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4/24/96 AN ORDINANCE AUTHORIZING THE ISSUANCE OF NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY; FDCE'gG THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH BONDS WHEREAS, pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being referred to.. herein as the "Public Finance Act of 1991"), the City of Charlottesville, Virginia (the "City"), is authorized to contract debts for, borrow money for and issue its negotiable bonds to pay all or any part of the cost of any public improvement or undertaking for which the City is authorized by law to appropriate money; and WHEREAS, in the judgment of the Council of the City, it is necessary and expedient to authorize the issuance and sale of general obligation Public Improvement Bonds of the City in the principal amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) for the purpose of providing funds to pay the cost of public improvement projects of and for the • City; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. (a) Pursuant to the Public Finance Act of 1991, for the purpose of providing funds to pay the cost of the public improvement projects of and for the City set forth in Paragraph 7, there are authorized to be issued Nine Million Five Hundred Thousand Dollars ($9,500,000) principal amount of general obligation bonds of the City to be designated "General Obligation Public Improvement Bonds" (the 'Bonds"). The Bonds shall be issued and sold in their entirety at one time, or from time to time in part in series, as shall be determined by the City Manager of the City. The Bonds may be sold at the same time as other general obligation bonds are sold by the City. All such Bonds shall be issued in fully registered form and shall be in the denomination of $5,000 or any integral multiple thereof. The Bonds of a given series shall be numbered from R-1 upwards in order. of issuance; shall mature serially, commencing in such year and in such amount in each year as shall be determined by the City Manager; and shall bear interest at such rate or rates per annum as shall be specified in the bid accepted by resolution of this Council for the purchase of the Bonds of such series, if, any bid therefor be. accepted, such interest being payable on a date which is not more than one (1) year after the date of the Bonds of such series and semiannually thereafter. The City Manager is authorized to determine, in accordance with and subject to the provisions of this ordinance: the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof, provided that the 0 135133.1 017300 ORD