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APPROPRIATION <br />• Loan to Charlottesville Industrial Development Authority <br />$650,000 <br />BE IT RESOLVED by the Council of the City of Charlottesville, <br />Virginia, that the sum of $450,000.00 is hereby appropriated from <br />the unappropriated balance of the Risk Management Fund, and the sum <br />of $200,000 is hereby appropriated from the unappropriated balance <br />of the Capital Projects Fund, and transferred to the <br />Charlottesville Industrial Development Authority (CIDA) as a loan, <br />which loan shall be evidenced by a demand Note and secured in part <br />by an assignment to the City of the $1,000,000 Strippable Treasury <br />Bond purchased by the Mead Corporation and dated October 6, 1987 <br />(Cusip #912833KK5), as part of the Michie Company sale and <br />construction project. The Note and assignment documents from the <br />• CIDA to the City shall be in form approved by the City Attorney. <br />All funds loaned to CIDA under this appropriation shall be repaid <br />by CIDA on demand without interest upon ninety (90) days written <br />notice. <br />BE IT FURTHER RESOLVED that the CIDA is hereby released from <br />any obligation to transfer the sum of $183,000 to the Capital <br />Projects Fund, as stated in two ordinances approved by City Council <br />on December 4, 1989, copies of which are attached hereto. <br />Approved by Council <br />November 21, 1994 <br />C k of City Council <br />0 <br />