Laserfiche WebLink
the resolution approving the issuance of $1 million revenue <br />bonds for MACAA for purchase of YMCA property on Park Street <br />was unanimously approved by Council. <br /> <br /> WHEREAS, ~the Industrial Development Authority of the <br />City of Charlottesville, Virginia ("Authority"), has <br />considered the application of the Monticello Area Community <br />Action Agency ("Agency") requesting the issuance of the <br />Authority's revenue bonds in an amount not to exceed <br />$1,000,000 ("Bonds") to assist in the financing of the <br />Agency's acquisition, renovation and expansion of the <br />existing YMCA facilities located on 7.445 acres at 1027 Park <br />Street in the City of Charlottesville consisting of six <br />buildings, such facilities to be used by the Agency for <br />education, human services programs and recreational <br />activities ("Project"), and has held a public hearing thereon <br />on March 9, 1993~ <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of private activity <br />bonds and over the area in which any facility financed with <br />the proceeds of private activity bonds is located must <br />approve the issuance of the bonds~ <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville, Virginia ("City"); the Project is to <br />be located in the City and the City Council of the City of <br />Charlottesville, Virginia ("Council") constitutes the highest <br />elected governmental unit of the City) <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, subject to the terms to be agreed <br />upon, a certificate of the public hearing and a Fiscal Impact <br />Statement have been filed with the Council. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the issuance of the Bonds by <br />the Authority for the benefit of the Agency, as required by <br />Section 147(f) of the Code and Section 15.1-1378.1 of the <br />Code of Virginia of 1950, as amended to permit the Authority <br />to assist in the financing of the Project. <br /> <br /> 2. The approval of the issuance of the Bonds does not <br />constitute an endorsement to a prospective purchaser of the <br />Bonds of the creditworthiness of the Project or the Agency. <br /> <br /> 3. Pursuant to the limitations contained in Temporary <br />Income Tax Regulations Section 5f.103-2(f)(1), this <br />resolution shall remain in effect for a period of one year <br />from the date of its adoption. <br /> <br /> 4. This resolution shall take effect immediately upon <br />its adoption. <br /> <br />PUBLIC HEARING: <br /> <br />IMP ROVEMENT S <br /> <br />ISSUANCE OF $4 MILLI-ON BONDS FOR GAS SYSTEM <br /> <br />The public hearing was opened. <br /> <br />As there were no speakers.the public hearing was closed. <br /> <br />ORDINANCE: ISSUANCE OF $4 MILLION BONDS FOR GAS SYSTEM <br /> <br /> On motion by Rev. Edwards, seconded by Ms. Slaughter, <br />the ordinance entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE <br />OF FOUR MILLION DOLLARS ($4,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br /> <br /> <br />