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ORDINANCE ADOPTED ISSUANCE SCHOOL BONDS - 1963 COMMUNICATION - CHEMICAL BANK N. Y. TRUST CO. PAYING AGENT FOR SCH. IMP. BONDS THAT THE REQUEST BE GRANTED PROVIDED- (1) THE OWNER AGREES THAT THE LAND-USE OF THE PROPERTY SHALL BE R-3 OR HIGHER AS SET FORTH IN THE CITY ZONING ORDINANCE; AND (2) THE OWNER AGREES TO COMPLY WITH SEC. 19 OF ARTICLE VI AND SEC, 52 OF ARTICLE Xlil, APPENDIX I! (ZONING ORDINANCE) PERTAINING TO TWO OR MORE BUILDINGS ON ONE LOT; AND (3) THE OWNER AGREES TO COMPLY WITH THE CITY CODE AND INSTALL A SEPARATE WATER METER FOR EACH BUILDING CONSTRUCTED- RESPECTFULLY SUBMITTED~ R. E. LEE (SIGNED) JIM BOWEN [SIGNED) ON MOTION BY MR. LEE~ SECONDED BY HR. PONTON) AN ORDINANCE ENTITLED "AN ORDINANCE AUTHORIZING THE ISSUANCE OF THREE MILLION FIVE HUNDRED THOUSAND DOLLARS (~3~500~000.00) OF BONDS OF THE CITY OF CHARLOTTESVILLE TO BE KNOWN AS "SCHOOL IMPROVEMENT BONDS, SERIES OF 1963' ", WHICH WAS READ AND OFFERED AT A SPECIAL MEETING OF COUNCIL HELD ON APRIL 28~ 1964~ WAS READ AND AMENDED AS FOLLOWS: (1) CHANGING THE LAST 3 LINES OF PARAGRAPH ~ TO READ AS FOLLOWS= "DATED JUNE I~ ~964~ SHALL BE OF THE DENOMINATION OF FIVE THOUSAND DOLLARS (~5~000.00) EACH AND SHALL BE NUMBERED FROM 1 TO 700~ INCLUSIVE~ AND SHALL MATURE SERIALLY IN NUMERICAL ORDER~ 175, o00 BONDS ON JUNE 1 IN EACH OF THE YEARS 1965 TO 1984~.mNCLU- SIVE~ AND BOTH PRINCIPAL AND INTEREST THEREOF SHALL BE PAYABLE AT THE VIRGINIA NATIONAL BANK~ CHARLOTTES- VILLE~ VIRGINIA OR AT.THE CHEHlCAL BANK NEW YORK TRUST COMPANY~ NEW YORK~ NEW YORK~ AT THE OPTION OF THE HOLDER." (2) INSERTING THE MONTH OF "JUNE" IN THE THIRD AND FIFTH LINES OF THE FIRST PARAGRAPH OF THE BOND FORM AND INSERTING "JUNE~ 1954" IN THE LAST TWO LINES OF SUCH BOND FORM AS WELL AS IN THE LAST LINE OF THE COUPON FORM AND INSERTING "DECEMBER'! IN THE SIXTH LINE OF THE FIRST PARAGRAPH OF THE BOND FORM~::-AND AS AMENDED WAS ADOPTED BY THE FOLLOWING RECORDED VOTE: AYES: HR. HAGGERTY~ MR, LEE~ HR. MOUNT AND MRo PONTON, NOES: NONE. THE FOLLOWING COMMUNICATIONS FROM THE CHEMICAL BANK NEW YORK TRUST COMPANY AND VIRGINIA NATIONAL BANK AGREEING TO ACT AS JOINT PAYING AGENTS FOR THE ~3,5oo, ooo.oo SCHOOL IMPROVEMENT BONDS~ SERIES ~3) WERE ACCEPTED AND ORDERED SPREAD IN THE HINUTES OF THIS MEETING. APRIL 28~ 1964 HR. JAMES BOWEN~ CITY MANAGER CITY HALL CHARLOTTESVILLE~ VIRGINIA DEAR HR. BOWEN: IT WAS INDEED A PLEASURE TO MEET YOU AND DISCUSS THE FORTHCOMING ISSUE OF THE CITY OF CHARLOTTESVILLE. AS ! MENTIONED TO YOU OUR STANDARD FEE FOR ACTING AS PAYING AGENT ON COUPONS AND BONDS ISSUED IN ~5~000 DENOMINATIONS IS 15~ PER COUPON AND ~.50 PER BOND. HOWEVER~ SINCE YOU INFORMED US YOU COULD HAKE THE INTEREST AND. PRINCIPAL FUNDS AVAILABLE THIRTY DAYS PRIOR TO EACH MATURITY DATE~ WE WOULD BE WILLING TO WAIVE THE CASH FEES AND ACCEPT IN LIEU THEREOF SUCH DEPOSIT OF ~UNDS. ~E UNDERSTAND THAT THE VIRGINIA NATIONAL BANK IN CHARLOTTESVILLE ~iLL BE THE LOCAL PAYING AGENT AND THE BANK OF DEPOSIT. EXPERIENCE HAS SHOWN US THAT AT LEAST ~ OF THE COUPONS AND BONDS WILL BE PRESENTED FOR PAYMENT IN NEW YORK AND ON THAT BASIS WE WILL EXPECT THAT UPON YOUR TRANSFERRING TO THE VIRGINIA NATIONAL BANK THE INTEREST AND PRINCIPAL REQUIREMENTS THIRTY DAYS IN ADVANCE~ IT WILL AUTHORIZE US TO CHARGE ITS ACCOUNT AND TRANSFER TO OUR CORPORATE TRUST ..DEPARTMENT ~5~ OF THE TOTAL REQUIREMENT. AFTER HAVING PAID THE FIRST MATURITY WE WILL HAVE A BASIS TO GO ON WITH RESPECT TO SUBSEQUENT MATURITIES AND WILL ACCORDINGLY RAISE OR LOWER THE AMOUNT REQUIRED TO BE 'TRANSFERRED TO ~T IS ALSO OUR UNDERSTANDING THAT WE ARE TO RETURN ALL PAID AND CANCELED OBLIGATIONS TO THE VIRGINIA NATIONAL BANK.