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27 <br /> <br />requirements which are part of the criteria for approving <br />bonds was met since there was no mention of this issue in the <br />CIDA minutes or other material received by Council. <br /> <br /> Ms. Waters made a motion to approve the resolution <br />supporting the bond~project land recommended that Council <br />convey to the Charlottesville Industrial Development <br />Authority the importance of Council receiving a record of <br />criteria compliance on every bond issue. <br /> <br /> Mr. Toscano questioned the timetable for the project and <br />Dr. Jay Levine of the Health Sciences Foundation, stated that <br />the project has a very tight schedule. <br /> <br /> Ms. Slaughter seconded the motion and the resolution <br />supporting the industrial development bond project for the U. <br />VA. Health Sciences Foundation was approved, with Rev. <br />Edwards absent for the vote. <br /> <br /> A. The Industrial Development Authority of the City of <br />Charlottesville, Virginia ("Authority"), has considered the <br />application of the University of Virginia Health Services <br />Foundation ("Foundation") requesting the Authority to assist <br />the Foundation of issuing the Authority's revenue bonds in an <br />amount not to exceed $3,300,000 ("Refunding Bond") to refund <br />the Authority's $3,300,000 Industrial Development Revenue <br />Bond (University of Virginia Health Services Foundation) <br />("Prior Bond"), and has held a public hearing thereon on <br />November 12, 1991; <br /> <br /> B. The Authority issued the Prior Bond on January 20, <br />1984, to finance the acquisition and renovation of the <br />Foundation's administration building located at 1400 <br />Jefferson Park Avenue in the City of Charlottesville, <br />Virginia, the construction and equipping of an ambulatory <br />surgical facility consisting of approximately 16,000 square <br />feet located at 337 15th Street, S.W. in the City of <br />Charlottesville, Virginia, and the acquisition of certain <br />real estate located at 1312 Lane Road in the City of <br />Charlottesville, Virginia (collectively the "Project"). The <br />Foundation has used the Jefferson Park Avenue and the Lane <br />Road properties as administrative offices, but the Foundation <br />intends to sell these properties to the University of <br />Virginia and use the proceeds to curtail the Authority's <br />Refunding Bond. <br /> <br /> C. Section !47(f) of the Internal Revenue Code of 1986, <br />as amended (the "Code"), provides that the governmental unit <br />having jurisdiction over the issue of private activity bonds <br />and over the area in which any facility financed with the <br />proceeds of~private activity bonds is located must approve <br />the issuance of the bonds; <br /> <br /> D. The Authority issues its bonds on behalf of the City <br />of Charlottesville, Virginia ("City"); the Project is located <br />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 /> E. The Authority has recommended that the Council <br />approve the issuance of the Refunding bond; and <br /> <br /> F.' A copy of the Authority's resolution approving the <br />issuance of the Refunding Bond, a certificate of the public <br />hearing and a Fiscal Impact Statement have been filed with <br />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 Refunding <br />Bond by the Authority to refund the Prior Bond and thereby to <br />refinance the Project for the benefit of the Foundation, as <br /> <br /> <br />