonds, such Summary Notice of Sale and <br />Detailed Notice of Sale each providing that sealed proposals for the purchase of the Bonds (the <br />"Proposals") would be publicly opened at 11:00 A.M., Virginia time, on December 4, 1991; <br />WHEREAS, pursuant to the Detailed Notice of Sale, the following proposals were <br />received on December 4, 1991, each accompanied by a certified or bank cashier's check in the <br />amount of $70,000 payable to the City: <br />Name of Bidder <br />Merrill Lynch <br />Craigie <br />Wachovia <br />•Crestar <br />Scott & Stringfellow <br />Harris Bank <br />N/A <br />$2,000.00 <br />N/A <br />N/A <br />N/A <br />$ 549.50 <br />True or Canadian <br />Interest Cost <br />5.976207 <br />5.9878216 <br />5.999 <br />5.999139 <br />6.01401 <br />6.0689 <br />