_SEPT 1 1938-MARCH 21 1947 - MINUTE BOOK H - COUNCIL

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59 PROPOSAL June 3, 1939 The Finance Committee of the • City of Charlottesville, Virginia Charlottesville, Virginia Dear Sirs: We also attach hereto a copy -of the Notice of Bond Sale, and the bid of Smith, Barney & Company, 1J. Wall Street, New York City, for said bonds, which was accepted by the said Committee, the same being the highest and best bid received. Respectfully submitted, S. A. JESSUP (signed) jrT. D. HADEN (signed) F. B. PEYTON, JR. (signed) Finance Committee NOTICE OF BOND SALE Sealed bids will be received by the Finance Committee of the City of Charlottesville, Virginia, on forms prescribed by the said City until 12 otclock Noon, Eastern Standard Time, June 5, 1939, (at which time they will be publicly opened by the Finance Committee in the Council Chamber at the City Hall, Charlottesville, • Virginia) for the purchase of the whole, but not any part thereof, of the following City of Charlottesville, Virginia Coupon Bonds: $150,000.00 General Improvement Bonds Series of 1939, dated July 1, 1939 and payable as follows: $ 5,000.00 Annually on July 1, from 19/.1 to 191+1+, both inclusive. 10,000.00 Annually on July 1, from 1945 to 1957, both inclusive. Go$ Re amort of N Finance Committee Bonds are to be in the denomination of X1,000.00 each. Principal -- and interest to be payable at the office of the City Treasurer, Charlottes- ville, Virginia. Interest to be payable semi-annually on the first day of JanuZ4ry and July. Bidders are invited to name the rate of interest which the bonds are to bear, which must be in multiples of one-quarter of one percentum and must be the same for all of the maturities. In no case shall the rate exceed 5%. No bid for less than par will be considered. The purchaser will be furnished, without cost, the opinion of TMessrs. Thomson, Wood, and Hoffman, New York City, stating that the bonds are valid and binding oblioations-of the City of Charlottesville, Virginia. ' The City is legally obligated to annually levy a tax on all taxable property of the City sufficient to provide for the payment of the principal and interest as the same respectively become due and payable. Bonds will be delivered to the purchaser on July 1, 1939 or as soon thereafter as is possible. The City of Charlottesville will pay the costs of printing and preparing said bonds. All proposals must be unconditional and be acco:crpani.ed by a certified check payable to the City Treasurer, Charlottesville, Virginia, in amount of two percentum (2%) (viz. $3,000.00) sof the face amount of the bonds, said check to be immediately returned to the bidder if his bid is not accepted, otherwise to be deposited by the City Treasurer and, when the bonds are delivered and paid for under- the terms of this bid, to be ' considered as part l ayment therefor, or to be retained as and for liquidated damages in case the bidder fails to take up and pay for the •bonds. The City of Charlottesville reserves the right -to reject any or all bids. The Finance Committee `lrishes to state that there is no litigation pending or threatened against these bonds and that the City of Charlottes- ville, Virginia has never defaulted in any debt obligation. Any additional information relative to this bond issue or the financial condition of the City of Charlottesville, Virginia, as Nell as form of bid which must be used, may be obtained upon request to James E. Bowen, Jr., City Auditor, Charlottesville, Virginia. (Copy of the form of bid prescribed is attached hereto.) JAS. E. BO`r"iEN, JR . , C1 er.. of the Council of the City of Charlotte::ville, Va. PROPOSAL June 3, 1939 The Finance Committee of the • City of Charlottesville, Virginia Charlottesville, Virginia Dear Sirs: