Laserfiche WebLink
1 <br />• RESOLUTION <br />OF THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City of <br />Charlottesville, Virginia ("Authority"), has considered the <br />application of The Michie Company ("Company"), requesting the <br />issuance of the Authority's revenue bonds in an amount not to <br />exceed $7,000,000 ("Bonds") to assist in the financing of the <br />Company's acquisition, construction and equipping of a <br />manufacturing facility consisting of approximately 78,000 square <br />feet ("Project") to be located near the intersection of Carlton <br />Avenue and Carlton Road, in the City of Charlottesville, <br />Virginia, and has held a public hearing thereon on May 24, 1988; <br />WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended, provides that the governmental unit having <br />jurisdiction over the issuer of private activity bonds and over <br />the area in which any facility financed with the proceeds of <br />private activity bonds is located must approve the issuance of <br />the bonds; <br />• WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville, Virginia ("City"); the Project is to be <br />located in the City and the City Council of the City of <br />Charlottesville, Virginia ("Council") constitutes the highest <br />elected governmental unit of the City; <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 />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF 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 147(f) and Section 15.1-1378.1 of the Code of Virginia of <br />1950, as amended ("Virginia Code"), to permit the Authority to <br />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 />• <br />