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210 Ms. Judy Bartlett, 1404 E. Market Street, thanked Council for passing the living wage ordinance for contract employees, and asked that Councilors comment on what the City has done and plans to do in the future to make Charlottesville a living wage city. Mr. Carl Ackerman, 1611 E. Market Street, representing the Burnley-Moran School PTO, said that very little information has been made public about how the pubic will be involved in the superintendent search, and he encouraged Council to stay involved. Mr. Ackerman said he feels a committee of parents and teachers should do preliminary screening rather than just the School Board, noting that this process was successful when principals were hired. PUBLIC HEARING/RESOLUTION: AUTHORIZING $2,500,000 IN GENERAL OBLIGATION INDEBTEDNESS FOR CAPITAL SCHOOL IMPROVEMENT PROJECTS Mr. O'Cormell said that the bonds will be used for school capital projects. Ms. Rita Scott, Director of Finance, explained that normally a portion of the capital improvement progran~ is finance through long,term debt. She said that this bond will be used for HVAC improvements at Buford and Walker School. The public hearing was opened, but as there were no speakers, the public hearing was closed. Mr. Toscano asked if the bond will be paid back out of the City's operating budget and if the interest rates are low because of the City's AAA bond rating, and Ms. Scott replied that it will be paid back over a period often years at a debt service of approximately $300,000 per year, and the rates are low because of the bond rating. Mr. Toscano asked if he is correct that the $300,000 in the City's operating budget is not charged to the school budget, and Ms. Scott said that is correct, and that the amount is in addition to the annual appropriation to the schools. On motion by Ms. Richards, seconded by Mr. Toscano, the Resolution Authorizing $2,500,000 in General Obligation Indebtedness for School Capital Improvement Projects was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Toscano. Noes: None. WHEREAS, in the judgment of the Council of the City of Charlottesville, Virginia (the "City"), it is necessary and expedient to authorize the City to contract a general obligation indebtedness in the principal amount of not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000) for the purpose of providing funds to pay the costs of capital school improvement projects of and for the City: NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CiTY OF CHARLOTTESVILLE, VIRGINIA: 1. Pursuant to Chapter 26 of Title 15.2 ofthe Code of Virginia, 1950 (the same being the Public Finance Act of 1991), for the purpose of providing funds to pay the costs of capital school improvement projects of and for the City, the City is authorized to contract a general obligation indebtedness in the principal amount of not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000) (such general obligation indebtedness being referred to hereinatter as the "Borrowing"). The Borrowing shall be made by the City from SunTrust Bank (the "Bank") and shall be evidenced by a Loan Agreement or a Financing Agreement to be entered into by and between the City and the Bank, and the City Manager is authorized to execute and deliver to the Bank a Loan Agreement or Financing Agreement in such form as the City Manager shall approve upon advice of counsel (including the City Attorney and Bond Counsel to the City), such approval to be conclusively evidenced by the execution and delivery of such Loan Agreement or Financing Agreement by the City Manager; provided that (I) the term of the Borrowing shall be for a period of not to exceed five (5) years from the date the Borrowing is made; (ii) the principal of the Borrowing shall be paid in monthly