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78 <br /> <br />Resource Center, !nc. (the "Company"), to be used a~s the Company's headquarters and its <br />training, counseling and advocacy center for people wi_th disabilities (the "Project") and has <br />held a public heating on September 9, 1997. <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of !986, as amended (the <br />"Code"), provides that the governmental unit having jurisdiction over the issuer of private <br />activity bonds and over the area in which any facility financed with the proceeds of private <br />activity bonds is located must approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues ks bonds on behalf of the City of Charlottesville, <br />Virginia ("City") and the Council of the City of Charlottesville, Vir~nia ("Council") <br />constitutes the highest elected governmental unit of the City; <br /> <br /> WHEREAS, the AuthOrity 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, VHIGINI~: <br /> <br /> t. The Council approves the issuance of the Bonds by the Authority for the benefit of <br />the Borrower, as required by Section 147(~ of the Code and Section t 5. !- 1378.1 of the <br />Code of Virginia of 1950, as amended ("Virginia Code") to permit 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 purchaser of the Bonds of the creditworthiness of the Project or the Company. <br /> <br /> 3. Pursuant to the limitations comained in Temporary Income Tax Regulations Section <br />5f. ! 03-2(0(1), this reso!mion 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 imanediately upon its adoption. <br /> <br />RESOLUTION: <br /> <br />Authorizing industrial development bonds for !NOVA <br />Corporation <br /> <br /> WHEREAS, the Industrial Deve!opmem Authority of the City of Charlottesville, <br />Virginia ("Authority"), has considered the application of INOVA Corporation ("Borrower") <br />requesting the issuance of the Authority's revenue bonds in an amount not to exceed <br />$3,300,000 ("Bonds") to assist in the financing of a facility for the manufacture of specialized <br />electronic systems consisting of approximately 30,000 square feet ("Project") to be located at <br />211 Lyman Street, in the City of Charlottesvi!!e, Virginia, and has held a public hearing on <br />September 9, !997. <br /> <br /> WHEREAS, Section 147(0 of the Internal Revenue Code of !986, as amended (the <br />"Code"), provides that the governmental unit having jurisdiction over the issuer of private <br />activity bonds and over the area in which any facility financed with the proceeds of private <br />activity bonds is !ocated must approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, <br />Virginia ("City"), the Project is to be located in the City and the City Council of <br />Charlottesville, Virginia ("Council") constitutes the highest elected governmental unit of the <br />CRy; <br /> <br /> WHEREAS, the Authority has recommended that the Council approve the issuance of <br />the Bonds; and <br /> <br /> <br />