1993_Resolutions - Laserfiche WebLink

Home Browse Search

• L • -2- Ordinances"), there were authorized to be issued not to exceed $6,000,000 principal amount of general obligation refunding bonds of the City; WHEREAS, in the judgment of the Council of the City, it is necessary and expedient to approve the sale of $9,090,000.00 principal amount of "City of Charlottesville, Virginia, General Obligation Public Improvement and Refunding Bonds, Series 1993, dated May 1, 1993" (the "Bonds"), pursuant to the Bond Ordinances; WHEREAS, the City Manager has caused a Summary Notice of Sale of the Bonds (the "Summary Notice of Sale") to be published on April 19, 1993, in The Bond Buyer and has caused a Detailed Notice of Sale of the Bonds, dated April 16, 1993 (the "Detailed Notice of Sale"), to be prepared and distributed to prospective purchasers of the Bonds, such Summary Notice of Sale and Detailed Notice of Sale each providing that sealed proposals for the purchase of the Bonds (the "Proposals") would be publicly opened at 10:00 A.M., E.D.T., on April 28, 1993; WHEREAS, pursuant to the Detailed Notice of Sale, the following proposals were received on April 28, 1993, each accompanied by a certified or bank cashier's check in the amount of $90,900 payable to the City or, in lieu thereof a financial surety bond in the amount of $90,900 (the "Surety Bond") conforming in all respects to the requirements specified in the Detailed Notice of Sale: Name of Bidder First Union Securities Wheat First Securities Nations Bank Harris Bank and Trust Merrill Lynch Wachovia Bank of North Carolina Craigie True Interest Cost 4.979966 4.9984 5.064 5.0695 5.0964 5.1 5.1106569 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 1993 by the City, including its "subordinate entities", as such term is used in Section 265 of the Code;