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0 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia ("Authority") has considered the application of Rivanna Partners, L.P. ("Company") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $2,235,000 ("Bonds") to assist in the financing of the Company's renovation, construction and equipping of a manufacturing facility consisting of approximately 60,000 square feet ("Project") to be located at 700 Harris Street, in the City of Charlottesville, Virginia, and has held a public hearing thereon on June 16, 1987; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development revenue bonds and over the area in which any facility financed with the IP proceeds of industrial development revenue bonds is located must approve the issuance of the bonds; WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia ("City"); the Project is located in the City and the City Council of the City of Charlottesville, Virginia ("Council") constitutes the highest elected governmental unit of the City; 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, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Company, as required by Section 147(f) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not 10 constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company.