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39.4.
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />WILLOUGHBY
<br />SQUARE
<br />
<br />ORDINANCE:
<br />INCREASING BUS
<br />FARES
<br />(2nd reading)
<br />
<br />ORDINANCE:
<br />CONVEYING
<br />VISITORS'
<br />CENTER TO
<br />ALBEMARLE
<br />COUNTY
<br />
<br />Mr. Charles Trolland, representing Willoughby Square, requested $2,17S,000
<br />
<br />in refunding revenue bonds which had been approved by the Industrial Development
<br />
<br />Authority on July 10th.
<br />
<br />Mr. Trolland stated and Mr. Wiley, City Attorney, concurred, that these
<br />
<br />bonds would not be subject to the recently imposed cap.
<br />
<br />Mr. Wiley added that refunding was not an unusual practice in this type of
<br />
<br />project.
<br />
<br />The resolution was moved by Dr. Hall, seconded by Mrs. Gleason and
<br />
<br />unanimously approved by Council.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City' of
<br />Charlottesville, Virginia (the "Authority"), has considered the
<br />application of Southwood Associates of Charlottesville, a North
<br />Carolina limited partnership (the "Partnership") requesting~the
<br />issuance of the Authority's industrial development revenue refunding
<br />bond in the amount of $2,17S,000.00 (the "Bond") to assist refunding
<br />prior issue of Bonds of the Authority which were issued to finance
<br />the Partnership's acquisition, construction and equipping of a shopping
<br />center facility (the "Project") in the City of Charlottesville, Virginia,
<br />and has held a public hearing thereon on July 10, 1984;
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as
<br />amended, provides that the governmental Unit having jurisdiction over
<br />the issuer of industrial development bonds and over the area in which
<br />any facility financed with the proceeds of industrial development bonds
<br />is located must approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City of
<br />Charlottesville, Virginia (the "City"), the Project is to be located
<br />in the City and the Council of the City of Charlottesville, Virginia
<br />(the "Council") constitutes the highest elected governmental officials
<br />of the City; and
<br />
<br /> WHEREAS, the Authority recommends that the Council approve the
<br />issuance of the Bonds; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance
<br />of the Bonds, subject to the terms to be agreed upon, and a certificate
<br />of the public hearing has been filed with the Council; and
<br />
<br /> WHEREAS, Council has been advised by Glenn, Flippin, Feldmann &
<br />Darby, Roanoke, Virginia, that the issuance of the Bond will not in
<br />any way limit the volume of bonds otherwise issuable by the Authority.
<br />
<br />BE IT RESOLVED BY THE Council of the City of Charlottesville, Virginia:
<br />
<br /> 1. The Council approves the issuance of the Bond by the Authority
<br />for the benefit of the Partnership, as required by Section 103(k), to
<br />permit the Authority to assist in the financing of the Project.
<br />
<br /> 2. The approval of the issuance of the Bond, as required by Section
<br />103(k), does not constitute an endorsement to a prospective purchaser
<br />of the Bond of the creditworthiness of the Project or the Partnership,
<br />and, as required by Section 15.1-1380 of the Code of Virginia of 19S0,
<br />as amended, the Bonds shall provide that neither the City nor the
<br />Authority shall be obligated to pay the Bond or the interest thereon or
<br />other costs incident thereto except from the revenues and moneys pledged
<br />therefor and neither the faith or credit nor the taxing power of the
<br />Commonwealth, the City nor the Authority shall be pledged thereto.
<br />
<br />3. This Resolution shall take effect immediately upon its adoption.
<br />
<br />The ordinance entitled "AN ORDINANCE INCREASING FARES FOR CITY TRANSIT
<br />
<br />SYSTEM" was approved by the following vote. Ayes: Mr. Barnes, Mr. Buck,
<br />
<br />Mrs. Gleason, Dr. Gunter, Dr..Hall. Noes: None.
<br />
<br />Mrs. Gleason stated that she hoped staff would advertise the fare
<br />
<br />increase as well as the no change policy and pass book program.
<br />
<br />Mr. Hendrix assured Council that an extensive advertising campaign
<br />
<br />was planned.
<br />
<br />Mr. Wiley requested that this tiem be deferred until matters involving
<br />
<br />the'State could be resolved.
<br />
<br />
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