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2 <br />area needs more police. He said he only rents to good people. He said he appreciates <br />what the City is trying to do. <br /> <br /> Mr. James Chang, 1612 Ricky Road, Co - President of the Meadows Neighborhood <br />Association, presented petitions regarding the Best Buy development. Mr. Chang <br />suggested that the City start the traffic calming process and requested that an exception <br />be made for funding. Mr. Chang said there is also concern by residents about the <br />proposed Albemar le Place. <br /> <br /> Mr. Stratton Salidas, a City resident, expressed concern about auto - centric <br />development. He suggested that money be taken from Meadowcreek Parkway and <br />Fontaine Avenue projects and put toward walking, biking and community transportation <br />project s. At the least, he said priority should be given to the Hillsdale extension. He also <br />asked that the Bike and Pedestrian Plan be funded. <br /> <br /> Ms. Yvonne Shackelford, 731 Prospect Avenue, said she rents from Mr. Watson <br />and feels residents on Prospect are bei ng defamed and may be displaced. She said this is <br />a continuation of black neighborhood upheaval. <br /> <br />PUBLIC HEARING/RESOLUTION <br />: AUTHORIZING $10 MILLION BOND <br />ISSUANCE (FOR CURRENT CAPITAL PROJECTS) AND REFINANCING $16 <br />MILLION OF PREVIOUSLY ISSUED BONDS <br /> <br /> Mr. O'Connell explained that this is a long planned bond issue and refinancing for <br />capital projects. <br /> <br /> Ms. Rita Scott, Director of Finance, said bond issues are a normal part of how the <br />City finances utility improvements and capital projects. She said a plan ned routine <br />schedule keeps the City's debt in an affordable range. In addition to the new projects <br />being financed, Ms. Scott said that part of four previous bond issues are being refinanced <br />at a savings of between $500,000 and $1 million over the life of the bonds. Ms. Scott <br />said the bond resolution authorizes the City Manager to approve the bond sales based on <br />the low bond bid. <br /> <br /> The public hearing was opened, but as there were no speakers, the public hearing <br />was closed. <br /> <br /> Mr. Lynch said he thinks the fi nancing and refinancing makes a lot of sense, and <br />moved the resolution. <br /> <br /> Ms. Richards seconded the motion, and said she agrees with Mr. Lynch. She said <br />she appreciates the City maintaining its AAA bond rating. <br /> <br /> The Resolution Authorizing $10 Million Bon d Issuance (for Current Capital <br />Projects) an Refinancing $16 Million of Previously Issued Bonds was approved by the <br />following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Schilling. <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCE ED <br />TWENTY - SIX MILLION DOLLARS ($26,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION BONDS OF THE CITY OF CHARLOTTESVILLE, <br />VIRGINIA, CONSISTING OF TEN MILLION DOLLARS ($10,000,000) <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC <br />IMPROVEMENT BONDS TO BE ISSUED FOR THE PURPOSE OF <br />PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC <br />IMPROVEMENT PROJECTS OF AND FOR THE CITY AND NOT TO EXCEED <br />SIXTEEN MILLION DOLLARS ($16,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS TO <br />BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN <br />ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN <br />OUTSTANDING GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS <br />OF THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN <br />OTHER FEATURES OF SUCH BONDS; PROVIDING FOR TH E SALE OF <br />