Laserfiche WebLink
-2 - <br />of $95,000 (the "Surety Bond"), conforming in all respects to the requirements specified in the <br />• Detailed Notice of Sale: <br />Name of Bidder <br />SEE ATTACHED <br />True Interest Cost <br />WHEREAS, the Council reasonably expects that, including the Bonds, no more <br />than ten million dollars ($10,000,000) of "qualified tax-exempt obligations" (other than "private <br />activity bonds"), as such terms are used in Section 265 of the Internal Revenue Code of 1986 <br />(the "Code"), will be issued during calendar year 1996 by the City, including its "subordinate <br />entities", as such term is used in Section 265 of the Code; <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF CHARLOTTESVILLE, VIRGINIA: <br />• 1. The Council of the City hereby finds and determines: <br />(a) The proposal (the "Proposal') of Craigie Inc. <br />(the "Purchaser") to purchase the Bonds from the City <br />has in all respects been submitted in the proper form and in a timely manner. Defects, if any, <br />in the form of the Proposal or in the manner of its submission are hereby waived. <br />(b) Of all proposals submitted in response to the Detailed Notice of Sale <br />referred to in Paragraph 3, the Proposal of the Purchaser is the one offering to purchase the <br />Bonds at the lowest true interest cost to the City. <br />2. The Proposal of the Purchaser to purchase the Bonds for a purchase price <br />is hereby accepted. In accordance with the terms of the Proposal of the Purchaser, the Bonds <br />shall bear interest at the rates per annum as set forth in Paragraph 4. <br />3. All action taken to date by the officials of the City with respect to the sale <br />of the Bonds, including the action of the City Manager in causing to be published on June 10, <br />1996 in The Bond Buyer, a financial newspaper published in the City of New York, New York, <br />the Summary Notice of Sale, and the actions of the City Manager, the Director of Finance and <br />other officials of the City in causing to be distributed copies of a Preliminary Official Statement <br />relating to the Bonds, dated June 1, 1996, the Detailed Notice of Sale and the Official Proposal <br />. 135139.1 017300 RFS <br />