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• RESOLUTION <br />OF THE CITY COUNCIL OF THE <br />CITY OF CHARLO'T'TESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City of <br />Charlottesville, Virginia ("Authority"), has considered the <br />application of The Kroger Co. ("Company") requesting the issuance <br />of the Authority's industrial development revenue refunding bonds <br />in an amount not to exceed $3,250,000 ("Bonds") to current refund <br />the outstanding principal amount of the Authority's $3,250,000 <br />Industrial Development Revenue Bonds (The Kroger Co. Project), <br />Series of 1980, the proceeds of which were used to assist in the <br />financing of the Company's acquisition, construction and <br />equipping of a grocery store consisting of approximately 51,365 <br />square feet ("Project") located on the east side of U.S. Route 29 <br />and the south side of Hydraulic Road (Rugby Road extended), in <br />the City of Charlottesville, Virginia, and has held a public <br />hearing thereon on May 7, 1991; <br />WHEREAS, the applicable provisions of the Internal Revenue <br />Code of 1986, as amended (the "Code"), provide that the <br />governmental unit having jurisdiction over the issuer of private <br />activity bonds and over the area in which any facility financed <br />• with the proceeds of private activity bonds is located must <br />approve the issuance of the bonds; <br />WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville, Virginia ("City"); the Project is <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 the Code <br />and Section 15.1-1378.1 of the Code of Virginia of 1950, as <br />amended ("Virginia Code"), to permit the Authority to assist in <br />the refinancing of the Project. <br />• <br />