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6/5/96 . A RESOLUTION MAKING CERTAIN FINDINGS CONCERNING THE BIDS SUBMITTED FOR THE PURCHASE OF NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1996, OF THE CITY OF CHARLOTTESVILLE, VIRGINIA; ACCEPTING A PROPOSAL TO PURCHASE SUCH BONDS; DESIGNATING SUCH BONDS AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265 OF THE INTERNAL REVENUE CODE OF 1986; FIXING THE RATES OF INTEREST TO BE BORNE BY AND CERTAIN OTHER DETAILS OF SUCH BONDS; AND APPOINTING A REGISTRAR AND PAYING AGENT FOR SUCH BONDS WIiEREAS, pursuant to an ordinance, entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC • IMPROVEMENT PROJECTS OF AND FOR THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH BONDS", adopted by the Council of the City of Charlottesville, Virginia (the "City") on June 3, 1996, there were authorized to be issued $9,500,000 principal amount of general obligation bonds of the City (the "Bond Ordinance"); WBEREAS, in the judgment of the Council of the City, it is necessary and expedient to approve the sale of $9,500,000 principal amount of "City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1996, dated June 1, 1996" (the "Bonds"), pursuant to the Bond Ordinance; WHEREAS, the City Manager has caused a Summary Notice of Sale of the Bonds (the "Summary Notice of Sale") to be published on June 10, 1996, in The Bond Buyer and has caused a Detailed Notice of Sale of the Bonds, dated June 1, 1996 (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 June 19, 1996; . WHEREAS, pursuant to the Detailed Notice of Sale, the following proposals were received on June 19, 1996, each accompanied by a certified or bank cashier's check in the amount of $95,000 payable to the City or, in lieu thereof a financial surety bond in the amount • 135139.1 017300 RYS