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<br />15 in each of the years 2004 to 2013, both inclusive, the same being outstanding on the
<br />date hereof in the principal amount of $5,595,000 (the “Refunded Series 1993 Bonds”).
<br />
<br />(d)(I)On May 25, 1994, the City issued $5,000,000 aggregate principal amount of City of
<br />Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1994,
<br />dated May 1, 1994 and maturing in the principal amount of $250,000 on February 15 in
<br />each of the years 1995 to 2014 , both inclusive, and bearing interest payable on August
<br />15, 1994 and semiannually on each February 15 and August 15 thereafter (the “Series
<br />1994 Bonds”).
<br />
<br />(ii)The Series 1994 Bonds maturing on or after February 15, 2005 are subject to
<br />redemption on or aft er February 15, 2004 upon the terms and conditions and at the
<br />redemption prices stated in the Series 1994 Bonds.
<br />
<br />(iii)The Council desires to authorize the issuance and sale of an issue of general
<br />obligation public improvement refunding bonds to provide fo r the refunding in advance
<br />of their stated maturities and redemption of all or a portion of the Series 1994 Bonds
<br />maturing on February 15 in each of the years 2005 to 2014, both inclusive, the same
<br />being outstanding on the date hereof in the principal amou nt of $2,500,000 (the
<br />“Refunded Series 1994 Bonds”).
<br />
<br />(e)(i)On June 27, 1996, the City issued $9,500,000 aggregate principal amount of City of
<br />Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1996,
<br />dated June 1, 1996 and matur ing in the principal amount of $475,000 on June 15 in each
<br />of the years 1997 to 2016, both inclusive, and bearing interest payable on December 15,
<br />1996 and semiannually on each June 15 and December 15 thereafter (the “Series 1996
<br />Bonds”).
<br />(ii)The Series 19 96 Bonds maturing on and after June 15, 2007 are subject to redemption
<br />on or after June 15, 2006 upon the terms and conditions and at the redemption prices
<br />stated in the Series 1996 Bonds.
<br />
<br />(iii)The Council desires to authorize the issuance and sale of gen eral 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 1996 Bonds maturing on June
<br />15 in each of the years 2007 to 2016, both inclusive, the sam e being outstanding on the
<br />date hereof in the principal amount of $4,750,000 (the “Refunded Series 1996 Bonds”
<br />and, collectively with the Refunded 1992 Bonds, the Refunded 1993 Bonds, the
<br />Refunded 1994 Bonds and any general obligation public improvement bo nds to be
<br />refunded in advance of their stated maturities referred to in subparagraph (f), the
<br />“Refunded Bonds”).
<br />
<br />(f)The Council desires to authorize the issuance and sale of general obligation public
<br />improvement refunding bonds to provide for the refundin g in advance of their stated
<br />maturities and redemption of all or a portion of such other outstanding general obligation
<br />public improvement bonds the refunding of which shall be recommended by the City’s
<br />Financial Advisor.
<br />
<br />(g)In the judgment of the Council , it is necessary and expedient to issue and sell not to
<br />exceed Sixteen Million Dollars ($16,000,000) aggregate principal amount of General
<br />Obligation Public Improvement Refunding Bonds (the “General Obligation Public
<br />Improvement Refunding Bonds”), for the purpose of providing funds to refund in
<br />advance of their stated maturities and redeem all or a portion of the Refunded Bonds and
<br />to pay the costs of issuing such Bonds.
<br />
<br />(h) The General Obligation Public Improvement Refunding Bonds referred to in
<br />subparag raph (g) and the General Obligation Public Improvement Bonds referred to in
<br />subparagraph (a)(ii) may be issued and sold as a single series of Bonds.
<br />1. (a) Pursuant to the Public Finance Act of 1991, for the purpose of providing funds to
<br />pay the co st of the public improvement projects of and for the City set forth in Paragraph
<br />
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