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(ii) The Series 2000 Bonds maturing on and after December 15, 2011 are • subject to redemption on or after December 15, 2010 upon the terms and conditions and at the redemption prices stated in the Series 2000 Bonds. (iii) The Council desires to authorize the issuance and sale of general obligation public improvement refunding bonds to provide for the refunding in advance of their stated maturities and redemption of all or a portion of the Series 2000 Bonds maturing on December 15 in each of the years 2011 to 2019, both inclusive, the same being outstanding on the date hereof in the principal amount of $4,050,000 (the "Refunded Series 2000 Bonds" and, collectively with any general obligation public improvement bonds to be refunded in advance of their stated maturities referred to in Paragraph 1(c), the "Refunded Bonds"). (c) The Council desires to authorize the issuance and sale of general obligation public improvement refunding bonds to provide for the refunding in advance of their stated maturities and redemption of all or a portion of such other outstanding general obligation public improvement bonds the refunding of which shall be recommended by the City's Financial Advisor. (d) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Five Million Dollars ($5,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds (the "General Obligation Public Improvement Refunding Bonds"), for the purpose of providing funds to refund in advance of their stated maturities and redeem all or a portion of the Refunded Bonds and to pay the costs of issuing such • Bonds. (e) The General Obligation Public Improvement Refunding Bonds referred to in Paragraph 1(d) and the General Obligation Public Improvement Bonds referred to in Paragraph I (a)(ii) may be issued and sold as a single series of Bonds. • 2. (a) Pursuant to the Public Finance Act of 1991, for the purpose of providing funds to pay the cost of the public improvement projects of and for the City set forth in Paragraph 8, there are authorized to be issued and sold Seventeen Million Dollars ($17,000,000) principal amount of General Obligation Public Improvement Bonds of the City. (b) Pursuant to the Public Finance Act of 1991, there are hereby authorized to be issued and sold not to exceed Five Million Dollars ($5,000,000) aggregate principal amount of General Obligation Public Improvement Refunding Bonds of the City, for the purpose of providing funds to refund in advance of their stated maturities and redeem the Refunded Bonds and to pay the costs of issuing such Bonds. (c) The General Obligation Public Improvement Bonds authorized to be issued and sold pursuant to Paragraph 2(a) and the General Obligation Public Improvement Refunding Bonds authorized to be issued and sold pursuant to Paragraph 2(b) shall be issued and sold as a single series of Bonds to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement and Refunding Bonds, Series 2004" (the "Bonds"). -2- 461132.3 027341 RES