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• RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA A. The Industrial Development Authority of the City of Charlottesville, Virginia ("Authority"), has considered the application of the University of Virginia Health Services Foundation ("Foundation") requesting the Authority to assist the Foundation by issuing the Authority's revenue bonds in an amount not to exceed $3,300,000 ("Refunding Bond") to refund the Authority's $3,300,000 Industrial Development Revenue Bond (University of Virginia Health Services Foundation) ("Prior Bond"), and has held a public hearing thereon on November 12, 1991; B. The Authority issued the Prior Bond on January 20,' 1984, to finance the acquisition and renovation of the Foundation's administration building located at 1400 Jefferson Park Avenue in the City of Charlottesville, Virginia, the construction and equipping of an ambulatory surgical facility consisting of approximately 16,000 square feet located at 337 15th Street, S.W. in the City of Charlottesville, Virginia, and the acquisition of certain real estate located at 1312 Lane Road • in the City of Charlottesville, Virginia (collectively the "Project"). The Foundation has used the Jefferson Park Avenue and the Lane Road properties as administrative offices, but the Foundation intends to sell these properties to the University of Virginia and use the proceeds to curtail the Authority's Refunding Bond. C. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "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; D. 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; E. The Authority has recommended that the Council approve the issuance of the Refunding Bond; and F. A copy of the Authority's resolution approving the issuance of the Refunding Bond, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the . Council.