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43 ) 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective pruchaser of the Bonds of the creditworthiness of the Project or the Company. RESOLUTION: REGARDING INDUSTRIAL DEVELOPMENT BOND ALLOCATION FOR CALENDAR YEAR 1984 3~ The Bond shall not be issued unless they shall have received an allocation of the State Ceiling (as defined in Executive Order Number 50 of the Governor of the Commonwealth of Virginia, dated August 1, 1984), and nothing in this resolution shall be construed as any assurance that such allocation will be available or, if available, will be made. 4. Pursuan.t to the limitations contained in Temporary Income Tax Regula. tions Section Sf.103-2(f)(1), this Resolution shall remain in effect for a period of one year from the date of its adoptions. 5. This Resolution shall take effect immediately upon its adoption. Mr. Hendrix explained that this resolution would designate the projects which had been issued industrial development bonds by Council in priority order, as well as a request that an additional allocation be made from the State pool since the City's cap had been exceeded. The resolution was moved by Mr. Barnes, sec-onded by Dr. Hall, and approved by the following vote. Ayes: Mr. Barnes, Mr. Buck, Dr. Hall. Noes: None. Absent: Mrs. Gleason and Dr. Gunter. WHEREAS, on July 18, 1984, the President of the United States signed into law the Deficit Reduction Act of 1984 (the "Act") which placed certain limitations on ~he volume .of private activity bonds to be issued by any State; WHEREAS, pursuant to the authority vested in him pursuant to the Act, the Governor of Virginia on July 31, 1984 issued Executive Order 50 (84) (the "Order") providing a formula for the allocation of the State Ceiling, as defined in the Order; WHEREAS, Section c.1. of the Order authorizes the City Council (the "Council") to allocate its portion of the State Ceiling to the issuing authorities within the City of Charlottesville (the "City"); WHEREAS, the Council now desires to allocate its entire $3,022,500 portion of the State Ceiling to the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority") to cover the issuance by the Authority of industrial develooment revenue vonds for the following: 1. $900,000 for the benefit of Virginia Ventures II, Limited; Group; $1,000,000 for the benefit of Piedmont Virginia Property $185,000 for the benefit, of Un~te.d Associates; and $937,500 for the benefit of Fifth and Mall Limited Partnership. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council hereby allocates it's entire $3,022,S00 oortion of the State Ceiling on private activity bonds to the Authority in order to cover the issuance by the Authority of a $900,000 industrial development revenue bond for the benefit of Virginia Ventures II, Limited; a $1,000,000 industrial development revenue bond for the benefit of Piedmont Virginia Property Group; a $185,000 industrial development revenue bond for the benefit of United Associates; and a $937,500 industrial development revenue bond for the benefit of Fifth and Mall Limited Partnership. 2. The Council further designates the Authority as its authorized representative pursuant to Section D.3. of the Order to request allocations from the State Reserve, as defined in the Order, on behalf of the City. adoption. ~eeting was President This Resolution shall take effect immediately upon its adjourned.