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RESOLUTION AWARDING THE $9,500,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES OF THE CITY OF CHARLOTTESVILLE WHEREAS, the Council of the City of Charlottesville (the "Council") adopted an Ordinance on October 27, 1983, authorizing the issuance of its $9,500,000 General Obligation Bond Anticipation Notes (the "Notes") of the City of Charlottesville, Virginia (the "City"); and WHEREAS, the Council has received a proposal from United Virginia Bank, Charlottesville, Virginia to purchase the Notes. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council hereby determines that it is in the best interest of the City to contract a debt and to issue and sell the Notes in anticipation of the issuance and sale of its $9,500,000 general obligation bonds for the purpose of appropriating the proceeds from the sale thereof and transferring them to the Charlottesville Redevelopment and Housing Authority (the "Authority") for use by the Authority in its discretion in furtherance of its public purposes, including, without limitation, the public purposes and objectives underlying the • Redevelopment Plan for the Vinegar Hill Redevelopment Project, as amended (Urban Renewal Project No. VA. R-12) (the "Vinegar Hill Redevelopment Project"), pursuant to applicable provisions of Chapter 1 of Title 36 of the Code. 2. The terms and form of the Notes shall be as set forth in the Ordinance of the Council adopted October 27, 1983. The Notes shall bear interest at the rate of five and ninety four one -hundredths percent (5.948) per annum. The Council, acting on behalf of the City, hereby accepts the proposal of United Virginia Bank, Charlottesville, Virginia to purchase the Notes upon the terms and conditions set forth in such proposal. The Council hereby determines that the sale of the Notes at the price and upon the terms set forth in such proposal is in the best interests of the Commonwealth of Virginia and the City. 3. The officers and agents of the City are hereby authorized and directed to execute and deliver any and all documents they or any one of them deem necessary in order to effect the issuance and sale of the Notes. The officers and agents of the City are hereby further authorized and directed to do all acts required by this Resolution for the full, punctual and complete performance of all things necessary for this borrowing. • 4. Any other action taken by the officers and agents of the City in connection with the transactions described above is hereby approved, ratified and confirmed.