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RESOLUTION OF THE COUNCIL OF <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, on July 18, 1984, the President of the United <br />• States signed into law the Deficit Reduction Act of 1984 (the <br />"Act") which placed certain limitations on the volume of private <br />activity bonds to be issued by any State; <br />WHEREAS, pursuant to the authority vested in him pursuant to <br />the Act, the Governor of Virginia on July 31, 1984 issued <br />Executive Order 50 (84) (the "Order") providing a formula for the <br />allocation of the State Ceiling, as defined in the Order; <br />WHEREAS, Section C.I. of the Order authorizes the Council of <br />the City of Charlottesville (the "Council") to allocate its <br />portion of the State Ceiling to the issuing authorities within <br />the City of Charlottesville (the "City"); <br />WHEREAS, the Council allocated its portion of the State <br />Ceiling to the Industrial Development Authority of the City of <br />Charlottesville, Virginia (the "Authority") to cover the issuance <br />by the Authority of certain industrial development revenue bonds, <br />including an allocation of $1,000,000 for the benefit of Piedmont <br />Virginia Property Group; <br />WHEREAS, by letter dated November 27, 1984, Piedmont <br />Virginia Property Group has stated that its $1,000,000 allocation <br />will not be used on or before December 31, 1984 and that the <br />Council may reassign such $1,000,000 allocation; and <br />• WHEREAS, the Council now desires to reassign such $1,000,000 <br />of its portion of the State Ceiling to the Authority to cover the <br />issuance by the Authority of industrial development revenue bonds <br />for Wellington Corporation. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The Council hereby reassigns the $1,000,000 of its <br />portion of the State Ceiling on private activity bonds, which was <br />previously allocated to Piedmont Virginia Property Group, to the <br />Authority in order to cover the issuance by the Authority of a <br />$1,000,000 industrial development revenue bond, the proceeds of <br />which are to be used to finance the acquisition, construction, <br />renovation and equipping of a retail and office facility for <br />Wellington Corporation. <br />2. This Resolution shall take effect immediately upon its <br />adoption. <br />Adopted by the Council of the City of Charlottesville, <br />Virginia this !� � day of , 1984. <br />�) <br />C c, Council he City <br />[SEAL] o CCof Charlottesville, Virginia <br />