Section 103-486; Res. 174-02; Awarding the Bid for the Sale of $7,940,000 Principal Amount of Sewerage System Revenue Refunding Bonds, Series 2002 to Wachovia Bank, National Association

awarding the bid for the sale of $7,940,000 principal amount of Sewerage System Revenue Refunding Bonds, Series 2002 of the City of Columbia, Missouri.

Section 1. That the City of Columbia, Missouri (the “City”), has offered at competitive public sale $7,940,000 principal amount of its Sewerage System Revenue Refunding Bonds, Series 2002 (the “Bonds”), and sealed bids for the Bonds were received by the City, by 11:00 A.M., Central Daylight Time, on September 5, 2002, at the office of the Director of Finance of the City (the “Finance Director”), 701 East Broadway, Columbia, Missouri 65205.

Section 2. That notice of said sale was given by mailing copies of the Notice of Sale and Preliminary Official Statement to investment banking firms and banks and other financial institutions located throughout the United States. The Notice of Sale was also made available through an electronic bidding system.

Section 3. The Preliminary Official Statement dated August 29, 2002 and the Notice of Sale dated August 29, 2002, attached hereto as Exhibit A, are hereby ratified, confirmed and adopted, and the Official Statement is hereby authorized and approved by supplementing, amending and completing the Preliminary Official Statement, with such changes and additions thereto as are necessary to conform to and describe the transaction. The City hereby deems the information regarding the City contained in the Preliminary Official Statement to be “final” as of its date, except for the omission of such information as is permitted by Rule 15c2-12(b)(1).

Section 4. That pursuant to said Notice of Sale the following Bids were submitted to the City for the purchase of the Bonds, copies of which are attached hereto as Exhibit B.

Section 5. That the Finance Director of the City has determined that the bid submitted by Wachovia Bank, National Association was the best bid submitted for the Bonds, the best bid being determined based on the lowest true interest cost to the City, and has recommended to the City Council the acceptance of said bid.

Section 6. The bid of Wachovia Bank, National Association is accepted as the best bid submitted at public sale on September 5, 2002 for the purchase of $7,940,000 Sewerage System Revenue Refunding Bonds, Series 2002 of the City and the officers of the City and the Finance Director are authorized to enter into a contract selling the Bonds to Wachovia Bank, National Association on the basis of said bid and the terms specified in the Notice of Sale.

Section 7. The principal of and interest on the Bonds shall be payable in lawful money of the United States of America at UMB Bank, N.A., St. Louis, Missouri, said bank being hereby designated as the City’s paying agent for the payment of the principal of and interest on the Bonds.

Section 8. The Mayor, the City Manager, the City Clerk and the Director of Finance of the City are hereby authorized and directed to execute said Bonds and such other documents and take such other actions as may be necessary to effectuate said borrowing on behalf of the City, including without limitation complying with and carrying out all of the provisions of the Continuing Disclosure Certificate dated as of the date of closing. The City acknowledges that the City is the only “obligated person” with responsibility for continuing disclosure with respect to Rule 15c2-12 promulgated by the Securities and Exchange Commission.

Section 9. All actions taken by the staff, administration, and advisors to the City pertaining to the dissemination of the Notice of Sale and the sale of said Bonds are hereby ratified, confirmed, and adopted.