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A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED FIFTEEN • MILLION FIVE HUNDRED THOUSAND DOLLARS ($15,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR, THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; AND PROVIDING FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY MANAGER OR THE CHIEF OPERATING OFFICER/CHIEF FINANCIAL OFFICER CERTAIN POWERS WITH RESPECT THERETO BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: The Council (the "Council') of the City of Charlottesville, Virginia (the "City"), hereby finds and determines as follows: Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), the City is authorized to contract debts for, borrow money for and issue its negotiable bonds to pay all or any part of the cost of any public improvement or undertaking for which the City is authorized by law to appropriate money. In the judgment of the Council of the City, it is necessary and expedient to authorize the • issuance and sale of General Obligation Public Improvement Bonds of the City in the principal amount of Fifteen Million Five Hundred Thousand Dollars ($15,500,000) for the purpose of providing funds to pay the cost of various public improvement projects of and for the City. 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 Fifteen Million Five Hundred Thousand Dollars ($15,500,000) principal amount of General Obligation Public Improvement Bonds of the City (the "Bonds"). The Bonds shall be issued and sold in their entirety at one time, or from time to time in part in series, as shall be determined by the City Manager. The Bonds may be sold at the same time as other general obligation bonds are sold by the City. The Bonds shall be issued in fully registered form and shall be in the denomination of $5,000 or any integral multiple thereof. The Bonds of each series shall be numbered from R-1 upwards in order of issuance and shall bear such series designation as shall be determined by the City Manager; shall mature in such years and in such amounts in each year as shall be determined by the City Manager; and shall bear interest at such rate or rates per annum as shall be determined by the City Manager pursuant to Paragraph 9, such interest being payable on a date which is not more than one (1) year after the date of the Bonds of such series and semiannually thereafter. The City Manager is authorized to determine, in accordance with and subject to the provisions of this resolution: the date or dates of the Bonds; the interest payment dates thereof; the maturity dates thereof (provided that the final maturity of the Bonds of any series shall be not later than forty (40) years from the date the • first Bonds of such series are issued under this resolution); the amount of principal maturing on