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RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA, APPROVING THE ADVANCE REFUNDING OF ALL OR A
<br />PORTION OF THE CITY'S $2,500,000 OUTSTANDING PRINCIPAL
<br />AMOUNT OF CITY OF CHARLOTTESVILLE, VIRGINIA, PUBLIC
<br />• IMPROVEMENT BONDS, SERIES 1985, DATED AUGUST 1, 1985 AND
<br />MATURING AUGUST 1, 1996 TO 2005, BOTH INCLUSIVE, AND/OR
<br />ALL OR A PORTION OF THE CITY'S $1,250,000 OUTSTANDING
<br />PRINCIPAL AMOUNT OF CITY OF CHARLOTTESVILLE, VIRGINIA,
<br />PUBLIC IMPROVEMENT BONDS, SERIES 1987, DATED MAY 1, 1987
<br />AND MATURING JULY 15, 2003 TO 2007, BOTH INCLUSIVE, AND
<br />AUTHORIZING THE CITY MANAGER AND OTHER CITY OFFICIALS TO
<br />SEEK THE APPROVAL OF THE STATE COUNCIL ON LOCAL DEBT WITH
<br />RESPECT TO THE ISSUANCE OF ^REFUNDING BONDS^ FOR THE
<br />PURPOSE OF ADVANCE REFUNDING SUCH BONDS PURSUANT TO
<br />SECTION 15.1-227.46 OF THE CODE OF VIRGINIA, 1950, AND
<br />THE "GUIDELINES FOR APPROVAL OF REFUNDING BONDS BY THE
<br />STATE COUNCIL ON LOCAL DEBT" ADOPTED BY THE STATE COUNCIL
<br />ON LOCAL DEBT THEREUNDER
<br />•
<br />WHEREAS, the Council of the City of Charlottesville, Virginia,
<br />has determined that it would be desirable to advance refund all or a
<br />portion of the City's $2,500,000 outstanding principal amount of City of
<br />Charlottesville, Virginia, Public Improvement Bonds, dated August 1, 1985
<br />and maturing August 1, 1996 to 2005, both inclusive (the 111985 Bonds"),
<br />and/or all or a portion of the City's $1,250,000 outstanding principal
<br />amount of City of Charlottesville, Virginia, Public Improvement Bonds,
<br />Series 1987, dated May 1, 1987 and maturing July 15, 2003 to 2007, both
<br />inclusive (the 111987 Bonds"), for the purpose of realizing debt service
<br />cost savings; and
<br />WHEREAS, the City Council has determined that it would be
<br />desirable to seek the approval of the State Council on Local Debt (the
<br />"State Council") of the issuance of refunding bonds for the purpose of
<br />refunding the 1985 and/or 1987 Bonds, as required by Section 15.1-227.46 of
<br />the Code of Virginia, 1950;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />CHARLOTPESVILLE, VIRGINIA, AS FOLLOWS:
<br />SECTION 1. Approval of Refunding of 1985 and/or 1987 Bonds The
<br />Council hereby authorizes the refunding of the 1985 and/or 1987 Bonds.
<br />SECTION 2. State Council on Local Debt Approval. The City
<br />Manager and other appropriate officials of the City are hereby authorized
<br />and directed to present a plan of refunding with respect to the 1985 and/or
<br />1987 Bonds to the State Council and to seek the approval of the State
<br />Council of the issuance of refunding bonds to advance refund the 1985
<br />and/or 1987 Bonds pursuant to Section 15.1-227.46 of the Code of Virginia,
<br />1950, and the "Guidelines for Approval of Refunding Bonds by the State
<br />Council on Local Debt" adopted by the State Council on Local Debt on
<br />November 20, 1991. The City is hereby authorized to pay any fees and
<br />expenses of the State Council in connection therewith.
<br />SECTION 3. Effectiveness of Resolution. This resolution shall
<br />take effect upon its adoption.
<br />EANNE COX
<br />Clerk of Council
<br />City of Charlottesville, Virginia
<br />May 18, 1992 92-6-23
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