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(ii) On April 8, 1998, the City issued $8,675,000 aggregate principal amount • of its City of Charlottesville, Virginia, General Obligation Public Improvement Refunding Bonds, Series 1998B, dated March 15, 1998 and maturing in varying principal amounts on September 15 in each of the years 1998 to 2012, both inclusive, and bearing interest payable on September 15, 1998 and semiannually on each March 15 and September 15 thereafter (the "Series 1998B Bonds" and, collectively with the Series 1998A Bonds, the "Series 1998 Bonds"). (iii) The Series 1998 Bonds maturing on and after September 15, 2009 are subject to redemption on or after September 15, 2008 upon the terms and conditions and at the redemption prices stated in the Series 1998 Bonds. (iv) 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 1998A Bonds maturing on September 15 in each of the years 2009 to 2017, both inclusive, the same being outstanding on the date hereof in the principal amount of $4,500,000 (the "Refunded Series 1998A Bonds"), and all or a portion of the Series 1998B Bonds maturing on September 15 in each of the years 2009 to 2012, both inclusive, the same being outstanding on the date hereof in the principal amount of $1,330,000 (the "Refunded Series 1998B Bonds" and, collectively with the Refunded Series 1998A Bonds and 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. 11 (d) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Six Million Five Hundred Thousand Dollars ($6,500,000) 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. 2. (a) Pursuant to the Public Finance Act of 1991, for the purpose of providing net proceeds of sale sufficient to pay the costs of the public improvement projects of and for the City set forth in Paragraph 8, there are authorized to be issued and sold not to exceed Fifteen Million Five Hundred Thousand Dollars ($15,500,000) 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 Six Million Five Hundred Thousand Dollars ($6,500,000) 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. -2- 541260.3 030911 RES