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2OO <br /> <br />unanimously voted to meet in executive session to discuss <br />personnel, acquisition of public property and pending <br />litigation as exempted by Section 2.1-344(a)(1), (2), and (6) <br />of the Virginia Freedom of Information Act. <br /> <br /> meeting was adjourned. <br /> <br />NOTICE OF SPECIAL MEETING <br /> <br />A SPECIAL MEETING OF THE COUNCIL WILL B~ HELD ON Wednesday, <br />May 13, 1987 AT 12:00 noon IN THE Council Chambers. <br /> <br />THE PROPOSED AGENDA IS AS FOLLOWS: <br /> <br /> Resolution approving sale of $5 million General <br />Obligation Bonds <br /> <br />BY ORDER OF THE MAYOR <br /> <br />BY Jeanne Cox (signed) <br /> <br />COUNCIL CHAMBER - May 13, 1987 <br /> <br /> Council met in special session on this date with the <br />following members present: Mr. Barnes, Mr. Buck, Mrs. <br />Gleason, Mr. Towe. Absent: Dr. Hall. <br /> <br />RESOLUTION: <br /> <br />BONDS <br /> <br />APPROVING SALE OF $5 MILLION GENERAL OBLIGATION <br /> <br /> Ms. Rita Scott, Director of Finance, stated that the <br />low bid had been received from The Northern Trust Company, <br />et al. at 6.77716%, with a premium of $720.00. Ms. Scott <br />stated that the bids had been very favorable and reflected <br />Charlottesville's strong economy. <br /> <br /> Responding to a question from Mr. Buck concerning the <br />premiums, Mr. Roger Wiley, City Attorney, replied that they <br />were used to round out the figures for the bids. <br /> <br /> Ms. Scott stated that the City would begin to repay the <br />principal for the bonds beginning July of 1988. <br /> <br /> On motion by Mr. Barnes, seconded by Mrs. Gleason, the <br />"RESOLUTION MAKING CERTAIN FINDINGS CONCERNING THE BIDS <br />SUBMITTED FOR THE PURCHASE OF FIVE MILLION DOLLARS <br />($5,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BONDS, SERIES 1987, OF THE CITY OF <br />CHARLOTTEVILLE, VIRGINIA; ACCEPTING A PROPOSAL TO PURCHASE <br />SUCH BONDS; DESIGNATING SUCH BONDS AS "QUALIFIED TAX-EXEMPT <br />OBLIGATIONS" FOR PURPOSES OF SECTION 265 OF THE INTERNAL <br />REVENUE CODE OF 19896; FIXING THE RATES OF INTEREST TO BE <br />BORNE BY AND CERTAIN OTHER DETAILS OF SUCH BONDS; AND <br />APPOINTING THE REGISTRAR FOR SUCH BONDS" was approved by the <br />following vote. Ayes: Mr. Barnes, Mr. Buck, Mrs. Gleason, <br />Mr. Towe. Noes: None. Absent: Dr. Hall. <br /> <br /> WHEREAS, pursuant to an ordinance, entitled "AN <br />ORDINANCE AUTHORIZING THE ISSUANCE OF FOURTEEN MILLION FIVE <br />HUNDRED THOUSAND DOLLARS ($14,500,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING <br />FUNDS TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND <br />FOR THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN <br />OTHER FEATURES OF SUCH BONDS; PRESCRIBING THE FORM OF A <br />NOTICE OF SALE FOR SUCH BONDS; PRESCRIBING THE FORM OF A <br />NOTICE OF SALE FOR SUCH BONDS; PROVIDING FOR THE SALE OF <br />SUCH BONDS; AND AUTHORIZING AND PROVIDING WITH RESPECT TO <br />THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE <br />ISSUANCE AND SALE OF SUCH BONDS," adopted by the Council of <br /> <br /> <br />