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5 8, there are authorized to be issued and sold Ten Million Dollars ($10,000,000) principal amount of General Obligation Public Improvement Bonds of the City. (b)Pursuant to t he Public Finance Act of 1991, there are hereby authorized to be issued and sold not to exceed Sixteen Million Dollars ($16,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds of the City, for the purpose of providi ng funds to refund in advance of their stated maturities and redeem the Refunded Bonds and to pay the costs of issuing such Bonds. (c)The General Obligation Public Improvement Bonds authorized to be issued and sold pursuant to Paragraph 2(a) and the Gener al Obligation Public Improvement Refunding Bonds authorized to be issued and sold pursuant to Paragraph 2(b) shall be issued and sold as a single series of Bonds to be known and designated as the “City of Charlottesville, Virginia, General Obligation Publi c Improvement and Refunding Bonds, Series 2003” (the “Bonds”). (d)The Bonds shall be issued and sold in their entirety at one time, or from time to time in part in series, as shall be determined by the City Manager. The Bonds may be sold at the same time as other general obligation bonds are sold by the City. The Bonds shall be issued in fully registered form and shall be in the denomination of $5,000 or any integral multiple thereof. The Bonds of each series shall be numbered from R - 1 upwards in order of issuance and shall bear such series designation as shall be determined by the City Manager; shall mature in such years and in such amounts in each year as shall be determined by the City Manager; and shall bear interest at such rate or rates per annum a s shall be determined by the City Manager pursuant to Paragraph 9, such interest being payable on a date which is not more than one (1) year after the date of the Bonds of such series and semiannually thereafter. The City Manager is authorized to determin e, in accordance with and subject to the provisions of this resolution: the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof ( provided that the final maturity of the Bonds of any series shall be not later than for ty (40) years from the date the first Bonds of such series are issued under this resolution); the amount of principal maturing on each maturity date; the place or places of payment thereof and the paying agent or paying agents therefor; the place or places of registration, exchange or transfer thereof and the registrar therefor; and whether or not the Bonds shall be subject to redemption prior to their stated maturity or maturities and, if subject to such redemption, the premiums, if any, payable upon such redemption and the respective periods in which such premiums are payable. Interest on the Bonds shall be calculated on the basis of a three hundred and sixty (360) day year comprised of twelve (12) thirty (30) day months. (e)In the event the Bonds of an y series shall be dated as of a date other than the first day of a calendar month or the dates on which interest is payable on such series are other than the first days of calendar months, the provisions of Paragraph 3 with regard to the authentication of such Bonds and of Paragraph 10 with regard to the forms of such Bonds shall be modified as the City Manager shall determine to be necessary or appropriate. (f)If the Bonds of a given series are subject to redemption and if any Bonds of such series (or por tions thereof in installments of $5,000 or any integral multiple thereof) are to be redeemed, notice of such redemption specifying the date, numbers and maturity or maturities of the Bond or Bonds to be redeemed, the date and place or places fixed for thei r redemption and the premium, if any, payable upon such redemption, and if less than the entire principal amount of a Bond called for redemption is to be redeemed, that such Bond must be surrendered in exchange for payment of the principal amount thereof t o be redeemed and the issuance of a new Bond or Bonds equalling in principal amount that portion of the principal amount of such Bond not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption, by first class mail, postage prepaid, to the registered owner of such Bond at his address as it appears on the books of registry kept by Director of Finance of the City, who is hereby appointed as the Registrar and Paying Agent for the Bonds (the “Registrar and Paying Ag ent” or the “Registrar” or the Paying Agent”), as of the close of business on the forty - fifth (45th) day next preceding the date fixed for redemption. If any Bonds shall have been called for redemption and notice thereof shall have been given as hereinabo ve set forth, and