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• <br />RESOLUTION <br />OF THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of <br />the City of Charlottesville, Virginia (the "Authority"), <br />has considered the application of United Associates, <br />a Virginia general partnership (the "Company") requesting <br />the issuance of the Authority's industrial development <br />revenue bonds in an amount not to exceed $200,000 (the <br />"Bonds") to assist in the financing of the Company's <br />acquisition, construction and equipping of a 5,300 square <br />foot office building (the "Project") to be located at <br />1140 and 1178 East Market Street, in the City of Charlottesville, <br />Virginia, and has held a public hearing thereon on September <br />11, 1984; and <br />WHEREAS, Section 103(k) of the Internal Revenue <br />Code of 1954, as amended, provides that the governmental <br />unit having jurisdiction over the issuer of industrial <br />development bonds and over the area in which any facility <br />financed with the proceeds of industrial development <br />bonds is located must approve the issuance of the Bonds; <br />and <br />WHEREAS, the Authority issues its Bonds on behalf <br />• of the City of Charlottesville, Virginia (the "City"); <br />the Project is to be located in the City and the Council <br />of the City of Charlottesville, Virginia (the "Council") <br />constitutes the highest elected governmental unit of <br />the City; and <br />WHEREAS, the Ordinance adopted by the Council on <br />July 19, 1976, as amended on February 4, 1980, which <br />created the Authority (the "Ordinance"), provides that <br />the Authority shall not finance any facility until the <br />location and financing of such facility have been approved <br />by the Council; and <br />WHEREAS, Section 5 of the Ordinance sets forth <br />certain standards to be considered by the Authority and <br />the Council in determining the nature and location of <br />facilities to be financed by the Authority; and <br />WHEREAS, the Authority has recommended that the <br />Council 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 <br />agreed upon, a certificate of the public hearing, and <br />a Fiscal Impact Statement have been filed with the Council; <br />11 <br />