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- 3- 0 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 First Union Securities, Inc. (the "Purchaser"), to purchase from the City its $9,090,000.00 principal amount of City of Charlottesville, Virginia, General Obligation Public Improvement and Refunding Bonds, Series 1993, dated May 1, 1993 (defined in the recitals hereto as the "Bonds"), authorized to be issued by the Bond Ordinances, 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 interest cost to the City. 2. The Proposal of the Purchaser to purchase the Bonds for a purchase price 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. is 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 April 19, 1993 in The Bond Buyer, 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 April 16, 1993, 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 or the Deputy 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. The Preliminary Official Statement is "deemed final" for purposes of Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. 4. (a) The details of the Bonds as set forth in the Detailed Notice of Sale are hereby ratified and confirmed. In accordance with the Detailed Notice of Sale, the Bonds shall be dated May 1, 1993; shall be numbered from R-1 consecutively upward in order of issuance; • shall be issued in fully registered form in the denomination of $5,000 each or any integral multiple thereof; and shall bear interest from their date payable on July 15, 1993 and