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260.
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />REVENUE BONDS
<br />FOR ELECTRONIC
<br />TECHNOLOGIES,
<br />INC.
<br />
<br />ORDINANCE:
<br />AIRPORT
<br />COMMISSION
<br />(2nd reading)
<br />
<br />Mr. Hendrix stated that the Industrial Revenue Authority
<br />
<br />required Council approval before.authorizing Industrial Revenue
<br />
<br />Bonds.
<br />
<br /> Mr. Lawrence Tew, representing Ovenaire, requested approval
<br />of the bonds to enable his company to expand their operations
<br />which includes the manufacture of oscillators, crystal ovens,
<br />
<br />emergency lights, and portable'audio systems.
<br /> Mrs. Gleason moved, Dr'. Gunter seconded, and Council unani-
<br />mously approved the resOlution authorizing Industrial Revenue Bonds
<br />for Electronic Technologies, 'Inc.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority,), has considered the
<br />application of Electronic Technologies, Inc., or a wholly-owned
<br />subsidiary to be organized by it (the "Applicant") requesting the
<br />issuance of the Authority~s induStrial development revenue bonds
<br />in an amount not to exceed $3,000,000 (the "Bonds") to assist in
<br />the financing of the Applicant's acquisition of a facility for
<br />the manufacture and distribution of electronic~components and
<br />products and/or the construction and equipping of an expansion of
<br />such facility (the "Project") to be located at 706 Forrest $.treet,
<br />in the City of Charlottesville, Virginia, and has held a public
<br />hearing thereon on August 9, 1983.
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954,
<br />as amended (the "Code'.') and Section 15.1-1378.1 of the Code of
<br />Virginia of 19S0, as amended ~the "ACK"), provides that the
<br />governmental unit having jurisdiction over the issuer of industrial
<br />development bonds and over the area in which any facility financed
<br />with the proceeds of industrial development bonds is located must
<br />approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City
<br /> of Charlottesville, Virginia (the "City"); the Project is to be
<br /> located in the City of Charlottesville and the Council of the City
<br /> of Charlottesville, Virginia (the "Council") constitutes the highest
<br /> elected governmental officials of the City; and
<br />
<br /> WHEREAS, the Ordinance adopted by the Council on July 19, 1976,
<br /> as amended on February 3, 1980, which created the Authority (the
<br /> ~"OrdinanCe"), provides that the AUthority shall not finance any
<br /> facility until the location and financing of such facility have been
<br /> approved by the Council; and
<br />
<br /> WHEREAS, ..Section 5 of the Ordinance sets forth certain standards
<br /> to be considered by the Authority and the Council in determining the
<br /> nature and location of facilities to be financed by the Authority; and
<br />
<br /> WHEREAS, the Authority .has recommended that the Council aoorove
<br /> the issuance of the Bonds; and
<br /> WHEREAS, a copy of the Authority's resolution approving the
<br /> issuance of the Bonds, subject to the terms to 'b.e agreed upon, and
<br /> a certificate of the public hearing has been filed with the Council.
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br /> VIRGINIA:
<br />
<br /> 1. The Council approves the issuance of the Bonds by the
<br /> Authority for the benefit of the Applicant, as required by Section
<br /> 103(k) of the Code and Section 15.1-1378.1 of the Act, to permit the
<br /> Authority to assist in the financing of the Project.
<br />
<br /> 2. It is hereby found and determined that the Project meets
<br /> the criteria set forth in Section 5 of the Ordinance..
<br /> 3. The approval of the issuance of the Bonds, as required
<br /> by Section 103(t) of the Code and Section 15.1-1378.1 of the Act,
<br /> does not constitute an endorsement to a prospective purchaser of
<br /> the Bonds of the creditworthiness of the Project or the Applicant.
<br /> 4. This Resolution" shall take effect immediately upon its
<br /> adoption.
<br />
<br /> The ordinance changing the membership of the Airport Commission
<br /> entitled "AN ORDINANCE TO AMEND AND REORDAIN SECTIONS 2-94 AND 2-95
<br /> OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1976, AS AMENDED, SUCH
<br /> SECTIONS RELATING TO THE MEMBERSHIP AND ADMINISTRATION OF THE
<br /> CHARLOTTESVILLE-ALBEMARLE JOINT AIRPORT COMMISSION" was approved by
<br /> the following vote. Ayes: Mr. BucR, Mr. Conover, Mrs. Gleason, Dr.
<br />
<br />Gunter. Noes: None.
<br />
<br />
<br />
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