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0 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; F LING THE FORM, DENOMINATION AND CERTAIN OTTER FEATURES OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH BONDS WHEREAS, in the judgment of the Council of the City of Charlottesville, Virginia (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 not to exceed 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 Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being 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 in such years and in such amounts 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 and, unless otherwise provided in the proceedings authorizing the Bonds of any series, interest on the Bonds shall be calculated on the basis of a three hundred and sixty (360) day year comprised of twelve (12) thirty (30) day months. 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 final maturity of the Bonds • be not later than forty (40) years from the date the first Bonds are issued under this ordinance); the amount of principal maturing on each maturity date; the place or places of payment thereof and the paying agent or paying agents therefor; the place or places of registration, exchange or 373936.1 022828 ORD