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104
<br />
<br /> WltERE~, the City Manager has caused a Summary Notice of Sale of the
<br />Bonds (the "Summary Notice of Sale") to be published on May 25, 2000 in The Bond
<br />Buyer and has caused a Detailed Notice of Sale of the Bonds, dated May 23, 2000 (the
<br />"Detailed Notice of Sale"), to be prepared and distributed to prospective purchasers of the
<br />Bonds, such Summary Notice of Sale and Detailed Notice of Sate each providing that
<br />electronic bids for the purchase of the Bonds (the "Bids") would be received by or on
<br />behalf of the City until at 10:00 a.m., E,D.T., on June 6, 2000;
<br />
<br /> WltEREAS, pursuant to the Detailed Notice of Sale, the following bids were
<br />received on June 6, 2000, each accompanied by a financial surety bond in the amount of
<br />$90,000 (the "Surety Bond), conforming in all respects to the requirements specified in
<br />the Detailed Notice of Sale:
<br />
<br />Name of Bidder
<br />
<br />True interest Cost
<br />
<br />BB&T Capital Markets
<br />Ferris Baker Watts, Inc.
<br />Davenport & Company, LLC
<br />Wachovia Securities, Inc.
<br />Legg Mason Wood Walker, Inc.
<br />SunTrust Equitable Securities
<br />
<br />5.345173%
<br />5.354513
<br />5.402661
<br />5.413332
<br />5.481876
<br />5.493970
<br />
<br /> WIIE~REAS, 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
<br />"private activity bonds"), as such terms are used in Section 265 of the Internal Revenue
<br />Code of 1986 (the "Code"), will be issued during calendar year 2000 by the City,
<br />including its "subordinate entities," as such term is used in Section 265 .of the Code.
<br />
<br /> NOW, THEREFORE~ BE IT RESOLVED BY TIlE COUNCIL OF THE
<br />CITY OF CIIARLOTTESVILLE, VIRGINIA:
<br />
<br />1. The Council of the City hereby finds and determines:
<br />
<br /> (a) The bid (the "Bid") of BB&T Capital markets (the "Purchaser") to
<br />purchase the Bonds from the City has in alt respects been submitted in the proper form
<br />and in a timely mariner. Defects, if any, in the form ofthe Bid or in the manner of its
<br />submission are hereby waived.
<br />
<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
<br />lowest true interest cost to the City.
<br />
<br /> 2. The Bid of the Purchaser to purchase the Bonds for a purchase price of
<br />$9,000,000 is hereby accepted. In accordance with the terms of the Bid of the Purchaser,
<br />the Bonds shall bear interest at the rates per a~um as set forth in Paragraph 4.
<br />
<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
<br />May 25, 2000 in The Bond Buyer, a financial newspaper published in the City of New
<br />York, New York, the Summary Notice of Sale, and the actions of the City Manager, the
<br />Director of Finance and other officials of the City in causing to be distributed copies of
<br />the Preliminary Official Statement relating to the Bonds, dated May 23, 2000, and the
<br />Detailed Notice of Sate of the Bonds, dated May 23, 2000, in the respective forms thereof
<br />presented at the meeting of the Council at which this resolution is being adopted, and the
<br />form and contents of such Preliminary Official Statement, Summary Notice of Sale and
<br />Detailed Notice of Sale, and the details of the Bonds described therein, are hereby
<br />apprOved, ratified and confi~me& The City Manager or the Deputy City tvlanager and the
<br />Director of Finance of the City are hereby authorized to prepare and deliver to the
<br />Purchaser a final Official Statement relating to the. Bonds, dated the date of adoption of
<br />this resolution, substantially in the form of the Preliminary Official Statement, and to
<br />ey~te and deliver to the Purchaser the "CERTIFICATE CONCER2qlNG OFFICIAL
<br />STATEMENT" described in such final Official Statement. The Preliminary Official
<br />
<br />
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