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• A RESOLUTION MAKING CERTAIN FINDINGS <br />CONCERNING THE BIDS SUBMITTED FOR THE <br />PURCHASE OF NINE MILLION FIVE HUNDRED <br />THOUSAND DOLLARS ($9,500,000) PRINCIPAL AMOUNT <br />OF GENERAL OBLIGATION PUBLIC IMPROVEMENT <br />BONDS, SERIES 2001, OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA; ACCEPTING A BID TO <br />PURCHASE SUCH BONDS; DESIGNATING SUCH BONDS <br />AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR <br />PURPOSES OF SECTION 265 OF THE INTERNAL <br />REVENUE CODE OF 1986; FIXING THE RATES OF <br />INTEREST TO BE BORNE BY AND CERTAIN OTHER <br />DETAILS OF SUCH BONDS; AND APPOINTING A <br />REGISTRAR AND PAYING AGENT FOR SUCH BONDS <br />WHEREAS, pursuant to an ordinance, entitled "AN ORDINANCE <br />AUTHORIZING THE ISSUANCE OF NINE MILLION FIVE HUNDRED THOUSAND <br />DOLLARS ($9,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE <br />• PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC <br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; FIXING THE FORM, <br />DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; AND <br />PROVIDING FOR THE SALE OF SUCH BONDS", adopted by the Council of the City of <br />Charlottesville, Virginia (the "City") on September 4, 2001, there were authorized to be issued <br />$9,500,000 principal amount of general obligation bonds of the City (the 'Bond Ordinance"); <br />WHEREAS, in the judgment of the Council of the City, it is necessary and <br />expedient to approve the sale of $9,500,000 principal amount of "City of Charlottesville, Virginia, <br />General Obligation Public Improvement Bonds, Series 2001, dated September 1, 2001" (the <br />"Bonds"), pursuant to the Bond Ordinance; <br />WHEREAS, the City Manager has caused a Summary Notice of Sale of the Bonds <br />(the "Summary Notice of Sale") to be published on August 27, 2001 in The Bond Buyer and has <br />caused a Detailed Notice of Sale of the Bonds, dated August 24, 2001 (the "Detailed Notice of <br />Sale"), to be prepared and distributed to prospective purchasers of the Bonds, such Summary <br />Notice of Sale and Detailed Notice of Sale each providing that electronic bids for the purchase of <br />the Bonds (the 'Bids") would be received by or on behalf of the City until at 11:00 A.M., E.D.T., <br />on September 6, 2001; <br />WHEREAS, pursuant to the Detailed Notice of Sale, the following bids were <br />received on September 6, 2001, each accompanied by a financial surety bond in the amount of <br />0 376345.1 022828 RES <br />