|
8
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA
<br />:
<br />The Council (the “Council”) of the City of Charlottesville, Virginia (the
<br />“City”), hereby finds and determines as follows:
<br />(3) 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 />In the judgment of the Council of the City, it is necessary and expedient to
<br />authorize the issuance and sale of general obligation public improvement bonds of the
<br />City in the principal amount of not to exceed Nineteen Million Dollars ($19,000,000) for
<br />the purpose of providing funds to pay the costs of various public improvement projects of
<br />and for the City.
<br />(4) On September 20, 2001, the City issued $9,500,000 aggregate
<br />principal amount of its City of Charlottesville, Virginia, General Obligation Public
<br />Improvement Bonds, Series 2001, dated September 1, 2001 and maturing in the principal
<br />amount of $475,000 on March 15 in each of the years 2002 to 2021, both inclusive, and
<br />bearing interest payable on March 15, 2002 and semiannually on each March 15 and
<br />September 15 thereafter (the “Series 2001 Bonds”).
<br />The Series 2001 Bonds maturing on and after March 15, 2012 are subject
<br />to redemption on or after March 15, 2011 upon the terms and conditions and at the
<br />redemption prices stated in the Series 2001 Bonds.
<br />The Council desires to authorize the issuance and sale of general
<br />obligation public improvement refunding bonds to provide for the refunding in advance
<br />of their stated maturities and redemption of all or a portion of the Series 2001 Bonds
<br />maturing on September 15 in each of the years 2012 to 2021, both inclusive, the same
<br />being outstanding on the date hereof in the principal amount of $4,750,000 (the
<br />“Refunded Bonds”).
<br />In the judgment of the Council, it is necessary and expedient to issue and
<br />sell not to exceed Five Million Five Hundred Thousand Dollars ($5,500,000) aggregate
<br />principal amount of General Obligation Public Improvement Refunding Bonds (the
<br />“General Obligation Public Improvement Refunding Bonds”), for the purpose of
<br />providing funds to refund in advance of their stated maturities and redeem all or a portion
<br />of the Refunded Bonds and to pay the costs of issuing such Bonds.
<br />(5) Pursuant to the Public Finance Act of 1991, for the purpose of
<br />providing net proceeds of sale sufficient to pay the costs of the public improvement
<br />projects of and for the City set forth in Section 8, there are authorized to be issued and
<br />sold not to exceed Nineteen Million Dollars ($19,000,000) principal amount of General
<br />Obligation Public Improvement Bonds of the City to be known and designated as the
<br />“City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series
<br />2009A” (the “Series 2009A Bonds”).
<br />Pursuant to the Public Finance Act of 1991, there are hereby authorized to
<br />be issued and sold not to exceed Five Million Five Hundred Thousand Dollars
<br />($5,500,000) aggregate principal amount of General Obligation Public Improvement
<br />Refunding Bonds of the City, for the purpose of providing funds to refund in advance of
<br />their stated maturities and redeem the Refunded Bonds to be known and designated as the
<br />“City of Charlottesville, Virginia, General Obligation Public Improvement Refunding
<br />Bonds, Series 2009B (the “Series 2009B Bonds” and, collectively with the Series 2009A
<br />Bonds, the “Bonds”).
<br />The Bonds shall be issued and sold in their entirety at one time, or from
<br />time to time in part in series, as shall be determined by the City Manager. The Bonds
<br />may be sold at the same time as other general obligation bonds are sold by the City. The
<br />
<br />
|