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236 RESOLUTION: ALBEMARLE COUNTY BUS SERVICE RESOLUTION: AUTHORIZING INDUSTRIAL REVENUE BONDS FOR HARRIS ST. PARTNERSHIP 4. The unexpended and unencumbered balance remaining in expenditure account 01-61020 at the close of the fiscal year shall revert to the unappropriated balance of the General Fund in the same manner as other General Fund accounts. Mr. Hendrix reported that this resolution would.authorize the City Manager to enter into an agreement with Albemarle County concerning bus service to the Route 29 north corridor. The County's share for the service will be $17,456, which includes state funding. %n addition, the City will retain the bus fares collected. Mr. Hendrix recommended approval of the resolution. Mr. Conover moved, Dr. Hall seconded and the resolution was un- animously approved by Council. Mr. George Gilliam addressed Council, requesting approval of this resolution which would induce a city business, Valley Office Machines, to remain in the city. Mr. Gilliam stated that the Industrial Development Authority had approved the bonds following a public hearing. Dr. Hall moved, Mrs. Gleason second'ed, and the following resolution was unanimously approved: WHEREAS, the !ndustria'l Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of The Harris Street Partnership (the "Applicant'") requesting the issuance of the Authority's industrial development ravenue bonds in an amount not to exceed $325,000 (the "Bonds") to assist in the financing of the Applicant's acquisition, construction, renovation and equipping of a commerCial, retail and office facility (the "Project") to be located at the corner of Harris and Concord Streets, in the City of Charlottesville, Virginia, and has held a public hearing thereon on June 14, 1983. WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is to be located in the City of Charlottesville and the Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental officials of the City; and WHEREAS, the Ordinance adopted by the Council on July 19, 1976, as amended on February 3, 1980, which created the Authority (the "Ordinance"), provides that the Authority shall not finance any facility until the location and financing of such facility have been approved by the Council; and WHEREAS, Section 5 of the Ordinance sets forth certain standards to be considered by the Authority and the Council in determining the nature and location of facilities to be financed by the Authority; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing has been filed with the Council. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Applicant, as required by Section 103(k) of the Code, to permit the Authority to assist in the financing of the Project. 2. It is hereby found and determined that the Project meets the criteria set forth in Section 5 of the Ordinance. 3. The approval of the issuance of the Bonds, as required by Section 103(k) of the Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant. 4. This Resolution shall take effect immediately upon its adoption.