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• RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF CHARLOTTESVILLE, VIRGINIA <br />ALLOCATING ITS PORTION OF THE STATE CEILING ON <br />PRIVATE ACTIVITY BONDS <br />TO THE INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF CHARLOTTESVILLE, VIRGINIA <br />FOR THE BENEFIT OF VIRGINIA VENTURES II, LIMITED, <br />PIEDMONT VIRGINIA PROPERTY GROUP, UNITED <br />ASSOCIATES AND FIFTH AND MALL LIMITED PARTNERSHIP <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.1. of the Order authorizes the City <br />Council (the "Council") to allocate its portion of the State <br />Ceiling to the issuing authorities within the City of <br />Charlottesville (the "City"); <br />• WHEREAS, the Council now desires to allocate its entire <br />$3,022,500 portion of the State Ceiling to the Industrial <br />Development Authority of the City of Charlottesville, Virginia <br />(the "Authority") to cover the issuance by the Authority of <br />industrial development revenue bonds for the following: <br />1. $900,000 for the benefit of Virginia Ventures II, <br />Limited; <br />2. $1,000,000 for the benefit of Piedmont Virginia Property <br />Group; <br />3. $185,000 for the benefit of United Associates; and <br />4. $937,500 for the benefit of Fifth and Mall Limited <br />Partnership. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA: <br />1. The Council hereby allocates its entire $3,022,500 <br />portion of the State Ceiling on private activity bonds to the <br />Authority in order to cover the issuance by the Authority of a <br />$900,000 industrial development revenue bond for the benefit of <br />Virginia Ventures II, Limited; a $1,000,000 industrial <br />is <br />development revenue bond for the benefit of Piedmont Virginia <br />Property Group; a $185,000 industrial development revenue bond <br />for the benefit of United Associates; and a $937,500 industrial <br />