2008_Resolutions - Laserfiche WebLink

Home Browse Search

A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY- TWO MILLION DOLLARS ($22,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, CONSISTING OF NOT TO EXCEED FIFTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($15,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE CITY AND NOT TO EXCEED SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS TO BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN OUTSTANDING GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS; PROVIDING FOR THE SALE OF SUCH BONDS AND DELEGATING TO THE CITY MANAGER OR THE CHIEF OPERATING OFFICERICHIEF FINANCIAL OFFICER CERTAIN POWERS WITH RESPECT THERETO; AUTHORIZING THE APPOINTMENT OF AN ESCROW AGENT; AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE CITY AND SUCH ESCROW AGENT AND THE PURCHASE OF THE SECURITIES TO BE HELD THEREUNDER; AND AUTHORIZING THE DESIGNATION OF THE REFUNDED BONDS FOR REDEMPTION • BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council (the "Council') of the City of Charlottesville, Virginia (the "City"), hereby finds and determines as follows: (a)(i) 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. (ii) 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 (the "General Obligation Public Improvement Bonds") of the City in the principal amount of not to exceed Fifteen Million Five Hundred Thousand Dollars ($15,500,000) for the purpose of providing funds to pay the costs of various public improvement projects of and for the City. (b)(i) On April 8, 1998, the City issued $10,000,000 aggregate principal amount of its City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 1998A, dated March 15, 1998 and maturing in varying principal amounts on September 15 in each of the years 1998 to 2017, both inclusive, and bearing interest payable on September 15, 1998 and semiannually on each March 15 and September 15 thereafter (the "Series 1998A • Bonds"). 541260.3 030911 RES