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(FORM OF NOTICE OF SALE)
<br />
<br />$2,000,000.00
<br />
<br />CITY OF CHARLOTTESVILLE
<br />
<br />VIRGINIA
<br />
<br />GENERAL IMPROVEMENT BONDS, 1973
<br />
<br />(FULL FAITH AND CREDIT OBLIGATIONS)
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<br />
<br />SEALED BIDS WILL BE RECEIVED BY THE CITY MANAGER OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR
<br />
<br />THE PURCHASE OF ALL, BUT NOT ANY PART OF TWO MILLION DOLLARS ($2,000,000.00) GENERAL IMPROVEMENT BONDS,
<br />
<br />1973, OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, UNTIL 11:30 O'CLOCK A.M. (EASTERN STANDARD TIME), ON
<br />
<br />
<br />MARCH 6, 1973
<br />
<br />
<br />
<br />AT WHICH TIME THEY WILL BE PUBLICLY OPENED BY THE CITY MANAGER IN THE COUNCIL CHAMBER IN THE CITY HALL,
<br />
<br />CHARLOTTESVILLE, VIRGINIA. AN AWARD WILL BE MADE ON THE SAME DATE THE BIDS ARE OPENED,
<br />
<br />UNLESS ALL PROPOSALS ARE REJECTED.
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<br />SAID BONDS ARE TO BE ISSUED IN COUPON FORM, DATED APRIL 1, 1973, WITHOUT PRIVILEGE OF REGISTRATION
<br />
<br />AND WITHOUT OPTION OF PRIOR REDEMPTION, OF THE DENOMINATION OF $5,000 EACH, BEARING
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<br /> INTEREST PAYABLE SEMI- ANNUALLY ON APRIL 1ST AND OCTOBER 1ST OF EACH YEAR, COMMENCING WITH
<br />
<br />OCTOBER 1, 1973, AND PAYABLE SERIALLY IN NUMERICAL ORDER OF APRIL 1ST IN EACH YEAR OF THE
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<br /> YEARS AND IN THE PRINCIPAL AMOUNTS OF $100,000 IN EACH
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<br />SUCH YEAR. BOTH PRINCIPAL OF AND INTEREST OF SAID BONDS WILL BE PAYABLE AT THE OFFICE OF THE CITY TREASURER
<br />
<br />OF THE CITY OF CHARLOTTESVILLE, IN CHARLOTTESVILLE, VIRGINIA, OR, AT THE OPTION OF THE HOLDERS OF THE BONDS
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<br />AND COUPONS PERTAINING THERETO, AT THE PRINCIPAL OFFICE OF VIRGINIA NATIONAL
<br />
<br /> BANK, IN CHARLOTTESVILLE, VIRGINIA,
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<br />OR AT THE PRINCIPAL OFFICE OF CHEMICAL BANK, IN NEW YORK, NEW YORK. THE PROCEEDS DERIVED FROM
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<br />THE SALE OF THE BONDS WILL BE USED TO PROVIDE FUNDS TO PAY THE COST OF ACQUIRING,
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<br />CONSTRUCTING, AND EQUIPPING
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<br />OFF-STREET PARKING FACILITIES FOR THE CITY. THE FULL FAITH AND CREDIT OF THE CITY OF CHARLOTTESVILLE,
<br />
<br />VIRGINIA, ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS, AND THE CITY IS AUTHORIZED
<br />
<br />AND REQUIRED TO LEVY A TAX ON ALL THE TAXABLE PROPERTY OF THE CITY, WITHOUT LIMITATION AS TO RATE OR AMOUNT,
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<br />SUFFICIENT TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THE SAME BECOME DUE
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<br />AND PAYABLE.
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<br />BIDDERS SHALL SPECIFY THE RATE OR RATES OF INTEREST WHICH THE BONDS ARE TO BEAR, TO BE EXPRESSED
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<br />IN MULTIPLES OF 1/20 OR 1/8 OF 1% WITH NO GREATER DIFFERENCE THAN 2% BETWEEN THE
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<br />HIGHEST AND LOWEST RATES OF INTEREST NAMED BY A BIDDER, AND NO RATE NAMED MAY EXCEED EIGHT PER CENTUM (8%) PER
<br />
<br /> ANNUM. ALL BONDS MATURING ON THE SAME DATE MUST BEAR INTEREST AT THE SAME RATE FROM THEIR DATE TO SUCH MATURITY DATE. BIDS MAY NAME
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<br />AN UNLIMITED NUMBER OF INTEREST RATES, AND RATES SHALL BE SPECIFIED FOR MATURITIES IN CONSECUTIVE ORDER.
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<br />ONLY ONE COUPON WILL BE ATTACHED TO EACH BOND FOR EACH INSTALLMENT OF INTEREST THEREON, AND BIDS PROVIDING
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<br />FOR ADDITIONAL OR SUPPLEMENTARY COUPONS WILL BE REJECTED. NO BID WILL BE CONSIDERED FOR LESS THAN PAR
<br />
<br />AND ACCRUED INTEREST, OR WHICH SPECIFIES THE USE OF A ZERO RATE OF INTEREST, OR WHICH
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<br /> SPECIFIES THE CANCELLATION
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<br />OF INTEREST COUPONS. EACH BIDDER MUST BID FOR ALL OF SAID BONDS, AND ALL BIDS MUST BE UNCONDITIONAL. THE
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<br />BONDS WILL BE AWARDED TO THE BIDDER OR BIDDERS OFFERING TO PURCHASE SAID BONDS AT
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<br />THE LOWEST INTEREST COST
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<br />TO THE CITY, SUCH INTEREST COST TO BE DETERMINED BY COMPUTING THE TOTAL INTEREST
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<br />TO MATURITY ON ALL OF THE
<br />
<br />BONDS AT THE RATE OR RATES SPECIFIED AND DEDUCTING THEREFROM THE PREMIUM BID,
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<br /> IF ANY. THE RIGHT IS RESERVED
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<br />TO THE CITY TO REJECT ANY AND ALL BIDS OR TO WAIVE IRREGULARITIES IN ANY BID.
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<br />EACH PROPOSAL SHALL BE ACCOMPANIED BY A CHECK IN THE SUM OF TWO PER CENT (2%)
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<br /> OF THE PRINCIPAL AMOUNT OF THE BONDS,
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<br />CERTIFIED BY, OR A CASHIER'S CHECK OF, SOME NATIONAL OR STATE BANK OR TRUST COMPANY,
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<br />PAYABLE UNCONDITIONALLY TO THE CITY OF CHARLOTTESVILLE, VIRGINIA.
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<br />SUCH CHECK SHALL BE RETURNED PROMPTLY TO THE BIDDER IF HIS BID IS REJECTED. THE CHECK
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<br /> OF THE SUCCESSFUL BIDDER WILL BE DEPOSITED BY THE CITY TREASURER, AND WHEN THE BONDS ARE DELIVERED AND PAID FOR PURSUANT TO THE TERMS OF THE ACCEPTED BID WILL BE CONSIDERED AS PART PAYMENT FOR SAID BONDS OR WILL BE RETAINED AS AND FOR LIQUIDATED DAMAGES IN CASE THE BIDDER FAILS TO TAKE UP AND PAY FOR THE BONDS. NO INTEREST WILL BE ALLOWED BY THE CITY ON THE AMOUNT OF SUCH CHECK.
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<br />
<br />BIDDERS SUBMITTING THEIR BIDS ARE REQUESTED TO USE THE BIDDING FORM WHICH MAY BE OBTAINED FROM THE
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<br />UNDERSIGNED.
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<br />EACH PROPOSAL SHOULD BE ENCLOSED IN A SEALED ENVELOPE MARKED “PROPOSAL FOR
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<br /> CITY OF CHARLOTTESVILLE, VIRGINIA, GENERAL IMPROVEMENT BONDS” AND SHOULD BE DIRECTED
<br />
<br /> TO “COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, C/O COLE HENDRIX, CITY MANAGER, CITY HALL, CHARLOTTESVILLE, VIRGINIA.”
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<br />
<br />THE BONDS WILL BE DELIVERED TO THE PURCHASER AT THE EXPENSE OF THE CITY OF CHARLOTTESVILLE ON
<br />
<br />APRIL 1973, OR AS SOON THEREAFTER AS POSSIBLE, IN NEW YORK, NEW YORK.
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<br />
<br />THE UNQUALIFIED APPROVING OPINION OF MESSRS. WOOD, DAWSON, LOVE & SABATINE OF NEW YORK, NEW YORK,
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<br />WILL BE FURNISHED THE SUCCESSFUL BIDDER AT THE EXPENSE OF THE CITY OF CHARLOTTESVILLE,
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<br />AND WILL BE PRINTED UPON THE BONDS. THE SUCCESSFUL BIDDER WILL ALSO BE FURNISHED WITH
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<br /> THE USUAL CLOSING DOCUMENTS, INCLUDING A CERTIFICATE THAT NO LITIGATION IS PENDING
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<br /> AFFECTING THE ISSUANCE OF THE BONDS.
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<br />FURTHER INFORMATION WILL BE FURNISHED UPON APPLICATION TO THE UNDERSIGNED.
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<br />
<br />COLE HENDRIX
<br />CITY MANAGER
<br />CHARLOTTESVILLE, VIRGINIA
<br />
<br />
<br />SECTION 4. THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED TO FILE A CERTIFIED
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<br /> COPY OF THIS ORDINANCE WITH THE CLERK OF THE CORPORATION COURT HAVING
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<br /> JURISDICTION OVER THE CITY OF CHARLOTTESVILLE, VIRGINIA.
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<br />
<br />SECTION 5. THIS ORDINANCE SHALL TAKE EFFECT UPON ITS PASSAGE.
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<br />
<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)
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<br />CLERK SIGNATURE
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