|
285
<br />Clerk of the Council of the City
<br />of Charlottesville, Virginia
<br />SECTION 7. The Council will fix the rate of interest to be borne by said Refunding
<br />Bonds, not exceeding the maximum rate prescribed by Section 1 of this ordinance, to
<br />conform to the rate of interest set forth in the successful bid for said bonds.
<br />SECTION 8. In the event said Refunding Bonds are delivered and paid for prior to
<br />September 1, 1942, the entire proceeds of said bonds shall be credited to the Sinking Fund
<br />of the City of Charlottesville and said proceeds, exclusive of premium and accrued
<br />interest, if any, until used for the purpose of paying and retiring the bonds described
<br />in the preambles to this ordinance, shall be deposited in such bank or banks within or
<br />without the City of Charlottesville as the Council of the City may by resolution
<br />hereafter designate, which deposit or deposits shall be secured by an equivalent face or
<br />par amount of bonds or other obligations of the United States of America.
<br />SECTION 9. This ordinance shall take effect immediately.
<br />SECTION 10. This ordinance shall be published once in The Daily Progress a newspaper
<br />of general circulation published in the City of Charlottesville.
<br />Adopted by the Council January 16, 1942
<br />Ayes: 11r. Gleason, Dr. Haden, Mr. Huff,
<br />Mr. Nash and Mr. Peyton
<br />Noes: None
<br />President
<br />The bonds are to be coupon bonds in the denomination of $1,000 each, and the interest
<br />will be payable August 1, 194 and semi-annually thereafter on the first days of February
<br />and August; both principal and interest will be payable at the office of the City Treasurer,
<br />Charlottesville, Virginia.
<br />Bidders are invited to name the rate of interest which the bonds are to bear, which
<br />must be in multiples of one-tenth of one per cent. Not more than one rate of interest
<br />may be named, and no rate may exceed two per cent No bid of less than par will be
<br />considered. The bonds will be awarded to the bidder offering the lowest interest cost
<br />to the City, which will be determines by aggregating the interest payable by the City
<br />over the life of the bonds in accordance with the terms of each bid presented, and
<br />deducting therefrom the premium, if any, stipulated in said proposal.
<br />All proposals must be unconditional and must be accompanied by a certified check
<br />payable to the City Treasurer, Charlottesville, Virginia, in the amount of two (2) per
<br />cent of the face amount of said bonds, which check will be immediately returned to the
<br />bidder if his bid is not accepted, otherwise it will be deposited by the City Treasurer,
<br />and when the bonds are delivered and paid for pursuant to the terms of the accepted bid
<br />will be considered as part -payment for said bonds or will be redeemed as and for liquidated
<br />damages in case the bidder fails to take up and pay for the bonds. The City of Charlottes-
<br />ville reserves the right to reject any or all bids.
<br />Bonds will be delivered to the purchaser as soon after February 1, 1942 as is
<br />possible. The City of Charlottesville will pay the cost of printing and preparing said
<br />bonds.
<br />The purchaser will be furnished, without cost, with the opinion of Messrs. Thomson,
<br />OWood
<br />& Hoffman, of New York City, stating that the bonds are valid and binding obligations
<br />of the City of Charlottesville, and that the City has power and is obligated to levy ad
<br />valorem taxes for the payment of said bonds and the interest thereon upon all property
<br />within said City, subject to taxation by said City without limitation of rate or amount.
<br />i
<br />Clerk of the Council of the City
<br />of Charlottesville, Virginia
<br />SECTION 7. The Council will fix the rate of interest to be borne by said Refunding
<br />Bonds, not exceeding the maximum rate prescribed by Section 1 of this ordinance, to
<br />conform to the rate of interest set forth in the successful bid for said bonds.
<br />SECTION 8. In the event said Refunding Bonds are delivered and paid for prior to
<br />September 1, 1942, the entire proceeds of said bonds shall be credited to the Sinking Fund
<br />of the City of Charlottesville and said proceeds, exclusive of premium and accrued
<br />interest, if any, until used for the purpose of paying and retiring the bonds described
<br />in the preambles to this ordinance, shall be deposited in such bank or banks within or
<br />without the City of Charlottesville as the Council of the City may by resolution
<br />hereafter designate, which deposit or deposits shall be secured by an equivalent face or
<br />par amount of bonds or other obligations of the United States of America.
<br />SECTION 9. This ordinance shall take effect immediately.
<br />SECTION 10. This ordinance shall be published once in The Daily Progress a newspaper
<br />of general circulation published in the City of Charlottesville.
<br />Adopted by the Council January 16, 1942
<br />Ayes: 11r. Gleason, Dr. Haden, Mr. Huff,
<br />Mr. Nash and Mr. Peyton
<br />Noes: None
<br />President
<br />
|