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• <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY- <br />TWO MILLION DOLLARS ($22,000,000) PRINCIPAL AMOUNT OF GENERAL <br />OBLIGATION BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, <br />CONSISTING OF SEVENTEEN MILLION DOLLARS ($17,000,000) PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS TO BE <br />ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF <br />VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY AND NOT <br />TO EXCEED FIVE MILLION DOLLARS ($5,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS TO BE <br />ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF <br />THEIR STATED MATURITIES AND REDEEM CERTAIN OUTSTANDING GENERAL <br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY; FIXING THE <br />FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; <br />PROVIDING FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY <br />MANAGER OR THE CHIEF OPERATING OFFICER/CHIEF FINANCIAL OFFICER <br />CERTAIN POWERS WITH RESPECT THERETO; AUTHORIZING THE <br />APPOINTMENT OF AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND <br />DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE <br />CITY AND SUCH ESCROW AGENT AND THE PURCHASE OF THE SECURITIES TO <br />BE HELD THEREUNDER; AND AUTHORIZING THE DESIGNATION OF THE <br />REFUNDED BONDS FOR REDEMPTION <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The Council (the "Council") of the City of Charlottesville, Virginia (the <br />"City"), hereby finds and determines as follows: <br />(a)(i) Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the <br />same being the Public Finance Act of 1991), the City is authorized to contract debts for, borrow <br />money for and issue its negotiable bonds to pay all or any part of the cost of any public <br />improvement or undertaking for which the City is authorized by law to appropriate money. <br />(ii) In the judgment of the Council of the City, it is necessary and expedient to <br />authorize the issuance and sale of General Obligation Public Improvement Bonds (the "General <br />Obligation Public Improvement Bonds") of the City in the principal amount of Seventeen <br />Million Dollars ($17,000,000) for the purpose of providing funds to pay the cost of various <br />public improvement projects of and for the City. <br />(b)(i) On June 15, 2000, the City issued $9,000,000 aggregate principal amount <br />of City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 2000, <br />dated June 1, 2000 and maturing in varying principal amounts on December 15 in each of the <br />years 2000 to 2019, both inclusive, and bearing interest payable on December 15, 2000 and <br />semiannually on each June 15 and December 15 thereafter (the "Series 2000 Bonds"). <br />461132.3 027341 RES <br />