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75 <br /> <br />hospital facility in the City of charlottesville, Virginia <br />(the "Project"), and has held a public hearing thereon on May <br />25, 1993; <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the <br />governmental unit having jurisdiction over the area in which <br />any facility financed with the proceeds of private activity <br />bonds is located must approve the issuance of the bonds: <br /> <br /> WHEREAS, Section 15.1-1378 of the Code of Virginia of <br />1950, as amended (the "Virginia Code"), provides that if a <br />locality has created an industrial development authority, no <br />industrial development authority created by a second locality <br />may finance a facility located in the first locality unless <br />the governing body of such first locality Concurs with the <br />inducement resolution adopted by the industrial development <br />authority created by the second locality; <br /> <br /> WHEREAS, the City Council of the City of <br />Charlottesville, Virginia ("Council") has created an <br />industrial development authority~ the Project is located in <br />the City of Charlottesville, Virginia ("City") and the <br />Council constitutes the highest elected governmental unit of <br />the City) <br /> <br /> WHEREAS, the Authority and the Industrial Development <br />Authority of the City of Charlottesville, Virginia (the <br />"City Authority") have recommended that the Council approve <br />the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the City Authority's resolution <br />approving the issuance of the Bonds, as well as a copy of the <br />Authority's resolution approving the issuance of the Bonds, <br />subject to the terms to be agreed upon, a certificate of the <br />public hearing and a Fiscal Impact Statement, have been filed <br />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 concurs with the resolution adopted by <br />the Authority and approves the issuance of the Bonds by the <br />Authority for the benefit of the Hospital, 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 ("Virginia Code"). <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 Bonds or the Hospital. <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 adopted° <br /> <br />ORDINANCE: DONATING PROPERTY ON JOHNSON STREET TO MIDWAY HOUSING <br />CORPORATION (2nd reading) <br /> <br /> Ms. Daugherty noted that the property is not really a <br />gift since payment is required if the property is sold or <br />rented. <br /> <br /> Ms. Slaughter stated that she felt it was important for <br />the Council to state why the property was being conveyed to <br />Midway Housing and noted that it enabled the City to control <br />the land use and would return the land to the tax rolls. <br /> <br /> Mr. Toscano noted that the conveyance of the property <br />would also increase the number of owner occupied affordable <br /> <br /> <br />