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3 <br />SUCH BONDS AND DELEGATING TO THE CITY MANAGER OR THE CHIEF <br />OPERATING OFFICER/CHIEF FINANCIAL OFFICER CERTAIN POWERS <br />WITH RESPECT THERETO; AUTHORIZING THE APPOINTMENT OF AN <br />ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF <br />AN ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE CITY AND <br />SUCH ESCROW AGENT AND THE PURCHASE OF THE SECURITIES TO BE <br />HELD THEREUNDER; AND AUTHORIZING THE DESIGNATION OF THE <br />REFUNDED BONDS FOR REDEMPTION <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br /> T he Council (the “Council”) of the City of Charlottesville, Virginia (the “City”), <br />hereby finds and determines as follows: <br />(a)(i)Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being <br />the Public Finance Act of 1991), the City is authorized to contract debts for, borrow <br />money for and issue its negotiable bonds to pay all or any part of the cost of any public <br />improvement or undertaking for which the City is authorized by law to appropriate <br />money. <br />(ii)In the judgment of the Council o f the City, it is necessary and expedient to authorize <br />the issuance and sale of General Obligation Public Improvement Bonds (the “General <br />Obligation Public Improvement Bonds”) of the City in the principal amount of Ten <br />Million Dollars ($10,000,000) for the purpose of providing funds to pay the cost of <br />various public improvement projects of and for the City. <br />(b)(i)On July 23, 1992, the City issued $4,310,000 aggregate principal amount of City of <br />Charlottesville, Virginia, General Obligation Public Refunding Improvement Bonds, <br />Series 1992, dated July 1, 1992 and maturing in varying principal amounts on July 15 in <br />each of the years 1994 to 2007, both inclusive, and bearing interest payable on January <br />15, 1993 and semiannually on each January 15 and July 15 ther eafter (the “Series 1992 <br />Bonds”). <br /> <br />(ii)The Series 1992 Bonds maturing on or after July 15, 2002 are subject to redemption <br />on or after July 15, 2001 upon the terms and conditions and at the redemption prices <br />stated in the Series 1992 Bonds. <br />(iii)The Council desires to authorize the issuance and sale of general obligation public <br />improvement refunding bonds to provide for the refunding in advance of their stated <br />maturities and redemption of all or a portion of the Series 1992 Bonds maturing on <br />July 15 in each of the years 2004 to 2007, both inclusive, the same being outstanding on <br />the date hereof in the principal amount of $1,535,000 (the “Refunded Series 1992 <br />Bonds”). <br /> <br />(c)(i)On May 13, 1993, the City issued $9,150,000 aggregate principal amount of City of <br />Char lottesville, Virginia, General Obligation Public Improvement and Refunding Bonds, <br />Series 1993, dated May 1, 1993 and maturing in varying principal amounts on July 15 in <br />each of the years 1994 to 2013, both inclusive, and bearing interest payable on July 15 , <br />1993 and semiannually on each January 15 and July 15 thereafter (the “Series 1993 <br />Bonds”). <br /> <br />(ii)The Series 1993 Bonds maturing on or after July 15, 2004 are subject to redemption <br />on or after July 15, 2003 upon the terms and conditions and at the redempti on prices <br />stated in the Series 1993 Bonds. <br /> <br />(iii)The Council desires to authorize the issuance and sale of general obligation public <br />improvement refunding bonds to provide for the refunding in advance of their stated <br />maturities and redemption of all or a p ortion of the Series 1993 Bonds maturing on July <br />