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286 RESOLUTIONS RELATIVE TO $650,000.00 CITY OF CHARLOTTESVILLE, VIRGINIA, REFUNDING BONDS, SERIES OF 1942• January 30, 1942 BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: SECTION 1. The offer of The Chase National Bank of the City of New York to act as depository of the proceeds of the face amount of the $650,000 City of Charlottesville, Virginia, Refunding Bonds, Series of 1942, heretofore authorized to be issued by an ordinance adopted by this Council on the 15th day of January, wined in a letter from said bank ' 1942, which offer is cont , which is in words and figures as follows: "THE CHASE NATIONAL BANK of the City of New York 11 Broad Street January 9, 1942 City of Charlottesville, Virginia. Attention: Mr. J. E. Bowen City Auditor Gentlemen: This is to confirm our discussion today to the effect that we are willing to receive from you the sum of approximately $650,000. to be held until September 1, 1942, at which time it is to be turned over to ourselves as paying agent for the principal of your Charlottes- ville Improvement Bonds callable on September 1, 1942. During the time when the above mentioned funds are in our hands as depositary, as distinguished from paying agent, we will keep the same secured by a deposit in our Trust Department of United States Government bonds belonging to the bank of a value equal to or greater than the cash deposit. The cost of this service will not exceed the cost of Federal deposit insurance upon the deposited cash. Very truly yours, ' Edward C. Kerr ECK-C11. Assistant Trust Officer. is hereby accepted, and said The Chase National Bank of the City of New York is hereby designated as depositary of the principal amount of said x"650,000 City Of Charlottesville, Virginia, Refunding Bonds, Series of 1942, and the proper officials of the City of Charlottesville are hereby directed to deposit the proceeds of the principal amount of said bonds in said The Chase National Bank of the City of New York as soon as the same are received, all in accordance with the terms of the letter of said bank hereinabove set forth. SECTION 2. This resolution shall take effect immediately. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: ' SECTION 1. The Council hereby determines that the best bid received for the$ -650,000 City of Charlottesville Refunding Bonds, Series of 1942, is the bid of Alex. Brown & Sons, The Northern Trust Co., and Union Trust Company of Maryland, which bid is in words and figures as follows: ' January 30, 1942 The Council of the City of Charlottesville Charlottesville, Virginia Dear Sirs: For the $650,000.00 City of Charlottesville, Virginia Refunding Bonds Series of 19,42 described in the attached Notice of Bond Sale, which is hereby made a part of this bid, we will pay the sum of 653,893.50 (Six Hundred f if ty-three thousand eight hundred ninety- three and 50/100 dollars) and accrued interest from the date of the bonds to date of delivery, at the rate of 1.60% interest.