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398
<br />
<br /> 1'. The City Council approves the proposed issuance of the
<br />Bonds by the Authority for the benefit of the Partnership, to the
<br />extent.required by the federal law referred to above, to permit
<br />the Authority to assist in the financing of the Facility.
<br />
<br /> 2. The foregoing approval of the proposed issuance of the
<br />BOnds does not constitute an endorsement of the Bonds, the financial
<br />viability of the Facility or the creditworthiness of the Partnership.
<br />The Bonds shall provide that neither the Commonwealth of Virginia, the
<br />City nor the Authority shall be obligated to pay the Bonds or the
<br />interest thereon or other costs incident thereto except from the
<br />revenues and moneys pledged therefor and neither the faith and credit
<br />nor the taxing power of the Commonwealth,~ the City or the Authority
<br />shall be pledged thereto.
<br />
<br /> 3. This Resolution shall take effect immediately upon its
<br />adoption.
<br />
<br />On motion by Mrs. Gleason, seconded by Mr. Barnes, the resolution
<br />
<br />authorizing bonds for St. E. lmo's Renovation Associates was unanimously
<br />
<br />ap.proved by Council.
<br />
<br /> WHEREAS, the Charlottesville Redevelopment and Housing Authority
<br />(the "Authority") has considered the application of St. Elmo Renovation
<br />Associates, a Virginia limited partnership, Post Office Box 9012,
<br />Charlottesville, Virginia 23906-9012 (the "Partnership") for the issuance
<br />of the Authority's bonds pursuant to the Housing Authorities Law in the
<br />maximum amount not to exceed $350,000 (the "Bonds") to assist in the
<br />financing of the Partnership's acquisition and renovation of a 6,000
<br />square foot residential facility (the "Facility") for lease to St.
<br />Club of the University of Virginia, Inc., a Virginia. non-stock corporation,
<br />and to individuals to be located at 130 Madison Lane in the Central City
<br />Development District in the City of Charlottesville, Virginia (the "City")
<br />and has held a public hearing thereon on July 23, 1984, a date within 60
<br />days prior to the date of adoption of this resolution;
<br />
<br /> WHEREAS, the Authority has requested the Council of the City of
<br />Charlottesville, Virginia (the "City Council") to approve the issuance
<br />of the Bonds to comply with Section 103(k) of the Internal Revenue Code
<br />of 1954, as amended; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance
<br />of the Bonds and its recommendation with respect thereto, a record of the
<br />public hearing and the Fiscal Impact Statement required by Paragraph 2
<br />of Chapter 514 of the Acts of the General Assembly of Virginia of 1983
<br />have been filed with the City Council;--.
<br />
<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The City Council approves the proposed issuance of the Bonds by
<br />the Authority for the benefit of the Partnership, to the extent required
<br />by the federal law referred to above, to permit the Authority to assist
<br />in the financing of the Facility.
<br />
<br /> 2. The foregoing approval of the proposed issuance of the Bonds does
<br />not constitute an endorsement of the Bonds, the financial viability of
<br />the Facility or the creditworthiness of the Partnership. The Bonds shall
<br />provide that neither the COmmonwealth of Virginia, the City nor the Authority
<br />shall be obligated to pay the Bonds or-the interest thereon or other costs
<br />incident thereto except from the revenues and moneys pledged therefor and
<br />neither the faith and credit nor the taxing power of the Commonwealth, the
<br />City or the Authority shall be pledged thereto.
<br />
<br />3. This Resolution shall take effect immediately upon its adoption.
<br />
<br />On motion by Mrs. Gleason, Seconded by Dr. Gunter, the resolution
<br />
<br />authorizing bonds for Sigma Alpha Epsilon Renovation Associates was
<br />
<br />unanimously approved by Council.
<br />
<br /> WHEREAS, the Charlottesville Redevelopment and Housing Authority
<br />(the "Authority") has considered the application of Sigma Alpha Epsilon
<br />Renovation Associates, a Virginia limited partnership, Post Office Box
<br />9012, Charlottesville, Virginia 23906-9012 (the "Partnership") for the
<br />issuance of the Authority's bonds puzsuant to the Housing Authorities
<br />Law in the maximum amount not to exCeed $350,000' (the "Bonds") to assist
<br />in the financing of the Partnership's acquisition and renovation of
<br />5,000 square foot residential facility (the "Facility") for lease to
<br />Virginia Omicron Chapter House Association, a Virginia non-stock
<br />corporation, and to individuals to be located at 1703 Grady Avenue in the
<br />Central City Development District in the City of Charlottesville, Virginia
<br />(the "City") and has held a public hearing thereon on July 23, 198-4, a
<br />date within 60 days prior to the date of adoption of this resolution;
<br />
<br /> WHEREAS, the Authority has requested the Council of the City of
<br />Charlottesville, Virginia (the "City Council") to approve the issuance
<br />of the Bonds to comply with Section 103(k) of the Internal Revenue Code
<br />of 1954, as amended; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance
<br />of the Bonds .and its recommendation with respect thereto, a record of the
<br />
<br />
<br />
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