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(ii) The Series 2001 Bonds maturing on and after March 15, 2012 are subject • to redemption on or after March 15, 2011 upon the terms and conditions and at the redemption prices stated in the Series 2001 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 2001 Bonds maturing on September 15 in each of the years 2012 to 2021, both inclusive, the same being outstanding on the date hereof in the principal amount of $4,750,000 (the "Refunded Bonds"). (iv) In the judgment of the Council, it is necessary and expedient to issue and sell not to exceed Five Million Five Hundred Thousand Dollars ($5,500,000) 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. SECTION 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 Section 8, there are authorized to be issued and sold not to exceed Nineteen Million Dollars ($19,000,000) principal amount of General Obligation Public Improvement Bonds of the City to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement Bonds, Series 2009A" (the "Series 2009A • Bonds"). (b) Pursuant to the Public Finance Act of 1991, there are hereby authorized to be issued and sold not to exceed Five Million Five Hundred Thousand Dollars ($5,500,000) 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 to be known and designated as the "City of Charlottesville, Virginia, General Obligation Public Improvement Refunding Bonds, Series 2009B (the "Series 2009B Bonds" and, collectively with the Series 2009A Bonds, the "Bonds"). (c) 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 shall be numbered from R -2009A-1 upwards in order of issuance in the case of the Series 2009A Bonds and from R-200913-1 upwards in order of issuance in the case of the Series 2009B Bonds 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 Section 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 -2- 560892.1032321 RES