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199
<br />
<br />"QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION
<br />265 OF THE INTERNAL REVENUE CODE OF 1986; FIXING THE RATES OF
<br />INTEREST TO BE BORNE BY AND CERTAIN OTHER DETAILS OF SUCH
<br />BONDS) AND APPOINTING THE REGISTRAR AND PAYING AGENT FOR SUCH
<br />BONDS" was approved by the following vote. Ayes: Rev.
<br />Edwards, Mr. Vandever, Ms. Waters. Noes: None. Absent:
<br />Mr. Buck and Mr. Towe.
<br />
<br /> WHEREAS, pursuant to an ordinance entitled "AN ORDINANCE
<br />AUTHORIZING THE ISSUANCE.OF FOURTEEN MILLION FIVE HUNDRED
<br />THOUSAND DOLLARS (~14,500,000) PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS
<br />TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE
<br />CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER
<br />FEATURES OF SUCH BONDS; PRESCRIBING THE FORM OF A NOTICE OF
<br />SALE FOR SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS;
<br />AND AUTHORIZING ~ND PROVIDING WITH RESPECT TO THE ISSUANCE
<br />AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND
<br />SALE OF SUCH BONDS," adopted by the Council of the City of
<br />Charlottesville, Virginia (the "City") on April 20, 1987 (the
<br />"1987 Bond Ordinance"), there were authorized to be issued
<br />$14,500,000 principal amount of general obligation bonds and
<br />a like principal amount of general obligation bond
<br />anticipation notes in anticipation of the issuance and sale
<br />of such bonds;
<br />
<br /> WHEREAS, on May 17, 1987, the City issued $5,000,000
<br />principal amount of general obligation City of
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1987, dated May 1, 1987, pursuant to the 1987 Bond Ordinance;
<br />
<br /> WHEREAS, on February 16, 1989, the City issued
<br />$5,000,000 principal amount of general obligation City of
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1989, dated January 15, 1989, pursuant to the 1987 Bond
<br />Ordinance;
<br />
<br /> WHEREAS, after taking into account the issuance of the
<br />$10,000,000 principal amount of general obligation bonds of
<br />the City described in the two immediately preceding
<br />paragraphs, of the $14,500,000 principal amount of general
<br />obligation bonds authorized to be issued pursuant to the 1987
<br />Bond Ordinance, $4,500,000 principal amount of such bonds are
<br />authorized and unissued;
<br />
<br /> WHEREAS, pursuant to an ordinance entitled~-,,AN ORDINANCE
<br />AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS
<br />($7,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC
<br />IMPR©VEMENT BONDS OF THE CITY,OF CHARLOTTESVILLE,. VIRGINIA,
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE iCOST OF PUBLIC
<br />IMPROVEMENT PROJECTS OF ~ND-FOR THE.CITY; FIXING THE,FORM,
<br />DENOMINATION AND CERTAIN iOTHER FEATURES OF SUCH BONDS;
<br />PRESCRIBING THE FORM OF A NOTICE OF SALE FOR SUCH BONDS;
<br />PROVIDING FOR THE SALE ~OF SUCH BONDS; AND AUTHORIZING AND
<br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE
<br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION
<br />NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF~SUCH
<br />BONDS," adopted by the Council of the City on February 20,
<br />1990 (the "1990 Bond Ordinance"), there were authorized to be
<br />issued $7,000,000 principal amount of general obligation
<br />bonds and a like principal amount of general obligation bond
<br />anticipation notes in anticipation of the issuance and sale
<br />of such bonds, and none of the bonds authorized pursuant to
<br />the 1990 Bond Ordinance have been issued to date;
<br />
<br /> WHEREAS, in the judgment of the Council. of the City, it
<br />is necessary and expedient to approve the sale of $6,500,000
<br />principal amount of general obligatio~ "City of. ~
<br />Charlottesville, Virginia, Public Improvement Bonds, Series
<br />1990, dated February-15, 1989" (the "Bonds" o~r'the ,,1990
<br />Bonds")~ of which $4,500,000 principal amount of~ such ~bonds
<br />
<br />
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