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( FORM OF NOTICE OF SALE)
<br />$2,000,000.00
<br />CITY OF CHARLOTTESVILLE
<br />VIRGINIA
<br />GENERAL IMPROVEMENT BONDS, 1973
<br />• (FULL FAITH AND CREDIT OBLIGATIONS)
<br />SEALED BIDS WILL BE RECEIVED BY THE CITY MANAGER OF THE CITY OF CHARLOTTESVILLE, VIRGINIA FOR
<br />THE PURCHASE OF ALL BUT NOT ANY PART OF TWO MILLION DOLLARS ($2,0001000.00) GENERAL IMPROVEMENT BONDS,
<br />1973, OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, UNTIL 11:30 O'CLOCK A.M. (EASTERN STANDARD TIME), ON
<br />MARCH 6, 1973
<br />AT WHICH TIME THEY WILL BE PUBLICLY OPENED BY THE CITY MANAGER IN THE COUNCIL CHAMBER IN THE CITY HALL,
<br />CHARLOTTESVILLE, VIRGINIA. AN AWARD WILL BE MADE ON THE SAME DATE THE BIDS ARE OPENED UNLESS ALL PROPOSALS
<br />ARE REJECTED.
<br />SAID BONDS ARE TO BE ISSUED IN COUPON FORM, DATED APRIL 1, 1973, WITHOUT PRIVILEGE OF REGISTRATION
<br />AND WITHOUT OPTION OF PRIOR REDEMPTION, OF THE DEMONINATION OF $5,000 EACH, BEARING INTEREST PAYABLE SEMI-
<br />ANNUALLY ON APRIL 1ST AND OCTOBER 1ST OF EACH YEAR, COMMENCING WITH OCTOBER 1, 1973, AND PAYABLE SERIALLY IN
<br />NUMERICAL ORDER OF APRIL 1ST IN EACH YEAR OF THE YEARS AND IN THE PRINCIPAL AMOUNTS OF $100,000 .1N EACH
<br />SUCH YEAR. BOTH PRINCIPAL OF AND INTEREST OF SAID BONDS WILL BE PAYABLE AT THE OFFICE OF THE CITY TREASURER
<br />OF THE CITY OF CHARLOTTESVILLE, IN CHARLOTTESVILLE, VIRGINIA, OR, AT THE OPTION OF THE HOLDERS OF THE BONDS
<br />AND COUPONS PERTAINING THERETO, AT THE PRINCIPAL OFFICE OF VIRGINIA NATIONAL BANK, IN CHARLOTTESVILLE,
<br />VIRGINIA, OR AT THE PRINCIPAL OFFICE OF CHEMICAL BANK, IN NEW YORK, NEW YORK. THE PROCEEDS DERIVED FROM
<br />THE SALE OF THE BONDS WILL BE USED TO PROVIDE FUNDS TO PAY THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING
<br />OFF-STREET PARKING FACILITIES FOR THE CITY. THE FULL FAITH AND CREDIT OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA, ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS AND THE CITY IS AUTHORIZED
<br />AND REQUIRED TO LEVY A TAX ON ALL THE TAXABLE PROPERTY OF THE CITY, WITHOUT LIMITATION AS TO RATE OR AMOUNT,
<br />• SUFFICIENT TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THE SAME BECOME DUE
<br />AND PAYABLE.
<br />BIDDERS SHALL SPECIFY THE RATE OR RATES OF INTEREST WHICH THE BONDS ARE TO BEAR, TO BE EXPRESSED
<br />IN MULTIPLES OF 1/20 OR 1/8 OF to WITH NO GREATER DIFFERENCE THAN 26 BETWEEN THE HIGHEST AND LOWEST RATES OF
<br />INTEREST NAMED BY A BIDDER AND NO RATE NAMED MAY EXCEED EIGHT PER CENTUM (81) PER ANNUM. ALL BONDS MATURING
<br />ON THE SAME DATE MUST BEAR INTEREST AT THE SAME RATE FROM THEIR DATE TO SUCH MATURITY DATE. BIDS MAY NAME
<br />AN UNLIMITED NUMBER OF INTEREST RATES, AND RATES SHALL BE SPECIFIED FOR MATURITIES IN CONSECUTIVE ORDER.
<br />ONLY ONE COUPON WILL BE ATTACHED TO EACH BOND FOR EACH INSTALLMENT OF INTEREST THEREON, AND 131DS PROVIDING
<br />FOR ADDITIONAL OR SUPPLEMENTARY COUPONS WILL BE REJECTED. NO BID WILL BE CONSIDERED FOR LESS THAN PAR AND
<br />�+ ACCRUED INTEREST OR WHICH SPECIFIES THE USE OF A ZERO RATE OF INTEREST OR WHICH SPECIFIES THE CANCELLATION
<br />OF INTEREST COUPONS. EACH BIDDER MUST BID FOR ALL OF SAID BONDS, AND ALL BIDS MUST BE UNCONDITIONAL. THE
<br />BONDS WILL BE AWARDED TO THE BIDDER OR BIDDERS OFFERING TO PURCHASE SAID BONDS AT THE LOWEST INTEREST COST
<br />TO THE CITY, SUCH INTEREST COST TO BE DETERMINED BY COMPUTING THE TOTAL INTEREST TO MATURITY ON ALL OF THE
<br />BONDS AT THE RATE OR RATES SPECIFIED AND DEDUCTING THEREFROM THE PREMIUM BID, IF ANY. THE RIGHT IS RESERVED
<br />TO THE CITY TO REJECT ANY AND ALL BIDS OR TO WAIVE IRREGULARITIES IN ANY BID.
<br />EACH PROPOSAL SHALL BE ACCOMPANIED BY A CHECK IN THE SUM OF TWO PER CENT (2%),OF THE PRINCIPAL
<br />AMOUNT OF THE BONDS, CERTIFIED BY, OR A CASHIER'S CHECK OF, SOME NATIONAL OR STATE BANK OR TRUST COMPANY,
<br />PAYABLE UNCONDITIONALLY TO THE CITY OF CHARLOTTESVILLE, VIRGINIA. SUCH CHECK SHALL BE RETURNED PROMPTLY
<br />TO THE BIDDER IF HIS BID IS REJECTED. THE CHECK OF THE SUCCESSFUL BIDDER WILL BE DEPOSITED BY THE
<br />CITY TREASURER, 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 RETAINED AS AND FOR LIQUIDATED DAMAGES IN
<br />CASE THE BIDDER FAILS TO TAKE UP AND PAY FOR THE BONDS. NO INTEREST WILL BE ALLOWED BY THE CITY ON THE
<br />AMOUNT OF SUCH CHECK.
<br />•
<br />J
<br />BIDDERS SUBMITTING THEIR BODS ARE REQUESTED TO USE THE BIDDING FORM WHICH MAY BE OBTAINED FROM THE
<br />UNDERSIGNED.
<br />EACH PROPOSAL SHOULD BE ENCLOSED IN A SEALED ENVELOPE MARKED "PROPOSAL FOR CITY OF CHARLOTTESVILLE,
<br />VIRGINIA, GENERAL IMPROVEMENT BONDS" AND SHOULD BE DIRECTED TO "COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA, C/O COLE HENDRIX, CITY MANAGER, CITY HALL, CHARLOTTESVILLE, VIRGINIA."
<br />THE BONDS WILL BE DELIVERED TO THE PURCHASER AT THE EXPENSE OF THE CITY OF CHARLOTTESVILLE ON
<br />APRIL , 1973, OR AS SOON THEREAFTER AS POSSIBLE, IN NEW YORK, NEW YORK.
<br />THE UNQUALIFIED APPROVING OPINION OF MESSRS. WOOD, DAWSON, LOVE & SABATINE OF NEW YORK, NEW YORK,
<br />WILL BE FURNISHED THE SUCCESSFUL BIDDER AT THE EXPENSE OF THE CITY OF CHARLOTTESVILLE, AND WILL BE PRINTED
<br />UPON THE BONDS. THE SUCCESSFUL BIDDER WILL ALSO BE FURNISHED WITH THE USUAL CLOSING DOCUMENTS, INCLUDING
<br />A CERTIFICATE THAT NO LITIGATION IS PENDING AFFECTING THE ISSUANCE OF THE BONDS.
<br />FURTHER INFORMATION WILL BE FURNISHED UPON APPLICATION TO THE UNDERSIGNED.
<br />COLE HENDRIX
<br />CITY MANAGER
<br />CHARLOTTESVILLE, VIRGINIA
<br />SECTION 4. THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED TO FILE A CERTIFIED COPY OF THIS
<br />ORDINANCE WITH THE CLERK OF THE CORPORATION COURT HAVING JURISDICTION OVER THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA.
<br />SECTION S. THIS ORDINANCE SHALL TAKE EFFECT UPON ITS PASSAGE.
<br />CLERK
<br />ADOPTED BY THE COUNCIL
<br />FEBRUARY 20, 1973
<br />AYES: MR. BARBOUR, MR. FIFE, MRS. RINEHART AND MR. VAN YAHRES
<br />NOES: NONE (MR. GILLIAM, ABSTAINED)
<br />PRESIDENT
<br />2 '75
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