2004-11-01 - Laserfiche WebLink

Home Browse Search

(c)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 such other outstanding general obligation public improvement bonds the refunding of which shall be recommended by the City's Financial Advisor. (d) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Five Million Dollars ($5,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds (the "General Obligation Public Improvement Refunding Bonds"), for the purpose of providing funds to refund in advance of their stated maturities and redeem all or a portion of the Refunded Bonds and to pay the costs of issuing such Bonds. (e) The General Obligation Public Improvement Refunding Bonds referred to in Paragraph l(d) and the General Obligation Public Improvement Bonds referred to in Paragraph l(a)(ii) may be issued and sold as a single series of Bonds. 2. Pursuant to the Public Finance Act of 1991, for the purpose of providing funds to pay the cost of the public improvement projects of and for the City set forth in Paragraph 8, there are authorized to be issued and sold Seventeen Million Dollars ($17,000,000) principal amount of General Obligation Public Improvement Bonds of the City. (b) Pursuant to the Public Finance Act of 1991, there are hereby authorized to be issued and sold not to exceed Five Million Dollars ($5,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds of the City, for the purpose of providing 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 General 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 Public Improvement and Refunding Bonds, Series 2004" (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 as 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 determine, 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 forty (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 any 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