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• RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Charlottesville -Albemarle Airport Authority ("Authority"), has undertaken the issuance of the Authority's revenue bonds in an amount not to exceed $10,000,000 ("Bonds") (i) to finance the acquisition, construction and equipping of a new terminal building consisting of approximately 59,541 square feet and related facilities, including approximately 150 additional public parking spaces, to be located at the Charlottesville -Albemarle Airport, in Albemarle County, Virginia ("Airport"), (ii) to finance the acquisition, construction and equipping of a general aviation hangar with attached office space consisting of approximately 21,600 square feet to be located at the Airport; (iii) to refund the outstanding principal balance of the Authority's $1,800,000 Parking Revenue Bond Anticipation Note, issued September 9, 1985; (iv) to refund the outstanding principal balance of the Industrial Development Authority of Albemarle County, Virginia, $575,000 Industrial Development Revenue Bond (JBC Limited Partnership), issued May 16, 1984; (v) to make a deposit into a reserve fund established for the Bonds; • and (vi) to pay the costs of issuance of the Bonds (collectively, the "Projects"), and has held a public hearing thereon on November 10, 1988; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended ("Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity 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"), and Albemarle County, Virginia, and the 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, and a certificate of the public hearing have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF • CHARLOTTESVILLE, VIRGINIA: