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<br />BE IT RESOLVED
<br /> by the Council of the City of Charlottesville, Virginia that
<br />this Council hereby authorizes the City Manager to sign the following document, in form
<br />approved by the City Attorney:
<br />
<br />Lease Agreement dated April 22, 2008, between the City of
<br />Charlottesville (“City”) and the McGuffey Arts Association, Inc.,
<br />nd
<br />for the lease of City-owned property at 201 2 Street, N.W.
<br />(McGuffey Arts Center).
<br />
<br />RESOLUTION
<br />: AUTHORIZE BOND ISSUE OF $22,000,000 FOR CAPITAL
<br />PROJECTS
<br />
<br /> Mr. Bernard Wray, Finance Director, said the resolution authorizes issuance of up
<br />to $22 million in bonds, of which $6.5 million is for reissuance with a lower interest rate.
<br />He said the bonds will be used for CIP projects approved in 2007. He said he expects the
<br />City to keeps its AAA bond rating.
<br />
<br /> Responding to a question from Mr. Taliaferro, Mr. Wray said that
<br />Charlottesville’s debt is much lower than most localities which is primarily why we are
<br />AAA.
<br />
<br /> On motion by Dr. Brown, seconded by Mr. Taliaferro, the resolution authorizing
<br />the issue of $22 million bonds for capital projects was approved by the following vote.
<br />Ayes: Dr. Brown, Ms. Edwards, Mr. Huja, Mr. Norris, Mr. Taliaferro. Noes: None.
<br />
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />
<br />1.The Council (the “Council”) of the City of Charlottesville, Virginia
<br />(the “City”), hereby finds and determines as follows:
<br />(a)(i) Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950
<br />(the same being the Public Finance Act of 1991), the City is authorized to contract debts
<br />for, borrow money for and issue its negotiable bonds to pay all or any part of the cost of
<br />any public improvement or undertaking for which the City is authorized by law to
<br />appropriate money.
<br />
<br />(ii)In the judgment of the Council of the City, it is necessary and
<br />expedient to authorize the issuance and sale of General Obligation Public Improvement
<br />Bonds (the “General Obligation Public Improvement Bonds”) of the City in the principal
<br />amount of not to exceed Fifteen Million Five Hundred Thousand Dollars ($15,500,000)
<br />for the purpose of providing funds to pay the costs of various public improvement
<br />projects of and for the City.
<br />(b)(i) On April 8, 1998, the City issued $10,000,000 aggregate principal
<br />amount of its City of Charlottesville, Virginia, General Obligation Public Improvement
<br />Bonds, Series 1998A, dated March 15, 1998 and maturing in varying principal amounts
<br />on September 15 in each of the years 1998 to 2017, both inclusive, and bearing interest
<br />payable on September 15, 1998 and semiannually on each March 15 and September 15
<br />thereafter (the “Series 1998A Bonds”).
<br />
<br />(ii)On April 8, 1998, the City issued $8,675,000 aggregate principal
<br />amount of its City of Charlottesville, Virginia, General Obligation Public Improvement
<br />Refunding Bonds, Series 1998B, dated March 15, 1998 and maturing in varying principal
<br />amounts on September 15 in each of the years 1998 to 2012, both inclusive, and bearing
<br />interest payable on September 15, 1998 and semiannually on each March 15 and
<br />September 15 thereafter (the “Series 1998B Bonds” and, collectively with the Series
<br />1998A Bonds, the “Series 1998 Bonds”).
<br />
<br />(iii)The Series 1998 Bonds maturing on and after September 15, 2009
<br />are subject to redemption on or after September 15, 2008 upon the terms and conditions
<br />and at the redemption prices stated in the Series 1998 Bonds.
<br />
<br />
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