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211 installments, in arrears, commencing on such date as shall be determined by the City Manager, such monthly installments to be based on a ten (10) year amortization schedule with any principal remaining outstanding and unpaid at the end of the term of the Borrowing to be immediately due and payable as a bullet maturity; (iii) the principal of the Borrowing may be paid by the City in whole or in part at any time without a premium or penalty; (iv) interest on the Borrowing shall be calculated on the basis of a three hundred and sixty (360) day years comprised of twelve (12) thirty (30) day months and shall be paid in monthly installments, in arrears, commencing on such date as shall be determined by the City Manager; and (v) the Borrowing shall bear interest at a rate not to exceed three and seventy-five hundredths per centum (3.75%) per annum. 2. The full faith and credit ofthe City shall be and is irrevocably pledged to the punctual payment of the principal of and interest on the Borrowing as the same becorne due. In each year while the Borrowing, or any portion thereof; is outstanding and unpaid, the Council is authorized and required to levy and collect annually at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all tax, able property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and interest on the Borrowing to the extend other funds of the City are not lawfully available and appropriated for such purpose. 3. (a) The City Covenants and agrees to comply with the applicable provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the applicable Treasury Regulations promulgated under such Sections 103 and 141-150 so long as the Borrowing, or any portion thereof; is outstanding and unpaid. (b) The Borrowing is hereby designated as a "qualified tax-exempt obligation" for purposes of Section 265 of the Internal Revenue Code of 1986. 4. The City Attorney of the City is directed to file a copy of this resolution, certified by the Clerk of Council ofthe City to be a true and correct copy hereof; with the Circuit Court of the City in accordance with Section 15.2-2607 of the Code of Virginia, 1950. 5. All ordinances, resolutions and other proceedings in conflict herewith area, to the extent of such conflict, repealed. 6. This resolution shall take effect upon its adoption. PUBLIC HEARING/ORDIN32qCE: QUITCLAIMING GAS EASEMENT TO VDOT (SOUTH FOREST LAKES) Mr. Craig Brown, City Attorney, said that the ordinance will convey gas easements to VDOT nowthat VDOT is ready to accept the streets into their system. The public hearing was opened, but as there were no speakers, the public hearing was closed. On motion by Mr. Lynch, seconded by Ms. Richards, the ordinance entitled "AN ORDINANCE TO QUITCLAIM NATURAL GAS LINES LOCATED IN THE SOUTH FOREST LAKES SUBDIVISION IN ALBEMARLE COUNTY TO THE VIRGINIA DEPARTMENT OF TRANSPORTATION" was offered and carried over to the next meeting for consideration. ORDINANCE: IMPOSING LEASH LAW FOR DOGS IN CITY PARKS Mr. Caravati thanked everyone for the numerous e-mails he has received on this topic, and apologized for not having been able to respond to each one. Mr. O'Connell said that at the September 17t~ meeting, Council had asked staff to work with the Parks and Recreation Advisory Committee to develop recommendations