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114 redemption of any Bond shall have been given as aforesaid, and payment of the principal amoum of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease to accrue from and after the date so specified for redemption thereof. 5. The Bonds are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code. 6. The Bonds shall, as soon as practicable, be prepared, executed and delivered at the expense of the City to the Purchaser in accordance with the provisions of the Bond Ordinance, the Detailed Notice of Sale and this resolution and upon payment of the balance of the purchase price for the Bonds. 7. The appointment of Crestar Bank in the City of Richmond, Virginia, as Registrar and Paying Agent for the Bonds, is hereby approved, ratified and confirmed. 8. The City Treasurer is directed to deposit the good faith check submitted by the Purchaser with the Proposal, or in lieu thereof the proceeds of the Surety Bond, and to apply the amount thereof to the purchase price of the Bonds in accordance with the terms of the Detailed Notice of Sale. The good faith checks accompanying unsuccessful proposals shall be returned to the firms submitting such proposals forthwith. 9. The City Attorney of the City is hereby directed to file a copy of this resolution, certified by the Clerk of Council of the City to be a true and correct copy hereofi with the Clerk of the Circuit Court of the City of Charlottesville, Virginia. 10. This resolution shall take effect upon its adoption. APPROPRIATION: $60,000 - ADVANCE TO MONTICELLO AREA COMMUNITY ACTION AGENCY On motion by Ms. Slaughter, seconded by Ms. Daugherty, the $60,000 appropriation of an advance to the Monticello Area Community Action Agency was offered and carried over to the next meeting for consideration. The meetin/~Y,a~ adjourned. President NOTICE OF SPECIAL MEETING A SPECIAL MEETING OF THE COUNCIL WILL BE HELD ON Monday, June 24, 1996 AT 7:15 p.m. IN THE BASEMENT CONFERENCE ROOM. THE PROPOSED AGENDA IS AS FOLLOWS: RESOLUTION: Approving City Manager's Contract APPROPRIATION: $60,000 Advance to MACAA Sununer Youth Works Program (2nd reading) BY ORDER OF THE MAYOR BY Jeanne Cox (signed) BASEMENT CONFERENCE ROOM - June 24, 1996 Council met in special session on this date with the following members present: Ms. Daugherty, Rev. Edwards, Ms. Slaughter, Mr. Toscano, Mr. Vandever.