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201
<br />
<br />20, 1987 (the "Bond Ordinance,,), there were authorized to be
<br />issued ~14,500,000 principal amount of general obligation
<br />bonds a a like principal amount of general obligation bond
<br />anticipation notes in anticipation of the issuance and sale
<br />of such bonds~
<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 />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1987, dated May 1, 1987" (the "Bonds"), for the purpose of
<br />providing funds for improving and renovating Clark
<br />Elementary School, constructing an addition to City Hall and
<br />renovating the existing City Hall facility;
<br />
<br /> WHEREAS, the Director of Finance of the City, has
<br />caused a notice of sale of the Bonds (the "Notice of Sale")
<br />to be published on April 24, 1987 in The Bond Buyer, a
<br />financial journal published in the City of New York, New
<br />York, providing that-sealed proposals for the purchase of
<br />the Bonds (the "Proposals,,) would be publicly opened before
<br />the Council of the City at 11:00 a.m., Virginia time, on May
<br />6, 1987~
<br />
<br /> WHEREAS, pursuant to the Notice of Sale, the City
<br />reserved the right to postpone the offering of the Bonds,
<br />provided that such postponement is announced via Munifacts
<br />wire information service and provided that the alternative
<br />date selected is announced via Munifacts wire information
<br />service, all in accordance with the Notice of Sale~
<br />
<br /> WHEREAS, the City exercised its right to postpone the
<br />offering of the Bonds and selected Wednesday, May 13, 1987,
<br />as the alternate date of offering of the Bonds, in full
<br />compliance with the provisions of the Notice of Sale; and
<br />
<br /> WHEREAS, pursuant to the Notice of Sale, the following
<br />Proposals were received~on May 13, 1987, each accompanied by
<br />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 /> The Northern Trust Company,
<br /> et al.
<br /> Manufacturers Hanover Trust Co.
<br /> Harris Trust and Saving Bank,
<br /> et al.
<br /> Chemical Bank, et al.
<br />Blunt, Ellis & Loewi, Inc.,
<br /> et al.
<br />Alex Brown & Sons, Inc.
<br />Chase Manhattan Capital Markets
<br /> Corp., et al.
<br />Scott & Stringfellow, Inc., et al.
<br /> atio~al Bank of North Carolina
<br /> ralgle, Inc., et al.
<br />Merrill Lynch Capital Markets
<br /> Inc., et al.
<br />
<br />Premium True or Canadian
<br />Offered Interest Cost
<br />
<br />720.00 6.77716%
<br />
<br />5.00 6.785140%
<br />
<br />945.00 6.7866%
<br />4,280.00 6.788802%
<br />
<br />395.00 6.7895%
<br />None 6.838836%
<br />
<br />645- 00 6.8398%
<br />42.50 6.847988%
<br /> None
<br /> None ~.~6%
<br />
<br />17.50 6.9017%
<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, as amended (the "Code),
<br />will be issued during calendar year 1987 by the City,
<br />including its "subordinate entities,,, as such term is used
<br />in Section 265 of the Code~
<br />
<br />CITY OF CHARLOTTESVILLE,
<br />
<br />
<br />
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