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4 The public hearing was opened, but as there were no speakers, the public hearing was closed. Mr. Lynch moved the resolution approving the bond issuance and Mr. Caravati seconded the motion. Mr. Schilling said he will vote against the bond issuance even though it will fund many worthy and necessary expenditures. He said he has concerns, including the Charlottesville High School renovations and escalation of the price, the amphitheater, and increasing the amount of debt. He said that many projects, including the refinancing, are important to do. Mr. Caravati said he was not aware that the amphitheater was a project to be funded by the bonds. Ms. Scott said the amphitheater is not a part of the bond directly because it involves private money. She said the amphitheater is funded through the CIP. Mr. Schilling asked if the bond money will be used to repay the City's loan to the Charlottesville Industrial Development Authority, and Ms. Scott said no, it will be used to replenish the CIP to fund a variety of projects. The Resolution Approving the Issuance of $22 Million Bond Issue was approved by the following vote. Ayes: Dr. Brown, Mr. Caravati, Ms. Hamilton, Mr. Lynch. Noes: Mr. Schilling. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The 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 of 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 Seventeen Million Dollars ($17,000,000) for the purpose of providing funds to pay the cost of various public improvement projects of and for the City. (b)(i) On June 15, 2000, the City issued $9,000,000 aggregate principal amount of City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 2000, dated June 1, 2000 and maturing in varying principal amounts on December 15 in each of the years 2000 to 2019, both inclusive, and bearing interest payable on December 15, 2000 and semiannually on each June 15 and December 15 thereafter (the "Series 2000 Bonds"). (ii) The Series 2000 Bonds maturing on and after December 15, 2011 are subject to redemption on or after December 15, 2010 upon the terms and conditions and at the redemption prices stated in the Series 2000 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 2000 Bonds maturing on December 15 in each of the years 2011 to 2019, both inclusive, the same being outstanding on the date hereof in the principal amount of $4,050,000 (the "Refunded Series 2000 Bonds" and, collectively with any general obligation public improvement bonds to be refunded in advance of their stated maturities referred to in Paragraph l(c), the "Refunded Bonds").