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-2- <br />• $95,000 (the "Surety Bond"), conforming in all respects to the requirements specified in the <br />Detailed Notice of Sale: <br />Name of Bidder True Interest Cost <br />d7aven-fwA SCmpanq LI.C, 4,x88321 % <br />UBS A.Ine Likbfo6aj 1rtG. 4.jggU 3 o7o <br />Mor n 9ZO&Jaa � �.Om f�Q.►1a.j 1nz. 4.3D 31078'10 <br />Svn�tus+ e'' ble $P_CUY� I�jIC�S q -M-iya3'/o <br />Qyyis 4.3a-7691 <br />698'i CA,p;4aA rAa4Ws 4.35(o817 °% <br />FIYS+ un►ar. Path l at &AX -4.31r82_69 10/0 <br />WHEREAS, the Council reasonably expects that, including the Bonds, no more <br />than ten million dollars ($10,000,000) of "qualified tax-exempt obligations" (other than "private <br />activity bonds"), as such terms are used in Section 265 of the Internal Revenue Code of 1986 (the <br />"Code"), will be issued during calendar year 2001 by the City, including its "subordinate entities", <br />as such term is used in Section 265 of the Code; <br />• NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF CHARLOTTESVILLE, VIRGINIA: <br />1. The Council of the City hereby finds and determines: <br />(a) The bid (the 'Bid") of bavGl�g t0 Lt4e "Purchaser") to purchase <br />the Bonds from the City has in all respects been submitted in the proper form and in a timely <br />manner. Defects, if any, in the form of the Bid or in the manner of its submission are hereby <br />waived. <br />(b) Of all bids submitted in response to the Detailed Notice of Sale referred to <br />in Paragraph 3, the Bid of the Purchaser is the one offering to purchase the Bonds at the lowest <br />true interest cost to the City. <br />2. The Bid of the Purchaser to purchase the Bonds for a purchase price of <br />$r?,SWjg12 is hereby accepted. In accordance with the terms of the Bid of the Purchaser, the <br />Bonds 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 August 27, <br />2001, 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 />0 376345.1 022828 RES <br />