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77 Mr. George Gilliam, attorney for East Jefferson Land Trust, stated that the refinancing was being requested in order to take advantage of lower interest rates. On motion by Ms. Waters, seconded by Mr. Vandever, the resolution authorizing industrial development bond refinancing for East Jefferson Land Trust was unanimously approved by Council. WHEREAS~ the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority") has considered the application of East Jefferson Street Land Trust, a Virginia Land Trust whose principal business address is 1101 East Jefferson Street, Charlottesville, Virginia 22901 (the "Applicant"), for the issuance of the Authority's industrial development revenue refunding bonds in an amount not to exceed $747,000 (the "Refunding Bonds") to refund the outstanding principal amount of the Authority's $1,000,000 Industrial Development Revenue Bonds (East Jefferson Land Trust Project), Series 1981 issued on December 29, 1981 for the benefit of the Applicant to finance the acquisition, construction and equipping of a medical and professional office facility located at the corner of llth and East Jefferson Streets, Charlottesville, Virginia 22901 (the "Project")~ and WHEREAS, the Authority has held a public hearing regarding these matters on February 11, 1992; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of the industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is located in the City; and the City Council of the City (the "City Council") constitutes the highest elected governmental unit of the City~ and WHEREAS, the Authority has recommended that the City Council approve the issuance of the Refunding Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Refunding Bonds, subject to terms to be agreed upon, a summary of statements made at the public hearing and a Fiscal Impact Statement have been filed with the City Council; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The City Council approves the issuance of the Refunding Bonds by the Authority for the benefit of the Applicant~ as required by,Section 147 (f) of the Code and Section 15o1-1378.1 of the Code of Virginia of 1950, as amended. 2. The approval of the issuance of the Refunding Bonds does not constitute an endorsement to a prospective purchaser of the Refunding Bonds of the creditworthiness of the Project or of the Applicant. As required by Section 15.1-1380 of the Code of Virginia of 1950, as amended, the Refunding Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Refunding Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City nor the Authority shall be pledged thereto.