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• RESOLUTION <br />OF THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City of <br />Charlottesville, Virginia (the "Authority"), has considered the <br />application of Southern Title Insurance Corporation (the <br />"Corporation") requesting the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$275,000 (the "Bonds") to assist in the financing of the <br />Corporation's acquisition, construction, renovation and equipping <br />of an office facility consisting of approximately 4,410 square <br />feet (the "Project") to be located at 401 Park Street, in the <br />City of Charlottesville, Virginia, and has held a public hearing <br />thereon on November 29, 1983; and <br />WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended, provides that the governmental unit having <br />jurisdiction over the issuer of industrial development bonds and <br />over the area in which any facility financed with the proceeds of <br />industrial development bonds is located must approve the issuance <br />of the bonds; and <br />• WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville, Virginia (the "City"); the Project is <br />to be located in the City and the City Council of the City of <br />Charlottesville, Virginia (the "Council") constitutes the highest <br />elected governmental unit of the City; and <br />WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br />WHEREAS, a copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to the terms to be agreed upon, a <br />certificate of the public hearing, and a Fiscal Impact Statement <br />have been filed with the Council; <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The Council approves the issuance of the Bonds by the <br />Authority for the benefit of the Corporation, as required by <br />Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to <br />permit the Authority to assist in the financing of the Project. <br />2. The approval of the issuance of the Bonds does not <br />constitute an endorsement to a prospective purchaser of the Bonds <br />• of the creditworthiness of the Project or the Corporation. <br />3. This Resolution shall take effect immediately upon its <br />adoption. <br />Approved by Council December 13, 1983Gl�ll.lti.l� <br />Jerk <br />83-6-61 <br />