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10 <br />the Prior Bonds (the " Refunding Portion ") has previously been designated by the <br />Authority as "ba nk - qualified," and accordingly, shall be deemed designated for purposes <br />of Section 265(b)(3)(D) of the Internal Revenue Code of 1986, as amended (the " Code ") <br />regarding the $10,000,000 small issuer exemption thereof. Accordingly, such portion of <br />the Bonds allocable to the Refunding Portion (to retire the Prior Bonds) will not be taken <br />into account in determining the status of the City (including any subordinate entities <br />thereof) as a qualified small issuer for the calendar year 2002 pursuant to Section <br />265( b)(3)(C)(ii)(III) of the Code. <br /> <br />B. " Bank - Qualified Designation as to New Money Portion of Bonds : As <br />to the New Money Portion of the Bonds, the City hereby approves the Authority's <br />designation of the New Money Portion of the Bonds as "bank - qualified" under t he Code. <br />In such regard, the City does not reasonably anticipate having more than $10,000,000 in <br />qualified tax - exempt obligations during calendar year 2002 and the City, including any <br />subordinate entities thereof, do not reasonably anticipate more than an aggregate <br />$10,000,000 of qualified tax - exempt obligations pursuant t Section 265(b)(3) of the Code <br />during the calendar Year 2002. <br /> <br /> 5. Effective Date : This Resolution will take effect immediately upon its <br />adoption. <br /> <br />ORDINANCE <br />g. : "AN ORDINANCE AMENDING AND REORDAINING <br /> SECTION 15 - 99 OF ARICLE IV OF CHAPTER 15 OF THE CHARLOTTESVILLE <br /> CITY CODE, 1990, AS AMENDED, REDUCING THE SPEED LIMIT ON RUGBY <br />nd <br /> AVENUE" (2 reading) <br /> <br />ORDINANCE <br />h. : "AN ORDINANCE CLOSING, VACATING AND <br /> DISCONTIN UING A PORTION OF CARRROLLTON TERRACE RIGHT - OF - <br />nd <br /> WAY" (2 reading) <br /> <br />ORDINANCE <br />i. : "AN ORDINANCE AMENDING AND REORDAINING <br /> SECTION 19 - 139 OF ARTICLE V OF CHAPTER 19 OF THE <br /> CHARLOTTESVILLE CIDE CODE, 1990, AS AMENDED, AND ADDING A <br /> NEW SECTION NUMBERED 19 - 95.2 IN ARTICLE IV OF THE <br /> CHARLOTTESVILLE CITY CODE, 1990, AS AMENDED, RELATING TO <br /> HEALTH CARE COVERAGE FOR RETIRED EMPLOYEES AND PURCHASE <br /> OF SERVICE CREDIT TOWARD RETIREMENT" (carried over) <br /> <br />ORDINANCE <br />j. : "AN ORDINANCE AMENDING AND REORDAINING <br /> CHAPTER 12 (FIRE PREVENTION AND PROTECTION), ARTICLE III (FIRE <br /> PREVENTION CODE) OF THE CODE OF THE CITY OF CHARLOTTESVILLE, <br /> 1990, AS AMENDED, RELATING TO OPEN BURNING" (carried over) <br /> <br />ORDINANC E <br />k. : "AN ORDINANCE CLOSING, VACATING AND <br /> DISCONTINUING A PORTION OF AN ALLEY, LOCATED OFF MONROE <br /> LANE, ADJACENT TO PARCELS 123 AND 124 ON CITY TAX MAP 11" (carried <br /> over) <br /> <br />nd <br />ORDINANCE <br />: WATER RATE INCREASE (2 reading) <br /> <br /> Mr. Lynch said he wants to make it clear to staff and the public that the increased <br />water rates will only be in place for such time as required and it is not a permanent <br />increase. Mr. Lynch said he would like a report on revenue lost during the water <br />restrictions and how it will take to make it up. <br /> <br /> Mr. O'Connell said that the new Rivanna Water and Sewer Authority rate went <br />into effect October 1. He noted that staff committed at the last meeting to get monthly <br />reports to Council and when the shortfall is made up, it will return to Council to change. <br />Mr. O'Connell said that the bladder and dredging will have to be paid for in the future as <br />well. <br /> <br />