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269'
<br />
<br />existing City Hall facility;
<br />
<br /> WHEREAS, after taking into account the issuance of the
<br />$5,000,000 principal amount of general obligation bonds of
<br />the City described in the immediately preceding paragraph, of
<br />the $14,500,000 principal amount of general obligation bonds
<br />authorized to be issued pursuant to the Bond Ordinance,
<br />$9,500,000 principal amount of such bonds are authorized and
<br />unissued:
<br />
<br /> WHEREAS, in the judgment of the council of the City, it
<br />is necessary and expedient to approve the sale of $5,000,000
<br />principal amount of general-obligation '!City of
<br />Chartottesville~ Virginia, Public Improvement BondS, Series
<br />1989, dated January 15., 1989" (the "Bonds" or. the "1989
<br />Bonds"), for the purpose-of providing funds for, which
<br />together with funds derived from the proceeds of the 1987
<br />Bonds and other available moneys, shall be applied to
<br />renovating~Venable.Elementary School and expanding and
<br />improving the existing City-Hall;
<br />
<br /> WHEREAS~, on January 17, 1989, the Council of the City_
<br />adopted a resolution, entitled "RESOLUTION OF THE COUNCIL OF
<br />THE CITY OF CHARLOTTESVILLE, VIRGINIA, AUTHORIZING AND
<br />DIRECTING THE CITY MANAGER TO CAUSE TO BE PUBLISHED A SUMMARY
<br />NOTICE. OF~ SALE OF $5,000,000 PRINCIPAL AMOUNT OF PUBLIC
<br />IMPROVEMENT BONDS, SERIES 1989, AND TO CAUSE TO BE PREPARED A
<br />PRELIMINARY OFFICIAL STATEMENT, A DETAILED NOTICE OF SALE AND
<br />A BID FORM RELATING TO~ SUCH BONDS," authorizing and directing
<br />the City Manager to cause to be published in The Bond Buyer,
<br />a financial journal published in the City of New York, New
<br />York, a Summary Notice of Sale of the Bonds and t© cause to
<br />be prepared a Preliminary Official Statement, a Detailed
<br />Notice of Sale and a Bid Form relating to the Bonds and to
<br />cause the same-~to be distributed-to prospective purchasers of
<br />the Bonds;
<br />
<br /> WHEREAS,-the City Manager has~-caused~the summary_Notice
<br />of Sale ~of the Bonds (the "Summary Notice of Sale") to be
<br />published on January 19,-189, in The Bond Buyer and has
<br />caused.the Detailed~Notice of Sale'of the Bonds (the
<br />"Detailed Notice of~Sale"-)to be~prepared and distributed to
<br />prospective-purchasers of the Bonds, such~Summary Notice of
<br />Sale and:Detailed Notice of Sate eaCh providing that sealed
<br />proposals~for the-~purchase of the Bonds (the "Proposals")
<br />would be publicly-opened~at t1:00 a.m., Virginia time, .on
<br />January 31, 1989;
<br />
<br /> WHEREAS, pu-rsuant to the Notice of Sale, the following
<br />Proposals were received on January 31, 1989, each accompanied
<br />by a certified or bank cashier's check in the amount of
<br />$50,000~payable to the City:
<br />
<br />Name of Bidder
<br />
<br />Craigie, Inc.
<br />Sovran Bank
<br />NCNB
<br />Prudential=Bache Se~u~ities~
<br />Wachovia Bank & Trust
<br />Northern:Trust Co.
<br />Harris Trust
<br />Chase Securities
<br />Chemical Bank
<br />
<br />Premium Offered
<br />
<br />$4,647.50
<br />
<br /> 260.00
<br /> 27.50
<br /> 40.00
<br /> 12.50
<br />
<br />True or Canadian
<br /> Interest Cost
<br />
<br />6.75%
<br />6.7682%
<br />6.790842%
<br />6.79624%
<br />6.8025%
<br />6.8026%
<br />6.8122%
<br />6.843%
<br />6.8571%
<br />
<br /> WHEREAS, the Council reasonably expects that, including
<br />the Bonds, no more than ten million dollars ($10,000,000) of
<br />"qualified-~tax-exempt~obligations'' (other than "private_.~
<br />activity bonds"), as such terms ~are used in Section 265 of
<br />the !Internal Revenue Code of~1986 (the "Code"), wili be
<br />issued during calenda~ year 1989 ~b~'th~--City, including its
<br />"subordinate entitled," as such term is used in Section 265
<br />of the Code;
<br />
<br />
<br />
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