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• Improvement Bonds, Series 1991, dated December 1, 1991 and maturing in the principal amount of $350,000 on July 15 in each of the years 1993 to 2012, both inclusive, and bearing interest payable on July 15, 1992 and semiannually on each January 15 and July 15 thereafter (the "Series 1991 Bonds"). (ii) The Series 1991 Bonds maturing on and after July 15, 2002 are subject to redemption on or after July 15, 2001 upon the terms and conditions and at the redemption prices stated in the Series 1991 Bonds. (iii) The Council desires to authorize the issuance and sale of general obligation public improvement refunding bonds to provide for the refunding in advance of their stated maturities and redemption on July 15, 2001 of all or a portion of the Series 1991 Bonds maturing on July 15 in each of the years 2003 to 2012, both inclusive, the same being outstanding on the date hereof in the principal amount of $3,500,000 (the "Refunded Series 1991 Bonds", and, collectively with the Refunded 1980 Bonds, the Refunded 1986 Bonds, the Refunded 1987 Bonds, the Refunded 1989 Bonds, the Refunded 1991 Bonds and any general obligation public improvement bonds to be refunded in advance of their stated maturities referred to in subparagraph (h), the "Refunded Bonds"). (h) The Council desires to authorize the issuance and sale of general obligation public improvement refunding bonds to provide for the refunding in advance of their stated maturities and redemption of all or a portion of such other outstanding general obligation public • improvement bonds the refunding of which shall be recommended by the City's Financial Advisor. • (i) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Fourteen Million Dollars ($14,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds, the same to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement Refunding Bonds, Series 199811" (the "Series 1998B Bonds"), for the purpose of providing funds to refund in advance of their stated maturities and redeem all or a portion of the Refunded Bonds and to pay the costs of issuing the Series 1998B Bonds. 0) The Series 1998B Bonds shall be sold, together with the $10,000,000 aggregate principal amount of General Obligation Public Improvement Bonds, the same to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1998A". 2. (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 8, there are authorized to be issued Ten Million Dollars ($10,000,000) principal amount of General Obligation Public Improvement Bonds of the City, to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1998A" (the "Series 1998A Bonds"). 199960.1 019496 OPD