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0 <br />RESOLUTION <br />OF THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City <br />of Charlottesville, Virginia (the Authority") has considered <br />the application of Keith O Woodard and Elaine A. Woodard (the <br />" Applicant") requesting the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$700,000 (the "Bonds") to assist in the financing of the <br />Applicant's acquisition, renovation and equipping of an office <br />and/or retail facility located at 201-203-205.-207 West Main <br />Street in Charlottesville, Virginia (the "Project"), and has <br />held a public hearing thereon on August 26, 1983. <br />WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended (the "Code") and Section 15.1-1378.1 of the Code <br />of Virginia of 1950, as amended (the "Act"), provides that the <br />governmental unit having jurisdiction over the issuer of <br />industrial development bonds and over the area in which any <br />facility financed with the proceeds of industrial development <br />bonds is located must approve the issuance 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 />located in the City of Charlottesville and the Council of the <br />City of Charlottesville, Virginia (the "Council") constitutes <br />the highest elected governmental officials of the City; and <br />WHEREAS, the Ordinance adopted by the Council on July 19, <br />1976, as amended on February 3, 1980, which created the Authority <br />(the "Ordinance"), provides that the Authority shall not finance <br />any facility until the location and financing of such facility <br />have been approved by the Council; and <br />WHEREAS, Section 5 of the Ordinance sets forth certain <br />standards to be considered by the Authority and the Council <br />in determining the nature and location of facilities to be <br />financed by the Authority; 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 <br />the issuance of the Bonds, subject to the terms to be agreed <br />upon, and a certificate of the public hearing has been filed <br />with the Council. <br />0 <br />