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WHEREAS, many of the applicants seeking such tax relief already are subsidized or may be subsidized in the future by the City through its regular budget funding process; and WHEREAS, the City Council, in an effort to be fair and orderly in its treatment to of all organizations, both those that have been granted property tax exemptions and whose which do not have property tax exemptions, passed a resolution on December 19, 1988, deciding that it would not support property tax exemptions in the future but would analyze subsidies to local organizations as part of the budget process rather than piecemeal during the entire fiscal year through the tax exemption process; and WHEREAS, this Council desires to continue the existing 1988 policy regarding property tax exemptions. NOW, THEREFORE, BE IT RESOLVED, that this Council has decided that it will continue its existing policy to not support property tax exemptions in the future. BE IT FURTHER RESOLVED, that during its annual budget process this Council will take into account whether a funding applicant has a property tax exemption, and if so, its nature and extent, and then shape the aggregate City funding amount accordingly, all with the goal of treating every applicant fairly. AND BE IT FURTHER RESOLVED, that all categories of organizations granted exemption by classification by the General Assembly prior to January 1, 2003, shall continue to be granted exemption by classification under the terms as determined by the General Assembly, and all organizations granted exemption by designation by the General Assembly prior to January 1, 2003, shall continue to be granted exemption by designation under the terms as determined by the General Assembly. ORDINANCE: "AN ORDINANCE TO AMEND AND REORDAIN CHAPTER FIVE OF THE CODE OF THE CITY OF CHARLOTTESVILLE (1990), AS AMENDED (BUILDING REGULATIONS; PROPERTY MAINTENANCE) TO CONFORM LOCAL ORDINANCES RELATING TO THE CONSTRUCTION, ALTERATION AND MAINTENANCE OF CITY BUILDINGS AND STRUCTURES TO THE REQUIREMENTS OF THE UNIFORM STATEWIDE BUILDING CODE AND OTHER PROVISIONS OF STATE LAW" (2nd reading) PUBLIC HEARING/RESOLUTION: $22 MILLION BOND ISSUE Mr. O'Connell said that the City has received a Triple A bond rating from both rating agencies for the 31st year, one of only 14 cities in the country to have this rating. Mr. O'Connell reviewed the bond rating criteria. Ms. Rita Scott, former Finance Director, explained that the bond issue will be for $17 million in new projects and up to $5 million to refinance bonds issued in 1995. Ms. Scott said that the projects for which the bonds will be used were approved in the 2004 budget. She said that the refinancing will save over $400,000 over the life of the bonds. She listed the major projects to be funded: $8.5 million for education, primarily at Charlottesville High School; $4 million for Juvenile and Domestic Relations Court related projects; $1.5 million for the downtown mall and park projects; $2.5 million for public safety including 800 mgh and fire station renovation; and $500,000 for general capital improvement projects. The bonds will be repaid over 20 years and bids will be received via internet on November 4th. Responding to a question from Mr. Schilling, Ms. Scott said that the City's total bond indebtedness, excluding utilities, is $32.3 million. She said the City is well within its legal debt limit of $248 million. Responding to a question from Mr. Lynch, Ms. Scott said that the target rate expected is approximately 3.8%.