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• RESOLUTION <br />OF THE 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 Electronic Technologies, Inc. (the "Company") <br />requesting the issuance of the Authority's industrial development <br />revenue bonds in an amount not to exceed $3,000,000 (the "Bonds") <br />to assist in the financing of the Company's renovation of a <br />manufacturing facility and construction and equipping of an <br />expansion thereof consisting of approximately 54,000 square feet <br />(the "Project") to be located at 706 Forrest Street, in the City <br />of Charlottesville, Virginia, and has held a public hearing <br />thereon on December 11, 1984; 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 />located in the City and the 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 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 Company, as required by <br />Section 103(k) and Section 15.1-1378.1 of the Virginia. Code, tc <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 Company. <br />40 <br />