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-2 - <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />• OF CHARLOTTESVILLE, VIRGINIA, AS FOLLOWS: <br />SECTION 1. Approval of Refunding of 1987Bonds, 1989Bonds and 1990 Bonds. <br />The Council hereby authorizes the refunding of the 1987 Bonds, the 1989 Bonds and the 1990 <br />Bonds. <br />SECTION 2. State Council on Local Debt Approval. The City Manager and <br />other appropriate officials of the City are hereby authorized and directed to present a plan of <br />refunding with respect to the 1987 Bonds, the 1989 Bonds and the 1990 Bonds to the State <br />Council and to seek the approval of the State Council of the issuance of refunding bonds to <br />advance refund the 1987 Bonds, the 1989 Bonds and the 1990 Bonds pursuant to Section 15.1- <br />227.46 of the Code of Virginia, 1950, and the "Guidelines for Approval of Refunding Bonds by <br />the State Council on Local Debt" adopted by the State Council on Local Debt on November 20, <br />1991. The City is hereby authorized to pay any fees and expenses of the State Council in <br />connection therewith. <br />its adoption. <br />• <br />0 <br />SECTION 3. Effectiveness of Resolution. This resolution shall take effect upon <br />4'V—� C'0-�L <br />ANNE COX <br />Clerk of Council <br />City of Charlottesville, Virginia <br />Approved by Council <br />March 30, 1993 <br />