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1WM • WHEREAS, the Council reasonably expects that, including the Bonds, no more than ten million dollars ($10,000,000) of "qualified tax-exempt obligations" (other than "private activity bonds"), as such terms are used in Section 265 of the Internal Revenue Code of 1986 (the "Code"), will be issued during calendar year 1991 by the City, including its "subordinate entities", as such term is used in Section 265 of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council of the City hereby finds and determines: (a) The proposal (the "Proposal") of Merrill Lynch & Co. (the "Purchaser"), to purchase from the City its seven million dollars ($7,000,000) aggregate principal amount of "City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1991, dated December 1, 1991 (defined in the recitals hereto as the "Bonds"), authorized to be issued by the Bond Ordinance, has in all respects been submitted in the proper form and in a timely manner. Defects, if any, in the form of the Proposal or in the manner of its submission are hereby waived. (b) Of all proposals submitted in response to the Detailed Notice of Sale referred to in paragraph 3, the Proposal of the Purchaser is the one offering to purchase the Bonds at the . lowest "True" or "Canadian" interest cost to the City. 2. The Proposal of the Purchaser to purchase the Bonds for a purchase price equal to the principal amount thereof plus a premium of None Dollars ($-0-) 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 City Manager in causing to be published on November 20, 1991 in The Bond Buys er, a financial newspaper published in the City of New York, New York, the Summary Notice of Sale, and the actions of the City Manager, 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 November 20, 1991, the Detailed Notice of Sale and the Official Bid 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, Summary Notice of Sale, Detailed Notice of Sale and Official Bid 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.