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56 <br /> <br /> Responding to a queStion from Rev. Edwards, Mr. Lowry <br />explained that the Board was made up of hospital staff, <br />parents, professionals and community members and two blacks <br />are currently members. <br /> <br /> Rev. Edwards recommended.that consideration be given to <br />appointing a Fifeville neighborhood representative to the <br />Board and Mr. Lowry stated that a neighborhood representative <br />would be added this year. <br /> <br /> Mr. Toscano made a motion to approve the resolution, <br />and pointed out that the City will have no responsibility <br />with regard,to payment of the bonds. Mr. Vandever seconded <br />the motion and the resolution authorizing the issuance of <br />$400,000 in industrial development bonds to Hearthstone <br />Children's Corporation was unanimously approved. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Charlottesville, Virginia ("Authority"), has <br />considered the application of Hearthstone Children's <br />Corporation T/A The Ronald McDonald House of Charlottesville, <br />a Virginia non-stock corporation ("Corporation") requesting <br />the issuance of the Authority's revenue bonds in an amount <br />not to exceed $400,000 ("Bonds") to assist in the financing <br />of the Corporatins's acquisition, construction and equipping <br />~f a new four story (basement and three floors) sixteen unit <br />residential building consisting of approximately 12,160 <br />square feet to be used for temporary housing of families of <br />pediatric patients at the University of Virginia Medical <br />Center ("Project") to be located~at the southeast corner of <br />9th and Nalle Streets~ in the City of Charlottesville, <br />Virginia, and has held a public hearing thereon on September <br />11, 1990; <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of private activity <br />bonds and over the area in which any facility financed with <br />the proceeds of private activity bonds is located must <br />approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville) Virginia ("City"); the Project is to <br />be located 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 /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, subject to the terms to be agreed <br />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, VIRGINIA: <br /> <br /> 1. The Council approves the issuance of the Bonds by <br />the Authority for the benefit of Hearthstone Children's <br />Corporation T/A The Ronald McDonald House of Charlottesville, <br />Virginia non-stock corporation as required by Section <br />147(f) of the Code and Section 15.1-1378.1 of the Code of <br />Virginia of 1950, as amended ("Virginia Code") to permit the <br />Authority to assist in the financing of the Project. <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 Project or the <br />Corporation. <br /> <br /> <br />