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74
<br />
<br />amount general obligation General Improve Bond
<br />Anticipation Note dated as of September 5, 1984 and
<br />maturing on September 4, !985 (the "1984 Note"),
<br />which was issued for the purpose of providing for the
<br />payment of the principal amount of the 1983 Notes at
<br />their stated maturity;
<br />
<br /> WHEREAS, pursuant to an ordinance, entitled "AN
<br />ORDINANCE AUTHORIZING THE ISSUANCE OF $9,500,000
<br />GENERAL OBLIGATION BONDS AND $9,500,000 GENERAL OBLIGATION
<br />BOND ANTICIPATION NOTES OF THE CITY OF CHARLOTTESVILLE,"
<br />adopted by the Council of the City on October 27, 1983
<br />(the "October 27, 1983 Ordinance"), there were authorized
<br />to be issued $9,500,000 principal amount of general
<br />obligation bonds and a like principal amount of general
<br />obligation bond anticipation notes in anticipation of the
<br />issuance and sale of such bonds;
<br />
<br /> WHEREAS, pursuant to the authorization of the
<br />October 27, 1983 Bond Ordinance and a resolution adopted
<br />by the Council of the City on April 29, 1985, there has
<br />heretofore been issued and is outstanding a $9,500,000
<br />principal amount general obligation General Improvement
<br />Bond ANticipation Note dated as of April 29, 1985 an.d
<br />maturing on April 28, 1986 (the "1985 Note"); and
<br />
<br /> WHEREAS, in the judgment of the Council of the City,
<br />it is necessary and e×pedient to approve the sale of
<br />$5,000,000 principal amount of general obligation "City
<br />of Charlottesville, Virginia, Public Improvement Bonds,
<br />Series 1985, dated August 1, 1985" (the "Bonds") for the
<br />purpose of providing for the payment of the principal
<br />amount of the 1984 Note at its stated maturi-ty and for
<br />the payment of a portion of the principal amount of the
<br />1985 Note at its stated maturity;
<br />
<br /> WHEREAS, the Director of Finance of the City, has
<br />caused to be published a notice of sale of the Bonds (the
<br />"Notice of Sale") on July 19, 1985 in The Bond BuYer, a
<br />financial journal published in the City of New York, New
<br />York, and on July 22, 1985 in The Daily Progress, a
<br />newspaper of general circulation published in the City of
<br />Charlottesville, Virginia, providing that sealed proposals
<br />£or the purchase of the Bonds (the "Proposals") would be
<br />publicly opened before the Council at 11:00 a.m., Virginia
<br />time, on July 31, i985; and
<br />
<br /> WHEREAS, pursuant to the Notice of Sale the following
<br />Proposals were received, each accompanied by a certified
<br />or cashier's check in the amount of $50,000 payable to the
<br />City:
<br /> True or Canadian
<br />Name of Bidder Premium Offered Interest Cost
<br />
<br />1. Chase Manhattan Capital
<br /> Markets Corp. et al.
<br />2. Northern Trust Co.,
<br /> et al.
<br />3. Chemical Bank
<br />4. Morgan Guaranty Trust
<br /> Co. of New York
<br />5. Sovran Bank, N.A.et al.
<br />6. Merrill Lynch Pierce
<br /> Fenner & Smith*
<br />7. Harris Trust Savings
<br /> Bank, et al.
<br />
<br />$ 87.50 7,924988%
<br />
<br />$690.00 7,985050%
<br />$ 0.00 8.056008%
<br />
<br />$ 0.00 8.06601%
<br />$ 0.00 8.072411%
<br />
<br />$ 40.00 8.111181%
<br />$ 0.00 8.2019%
<br />
<br />Proposal not signed
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF
<br />THE CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br />1. The Council of the City hereby finds and determines:
<br />
<br />
<br />
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