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420
<br />
<br />The City and National Bank & Trust Company in its capacity as a paying
<br />agent herefor may treat and consider the person in whose name this
<br />no~e is registered as the absolute owner hereof for the purchase of
<br />receiving payment of,. or on account of, the principal hereof and interest
<br />hereon, and for all other purposes whatsoever.
<br />
<br /> This note is the only note of an issue of notes aggregating one
<br />million~fiVe hundred thousand dollars (1,500,000)tin principal amount
<br />issued in anticipation of the issuance of a like principal amount of
<br />general obligation bond§'by the City for the purpose of providing
<br />funds to pay the cost of public improvement projects of and for the
<br />City, under and pursuant to and in full compliance with the Constitution
<br />and statutes of the commonwealth of Virginia, including Chapter 5 of
<br />Title 15.1 of the Code of Virginia, 1950, as amended (the same being
<br />the Public Finance Act),'the Charter of the City, as amended, and an
<br />ordinance and proceedings of the Council of the City dulyladopted and
<br />taken under Such Chapter 5.
<br />
<br /> It is certified, recited andr declared that all acts, conditions
<br />and things required to exist, happen or be performed precedent to and in
<br />the issuance of this note do exist, have happened and have been performed
<br />in due time, form'and manner as required by law, and tha~ the amount of
<br />this note, together with all other indebtedness of the City, does not
<br />exceed any limitation of indebtedness prescribed by the Constitution
<br />or statutes of the Commonwealth of Virginia or the Charter of the City.
<br />
<br /> The full faith and credit of the City are irrevocably pledged to
<br />the punctua~ payment of the principal of and interest on this note as
<br />the same become due.
<br />
<br /> IN WITNESS WHEREOF, the City has caused this note to be executed by
<br />the manual signatures of its Mayor and City Treasurer, the Corporate
<br />seal of the City to be affixed hereto; attested by the manual signature
<br />of the clerk of Council of the City; and this note to be dated as of
<br />September 5, 1984.
<br />
<br />RESOLUTI.ON:
<br />AUTHORIZING
<br />$1 MILLION IN
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />PIEDMONT
<br />VIRGINIA
<br />PROPERTY GROUP
<br />
<br />Attest:
<br />
<br />Mayor
<br />
<br />Clerk o£ CounCil
<br />
<br />('SEAL)
<br />
<br />City Treasurer
<br />
<br /> 6. The Note shall, as soon as practicable, be prepared, executed
<br />and delivered at t.he expense Of the~.City to the Purchaser in accordance
<br />with the provisions of the Bond Ordinance and this resolution and upon
<br />payment of the full purchase price for the Note. The proceeds of sale
<br />of the Note Shall be applied On September 14, 1984 to pay the principal
<br />of the City's $1,500,000rprincipal amount of. General Improvement Bond
<br />~Anticipation Notes, dated September 14, 1983, which mature and are due
<br />and payable on such date.
<br />
<br /> 7. The City Attorney of the City is directed to file a copy of
<br />this resolUtion, certified by the Clerk of Council o'f the City to be a
<br />true and correct copy hereof, with the Clerk of the Circuit Cour.t of the
<br />City.
<br />
<br />8. This resolution shall take effect upon its passage.
<br />
<br />Mr. Robert Stroud, representing Piedmont Virginia Property Group,
<br />
<br />and Mr. Robin Lee, .one of the owners of the proposed project, presented
<br />
<br />the plans for renovation and restoration of the old C & 0 Railroad station.
<br />
<br />Plans included retail space on the first floor, office space on the
<br />
<br />second floor, maintaining parking spaces for 45 to 55 cars, and adding a
<br />
<br />small office at the end of the property in~ the future.
<br />
<br />Mrs. Gleason 'stated that the project was an important part of
<br />
<br />continuing the development 'downtown.
<br />
<br />Dr. Gunter moved the resoluti~on, Dr. Hall seconded the motion and
<br />
<br />it was unanimously approved by Council.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City Of
<br />Charlottesville, Virginia (the "Authority"), has considered the
<br />general par~nershi~.~'(the "Company") requesting the issuance Of the
<br />Authority's industrial development revenue bonds in an amount not
<br />to exceed $1,000,000 (the "Bonds") to assist in the financing of the
<br />Company's acquisition, renovation, expansion and equipping of the
<br />C & O Train Station to be used for office space and consisting of
<br />approximately 8,800 square feet (the "Project") to be located at the
<br />east end of Water Street, in the City of Charlottesville, Virginia,
<br />and has held a public hearing thereon on August 14', 1984; and
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Co'de of 19'54,
<br />as amended, prOvides that the governmental unit having jurisdiction
<br />over the issuer of industrial development bonds and over the area in
<br />which any facility financed with the ~roceeds of industrial development
<br />
<br />
<br />
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