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0 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEVEN <br />MILLION DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE <br />OF PROVIDING FUNDS TO PAY THE COST OF PUBLIC <br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; FIXING <br />THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES <br />OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH <br />BONDS. <br />WHEREAS, pursuant to Chapter 5.1 of Title 15.1 of the <br />Code of Virginia, 1950, as amended (the same being referred to <br />herein as the "Public Finance Act of 1991"), the City of <br />Charlottesville, Virginia (the "City"), is authorized to contract <br />debts for, borrow money for and issue its negotiable bonds to pay <br />all or any part of the cost of any public improvement or <br />undertaking for which the City is authorized by law to appropriate <br />money; and <br />WHEREAS, in the judgment of the Council of the City, it <br />is necessary and expedient to authorize the issuance and sale of <br />general obligation Public Improvement Bonds of the City in the <br />• principal amount of Seven Million Dollars ($7,000,000) for the <br />purpose of providing funds to pay the cost of public improvement <br />projects of and for the City; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF CHARLOTTESVILLE, VIRGINIA: <br />1. (a) Pursuant to the Public Finance Act of 1991, and <br />the Charter of the City, as amended, for the purpose of providing <br />funds to pay the cost of the public improvement projects of and for <br />the City set forth in paragraph 7, there are authorized to be <br />issued Seven Million Dollars ($7,000,000) principal amount of <br />general obligation bonds of the City to be designated "Public <br />Improvement Bonds" (the "Bonds"). The Bonds shall be issued and <br />sold in their entirety at one time, or from time to time in part in <br />series, as shall be determined by the City Manager of the City. <br />The Bonds may be sold at the same time as other general obligation <br />bonds are sold by the City. All such Bonds shall be issued in <br />fully registered form and shall be in the denomination of $5,000 or <br />any integral multiple thereof. The Bonds of a given series shall <br />be numbered from R-1 upwards in order of issuance; shall mature <br />serially, commencing in such year and in such amount in each year <br />as shall be determined by the City Manager; and shall bear interest <br />at such rate or rates per annum as shall be specified in the bid <br />accepted by resolution of this Council for the purchase of the <br />Bonds of such series, if any bid therefor be accepted, such <br />• interest being payable on a date which is not more than one (1) <br />year after the date of the Bonds of such series and semiannually <br />thereafter. The City Manager is authorized to determine, in <br />