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• AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br />$9,500,000 GENERAL OBLIGATION BONDS AND <br />$9,500,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES <br />OF THE CITY OF CHARLOTTESVILLE <br />WHEREAS, the City Council (the "Council") of the City of <br />Charlottesville, Virginia (the "City") is authorized by the <br />Constitution and statutes of Virginia, and more particularly the <br />Public Finance Act, Chapter 5 of Title 15.1 of the Code of <br />Virginia of 1950, as amended (the "Code") to borrow money on <br />behalf of the City to finance certain public undertakings and to <br />issue its obligations therefor; and <br />WHEREAS, the Council deems it in the City's best interest to <br />authorize the issuance and sale of the City's $9,500,000 General <br />Obligation Bonds (the "Bonds") for the purpose of appropriating <br />the proceeds from the sale thereof and transferring them to the <br />Charlottesville Redevelopment and Housing Authority (the <br />"Authority") for use by the Authority in its discretion in <br />furtherance of its public purposes, including, without <br />limitation, the public purposes and objectives underlying the <br />Redevelopment Plan for the Vinegar Hill Redevelopment Project, as <br />amended (Urban Renewal Project No. VA. R-12) (the "Vinegar Hill <br />Redevelopment Project"), pursuant to applicable provisions of <br />Chapter 1 of Title 36 of the Code; and <br />• WHEREAS, the City is authorized by Section 15.1-223 of the <br />Code to borrow money in anticipation of the issuance of the <br />Bonds; and <br />WHEREAS, the Council deems it in the City's best interest <br />not to engage in long-term financing at this time but to issue <br />and sell bond anticipation notes in anticipation of the issuance <br />and sale of the Bonds for the purpose for which the Bonds are <br />authorized. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The Council hereby determines that it is advisable to <br />contract a debt and to issue and sell the Bonds for the purpose <br />of appropriating the proceeds from the sale thereof and <br />transferring them to the Authority for use by the Authority in <br />its discretion in furtherance of its public purposes, including, <br />without limitation, the public purposes and objectives of the <br />Vinegar Hill Redevelopment Project. The issuance of the Bonds is <br />hereby authorized. <br />2. The Council hereby determines that it is in the best <br />interest of the City not to engage in long term financing at this <br />time but to issue and sell notes in anticipation of the issuance <br />and sale of the Bonds. The City is hereby authorized to borrow <br />• $9,500,000 in anticipation of the issuance and sale of the Bonds <br />and for the purposes for which the Bonds have been authorized and <br />