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• RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA M WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Electronic Technologies, Inc., or a wholly-owned subsidiary to be organized by it (the "Applicant") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $3,000,000 (the "Bonds") to assist in the financing of the Applicant's acquisition of a facility for the manufacture and distribution of electronic components and products and/or the construction and equipping of an expansion of such facility (the "Project") to be located at 706 Forrest Street, in the City of Charlottesville, Virginia, and has held a public hearing thereon on August 9, 1983. WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code") and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended (the "Act"), provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development • bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is to be located in the City of Charlottesville and the Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental officials of the City; and WHEREAS, the Ordinance adopted by the Council on July 19, 1976, as amended on February 3, 1980, which created the Authority (the "Ordinance"), provides that the Authority shall not finance any facility until the location and financing of such facility have been approved by the Council; and WHEREAS, Section 5 of the Ordinance sets forth certain standards to be considered by the Authority and the Council in determining the nature and location of facilities to be financed ry the Authority; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing has been filed with the Council.