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02/18/98 AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY- FOUR MILLION DOLLARS ($24,000,000) PRINCIPAL AMOUNT OF GENERAL. OBLIGATION BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, CONSISTING OF TEN MILLION DOLLARS ($10,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY AND NOT TO EXCEED FOURTEEN MILLION DOLLARS ($14,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC L%4PROVEMENT REFUNDING BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN OUTSTANDING GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY MANAGER CERTAIN POWERS WITH RESPECT THERETO; AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND SALE OF SUCH GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS; AUTHORIZING THE APPOINTMENT OF AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT AND THE PURCHASE OF THE SECURITIES TO BE HELD THEREUNDER; AND AUTHORIZING THE DESIGNATION OF THE • REFUNDED BONDS FOR REDEMPTION • BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council (the "Council') of the City of Charlottesville, Virginia (the "City"), hereby finds and determines as follows: (a)(i) Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), 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. (ii) 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 Ten Million Dollars ($10,000,000) for the purpose of providing funds to pay the cost of public improvement projects of and for the City, and to authorize the issuance and sale of a like principal amount of General Obligation Public Improvement Bond Anticipation Notes in anticipation of the issuance thereof. 199960.1 019496 ORD