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203 1995 6.25 2005 7.20 1996 6.30 2006 7.25 1997 6.50 2007 7.25 (b) The Bonds maturing on and after July 15, 1998 (or portionS thereof in installments of $5,000) shall be subject to redemption at the option of the CitY prior to their stated maturities, on or after July 15, 1997, in whole at any time or in part from time to time on any interest payment date, from any moneys that may be made available for such purpose, in such order as may be determined by the City (except that if at any time less than all of the Bonds of a given maturity are called for redemption, the particular Bonds or portions thereof in installments of $5,000 of such maturity to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of ~5,000) to be redeemed, together with the intereest accrued thereon to the date fixed for redemption, plus a premium of one-quarter (1/4) of one percent (1%) of the principal amount of each Bond to be redeemed for each twelve (12) month period~or fraction thereof from and excluding the date fixed for redemption to and including the stated maturity date of such Bond; provided, however, that such redemption premium shall not exceed two percent (2%) of such principal amount. 5. The Bonds are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code. 6. The Bonds shall, as soon as practicable, be prepared, executed and delivered at the expense of the City to the Purchaser in accordance with the provisions of the Bond Ordinance, the Notice of Sale and this resolution and upon payment of the balance of the purchase price for the Bonds. ~ 7. The appointment of United Virginia Bank in the City of Richmond, Virginia, as Registrar and Paying Agent for the Bonds, is hereby approved, ratified and confirmed. 8. The City Attorney of the City is hereby directed to file a copy of this resolution, certified by the Clerk of Council of the City to be a true and correct copy hereof, with the Clerk of the Circuit Court of the City. 9. This resolution shall take effect upon its adoption. meeting was President adj ourne d. COUNCIL CHAMBER - May 18, 1987 C°unCil met in regular seSsion on this date with the following members present: Mr. Barnes, Mr, Buck, Mrs. Gleason, Dr. Hall, Mr. Towe (arrived late). MINUTES On motion by Mr. ~Barnes, Seconded by Mrs. Gleason, the minutes of May 4th~were apprOved as presented, with Mr. Towe absent for the vote. On motion by Dr. Hall, seconded by Mrs. Gleason, the minutes of May 13th were approved as presented, with Mr. Towe absent for the vote.