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34 <br /> <br />NOTICE OF SPECIAL MEETING <br /> <br />A SPECIAL MEETING OF THE CHARLOTTESVILLE CITY COUNCIL WILL BE <br />HELD ON Wednesday, March 14, 2001 AT 6:30 p.rn~ IN THE Basement Conference <br />Room. <br /> <br />THE PROPOSED AGENDA IS AS FOLLOWS: <br /> <br />6:30 p.m. <br /> <br />Closed session as provided by Section 2.1-344(A) of the Virginia <br />Code <br /> <br />7:00 p.m. Budget Work Session <br /> <br />BY ORDER OF THE MAYOR <br /> <br />BY Jeanne Cox <br /> <br />BASEMENT CONFERENCE ROOM - March 14, 2001 <br /> <br /> Council met in special session on this date with the following members present: <br />Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Toscano. <br /> <br /> On motion by Mr. Toscano, seconded by Ivlr. Lynch, Council voted to meet in <br />closed session for the purpose of discussion or consideration of the acquisition of real <br />property for a public purpose, or of the disposition of publicly held real property, where <br />discussion in an open meeting would adversely affect the bargaining position or <br />negotiating strategy of the public body, as authorized by Section 2.1-344(A)(3) of the <br />Virginia Code by the following vote. Ayes: Mr. Caravati, Mr. Lynch, Ms. Richards, Mr. <br />Toscano. Noes: None. Absent for the vote: Mr. Cox <br /> <br /> Council reconvened in open session and, on motiOn by Mr. Cox, seconded by Mr. <br />Caravati, approved the following certification of closed meeting by the following vote. <br />Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Toscano. Noes: None. <br /> <br /> WHEREAS, the City Council has convened a closed meeting on this date pursuant <br />to an affirmative recorded vote and in accordance with the provisions of the Virginia <br />Freedom of Information Act; and <br /> <br /> WHEREAS, Section 2.344.1 of the Code of Virginia requires a certification by the <br />Council that such closed meeting was conducted in conformity with Virginia law; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council hereby certifies <br />that, to the best of each member's knowledge, (i) only public business matters lawfully <br />exempted ~om open meeting requirements by Virginia law-were discussed in the closed <br />meeting to which this certification resolution applies, and (ii) only such public business <br />matters as were identified in the motion convening the closed meeting were heard, <br />discussed or considered by the Council. <br /> <br />BUDGET WORK SESSION <br /> <br />Bonds, debt service and long-term financing <br /> <br /> Ms. Rita Scott, Director of Finance, reviewed the process and factors to consider in <br />debt issuance. To keep the City's AAA rating: a methodical and planned approach to <br />issuing debt; rapid repayment of debt; strong fund balance; long history of stable <br />performance in key credit indicators, strong financial performances with experienced <br />management team, strong economic basis with significant economic development, sound <br />debt management, and use of pay-as-you-go financing for capital projects. To get the <br />lowest possible interest rates at the lowest costs of issuing and administering: make sure <br /> <br /> <br />