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1'36
<br />
<br />RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, APPROVING THE ADVANCE
<br />REFUNDING OF ALL OR A PORTION OF THE CITY'S
<br />$2,500,000 OUTSTANDING PRINCIPAL AMOUNT OF CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, PUBLIC IMPROVEMENT
<br />BONDS, SERIES 1985, DATED AUGUST 1, 1985 AND
<br />MATURING AUGUST 1, 1996 TO 2005, BOTH INCLUSIVE,
<br />AND/OR ALL OR A PORTION OF THE CITY'S $1,250,000
<br />OUTSTANDING PRINCIPAL ~OUNT OF CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, PUBLIC IMPROVEMENT
<br />BONDS, SERIES 1987, DATED MAH 1, 1987 AND MATURING
<br />JULY 15, 2003 TO 2007, BOTH INCLUSIVE, AND
<br />AUTHORIZING THE CITY MANAGER AND OTHER CITY
<br />OFFICIALS TO SEEK THE APPROVAL OF THE STATE COUNCIL
<br />ON LOCAL DEBT WITH RESPECT TO THE ISSUANCE OF
<br />"REFUNDING BONDS" FOR THE PURPOSE OF ADVANCE
<br />REFUNDING SUCH BONDS PURSUANT TO SECTION
<br />15.1-227.46 OF THE CODE OF VIRGINIA, 1950, AND THE
<br />"GUIDELINES" FOR APPROVAL OF REFUNDING BONDS BY THE
<br />STATE COUNCIL ON LOCAL DEBT" ADOPTED BY THE STATE
<br />COUNCIL ON LOCAL DEBT THEREUNDER
<br />
<br /> WHEREAS, the Council of the City of Charlottesville,
<br />Virginia, has determined that it would be desirable to
<br />advance refund all or a portion of the City's $2,500,000
<br />outstanding principal amount of City of Charlottesville,
<br />Virginia, Public Improvement Bonds, dated August 1, 1985 and
<br />maturing August 1, 1996 to 2005, both inclusive (the "1985
<br />Bonds"), and/or all or a portion of the City's $1,250,000
<br />outstanding principal amount of City of Charlottesville,
<br />Virginia, Public Improvement Bonds, Series 1987, dated May 1,
<br />1987 and maturing July 15, 2003 to 2007, both inclusive (the
<br />"1987 Bonds"), for the purpose of realizing debt service cost
<br />savings; and
<br />
<br /> WHEREAS, the City Council has determined that it would
<br />be desirable to seek the approval of the State Council on
<br />Local Debt (the "State Council") of the issuance of refunding
<br />bonds for the purpose of refunding the 1985 and/or 1987
<br />Bonds, as required by Section 15.1-227.46 of the Code of
<br />Virginia, 1950;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
<br />CITY OF CHARLOTTESVILLE, VIRGINIA, AS FOLLOWS:
<br />
<br /> SECTION 1. Approval of Refunding of 1985 and~or 1987
<br /> Bonds. The Council hereby auth0rizes the refunding of the
<br /> 1985 and/or 1987 Bonds.
<br />
<br /> SECTION 2. State Council on Local Debt Approval. The
<br /> City Manager and other appropriate ~fficials of the City are
<br /> hereby authorized and directed~to pre,sentl a plan of refunding
<br /> with respect to the 1985 an~/~r 1987~'~BO~id~ to the State
<br /> Council and to seek the approval of the State Council of the
<br /> issuance of refunding bonds to advance refund the 1985 and/or
<br /> 1987 Bonds pursuant to Section 15.1-227.46 of the Code of
<br /> Virginia, 1950, and the "Guidelines.for Approval of Refunding
<br /> Bonds by the State Council on Local Debt', adopted by the
<br /> State Council on Local Debt on November 20, 1991. The City
<br /> is hereby authorized to pay any fees and expenses of the
<br /> State Council in connection therewith.
<br />
<br /> SECTION 3. Effectiveness of Resolution. This
<br /> resolution shall take effect upon its adoption.
<br />
<br />ORDINANCE: TAX EXEMPTION FOR VOLUNTEER FIRE,AND RESCUE PERSONNEL
<br />(2nd reading)
<br />
<br /> Mr. Toscano noted that the tax exemption for volunteer
<br />fire and rescue personnel will cost $12,000 which will need
<br />to be found elsewhere in the budget. Mr. Toscano questioned
<br />whether approving the exemption will set a precedent for
<br />
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