2009_Resolutions - Laserfiche WebLink

Home Browse Search

A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED NINETEEN • MILLION DOLLARS ($19,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, 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 FIVE MILLION FIVE HUNDRED THOUSAND DOLLARS ($5,500,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT REFUNDING BONDS OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, 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 OFFICER/CHIEF FINANCIAL OFFICER CERTAIN POWERS WITH RESPECT THERETO; DESIGNATING SUCH BONDS AS "QUALIFIED TAX- EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265 OF THE INTERNAL REVENUE CODE OF 1986; 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: SECTION 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 of the City in the principal amount of not to exceed Nineteen Million Dollars ($19,000,000) for the purpose of providing funds to pay the costs of various public improvement projects of and for the City. (b) (i) On September 20, 2001, the City issued $9,500,000 aggregate principal amount of its City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 2001, dated September 1, 2001 and maturing in the principal amount of $475,000 on March 15 in each of the years 2002 to 2021, both inclusive, and bearing interest payable on March 15, 2002 and semiannually on each March 15 and September 15 thereafter (the "Series • 2001 Bonds"). 560892.1 032321 RES