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11 (iv)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 1998A Bonds maturing on September 15 in each of the years 2009 to 2017, both inclusive, the same being outstanding on the date hereof in the principal amount of $4,500,000 (the “Refunded Series 1998A Bonds”), and all or a portion of the Series 1998B Bonds maturing on September 15 in each of the years 2009 to 2012, both inclusive, the same being outstanding on the date hereof in the principal amount of $1,330,000 (the “Refunded Series 1998B Bonds” and, collectively with the Refunded Series 1998A Bonds and any general obligation public improvement bonds to be refunded in advance of their stated maturities referred to in Paragraph 1(c), the “Refunded Bonds”). (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 Six Million Five Hundred Thousand Dollars ($6,500,000) 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. 2.(a) Pursuant to the Public Finance Act of 1991, for the purpose of providing net proceeds of sale sufficient to pay the costs of the public improvement projects of and for the City set forth in Paragraph 8, there are authorized to be issued and sold not to exceed Fifteen Million Five Hundred Thousand Dollars ($15,500,000) 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 Six Million Five Hundred Thousand Dollars ($6,500,000) 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 and the General Obligation Public Improvement Refunding Bonds authorized to be issued and sold pursuant to Paragraphs 2(a) and 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 2008” (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