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225
<br />
<br />ACCEPTING A PROPOSAL TO PURCHASE SUCH BONDS; FIXING THE
<br />RATES OF INTEREST TO BE BORNE BY SUCH BONDS; AND APPOINTING
<br />THE REGISRAR FOR SUCH BONDS," adopted by the Council of
<br />the City on July 31, 1985, there was approved the sale of
<br />$5,000,000 principal amount of general obligation "City of
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1985, dated August 1, 1985," in part for the purpose of
<br />providing for the payment of $3,500,000 of the
<br />principal amount of the 1985 Note at its stated maturity;
<br />
<br /> WHEREAS, in the judgment of the Council of the City,
<br />it is necessary and expedient to approve the sale of
<br />$6,000,000 principal amount of general obligation "City of
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1986, dated April 1, 1986" (the "Bonds"), for the purpose
<br />of providing for the payment of the remaining $6,000,000
<br />principal amount of the 1985 Note at its stated maturity;
<br />
<br /> WHEREAS, the Director of Finance of the City, has
<br />caused a notice of sale of the Bonds (the "Notice of
<br />Sale") to be published on March 26, 1986 in The Bond
<br />Buyer, a financial journal published in the City of New
<br />York, New York, as supplemented by correction notice
<br />published therein on March 31, 1986, and has caused'the
<br />Notice of Sale to be published on March 28, 1986 in The
<br />Daily Progress, a newspaper of general circulation
<br />published in the City, providing that sealed proposals for
<br />the purchase of the Bonds (the "Proposals") would be
<br />publicly opened before the Council of the City at 11:00
<br />a.m., Virginia time, on April 9, 1986; and
<br />
<br /> WHEREAS, pursuant to the Notice of Sale the following
<br />Proposals were received, each accompanied by a certified or
<br />bank cashier's check in the amount of $60,000 payable to
<br />the City:
<br /> True or Canadian
<br />Name of Bidder Premium Offered Interest Cost
<br />
<br />Chase Manhattan S100
<br />Bank, etc.
<br />Harris Trust, etc. $9,816
<br />Chemical Bank $2,270
<br />Scott & String- 0
<br />fellow
<br />The Northern Trust 0
<br />Co., etc.
<br />Merrill, Lynch, 0
<br />Pierce, Fenner &
<br />Smith, etc.
<br />
<br />6.3549%
<br />
<br />6.3814%
<br />6.3991%
<br />6.4406%
<br />
<br />6.4976%
<br />6.5479%
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
<br />CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The Council of the City hereby finds and
<br />determines:
<br />
<br /> (a) The proposal (the "Proposal") of Chase
<br />Manhattan Bank., etc. (the "Purchaser"), to purchase from
<br />the City its six million dollars ($6,000,000) aggregate
<br />principal amount of "City of Charlottesville, Virginia,
<br />Public Improvement Bonds, Series 1986, dated April 1, 1986"
<br />(defined in the recitals hereto as the "Bonds"), authorized
<br />to be issued by the Bond Ordinance, has in all respects
<br />been submitted in the proper form and in a timely manner.
<br />Defects, if any, in the form of the Proposal or in the
<br />manner of its submissin are hereby waived.
<br />
<br /> (b) Of all proposals submitted in response to the
<br />Notice of Sale referred to in paragraph 3, the Proposal is
<br />the one offering to purchase the Bonds at the lowest true
<br />interest cost to the City.
<br />
<br />
<br />
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