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