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77 <br /> <br /> 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section <br />5fi !03-2(0(!), t_his resolution shall remain in effect for a period of one year from the date of <br />its adoption. <br /> <br />4. This resolution shall take effect immediately upon its adoption. <br /> <br />RESOLUTION: <br /> <br />Approving industrial developmem bonds for WorkSource <br />Enterprises <br /> <br /> WHEREAS, the Industrial Development Authority of the City of Char!ottes~l!e, <br />Virginia CAuthority"), has been asked by WorkSource Enterprises (the "Company") to <br />approve the issuance of its revenue bonds in an amount not to exceed $1,400,000 (the <br /> Bvnu~, a portion of which will be used to finance the Company's acquisition, renovation <br />and equipping of an approximately 26,700 square foot facility located at 13 ! 1 Carlton <br />Avenue, in the City of Charlottesville, Virgipfia, to be used as the Company's headquarters <br />and to provide vocational rehabilitation to people with disabilities Che "Project") and has held <br />a public hearing on September 9, !997. <br /> <br /> WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the <br />"Code"), prohdes that the governmental unit having jurisdiction over the issuer of private <br />activity bonds and over the area in which any fadtity financed with the proceeds of private <br />activity bonds is located must approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesvil!e, <br />Virginia ("City") and the Council of the City of Charlottesville, Virginia ("Council") <br />constitutes the highest elected governmental unit of the City; <br /> <br /> WHEREAS, the gJathority has recommended that the Council approve the issuance of <br />the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, <br />subject to the terms to be agreed 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 THE <br />CITY_ OF CHARLOTTESVILLE, VIRGLNLA: <br /> <br /> !. The Council approves the issuance of the Bonds by the Authority for the benefit of <br />the Company, as required by Section ! 47(0 of the Code and Section ! 5. !- ! 378. ! of the <br />Code of Virginia of 1950, as amended CVirginia Code") to per~t the Authority to assist in <br />the financing of the Project. <br /> <br /> 2. The approval of the issuance of the Bonds does not constitute an endorsement to a <br />prospective pumhaser of the Bonds of the creditworthiness of the Project or the Company. <br /> <br /> 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section <br />5f. 103-2(f)(!), this resolution shall remain in effect for a period of one year from the date of <br />its adoption. <br /> <br />4. This resolution shall take effect immediately upon its adoption. <br /> <br />RESOLUTION: <br /> <br />Authorizing industrial development bonds for Independent <br />Resource Properties <br /> <br /> WHEREAS, the Industrial Development Authority oftb~ City of Char!ottesvi!le, <br />Virginia ("Authority"), has been asked by Independence Properties, Inc. (the "Borrower") to <br />approve the issuance of its revenue bonds in an amount not to exceed $600,000 (the <br />"Bonds") a portion of which will be Used to fmance the Borrower's acquisition and equipping <br />of an approximately 6,800 square foot facility located at 8!5 Cherry Avenue, in the City of <br />Charlottesville, Virginia, which will be owned by the Borrower and leased to Independence <br /> <br /> <br />