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RESOLUTION OF THE COUNCIL OF THE CITY OF
<br />• CHARLOTTESVILLE, VIRGINIA, APPROVING THE
<br />ADVANCE REFUNDING OF ALL OR A PORTION THE
<br />CITY'S $2,500,000 OUTSTANDING PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br />BONDS, SERIES 1987, DATED MAY 1, 1987 AND
<br />MATURING JULY 15, 1998 TO 2007, BOTH INCLUSIVE,
<br />THE CITY'S $2,500,000 OUTSTANDING PRINCIPAL
<br />AMOUNT OF GENERAL OBLIGATION PUBLIC
<br />IMPROVEMENT BONDS, SERIES 1989, DATED
<br />JANUARY 15, 1989 AND MATURING ON JULY 15, 2000
<br />TO 2009, BOTH INCLUSIVE, AND THE CITY'S
<br />$3,250,000 OUTSTANDING PRINCIPAL AMOUNT OF
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br />BONDS, SERIES 1990, DATED FEBRUARY 15, 1990 AND
<br />MATURING ON AUGUST 15, 2001 TO 2010, BOTH
<br />INCLUSIVE, AND AUTHORIZING THE CITY MANAGER
<br />AND OTHER CITY OFFICIALS TO SEEK THE
<br />APPROVAL OF THE STATE COUNCIL ON LOCAL DEBT
<br />WITH RESPECT TO THE ISSUANCE OF "REFUNDING
<br />BONDS" FOR THE PURPOSE OF ADVANCE REFUNDING
<br />SUCH BONDS PURSUANT TO SECTION 15.1-227.46 OF
<br />THE CODE OF VIRGINIA, 1950, AND THE "GUIDELINES
<br />Is
<br />FOR APPROVAL OF REFUNDING BONDS BY THE
<br />STATE COUNCIL ON LOCAL DEBT" ADOPTED BY THE
<br />STATE COUNCIL ON LOCAL DEBT THEREUNDER
<br />WHEREAS, the Council of the City of Charlottesville, Virginia, has determined
<br />that it would be desirable to advance refund all or a portion of (i) the City's $2,500,000
<br />outstanding principal amount of City of Charlottesville, Virginia, General Obligation Public
<br />Improvement Bonds, Series 1987, dated May 1, 1987 and maturing July 15, 1998 to 2007, both
<br />inclusive (the "1987 Bonds"), (ii) the City $2,500,000 outstanding principal amount of City of
<br />Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1989, dated
<br />January 15, 1989 and maturing on July 15, 2000 to 2009, both inclusive (the "1989 Bonds"),
<br />and (iii) the City's $1,950,000 outstanding principal amount of City of Charlottesville, Virginia,
<br />General Obligation Public Improvement Bonds, Series 1990, dated February 15, 1990 and
<br />maturing on August 15, 2001 to 2010, both inclusive (the "1990 Bonds"), for the purpose of
<br />realizing debt service cost savings; and
<br />WHEREAS, the City Council has determined that to seek the approval of the State
<br />Council on Local Debt (the "State Council") of the issuance of refunding bonds for the purpose
<br />of refunding the 1987 Bonds, the 1989 Bonds and the 1990 Bonds, as required by Section 15.1-
<br />227.46 of the Code of Virginia, 1950;
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