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• 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 Safeway Inc. ("Company") requesting the issuance <br />of the Authority's industrial development revenue refunding bonds <br />in an amount not to exceed $2,250,000 ("Bonds") to current refund <br />the outstanding principal amount of the Authority's $2,250,000 <br />Industrial Development Revenue Bonds (Safeway Stores, <br />Incorporated Project), Series 1981, the proceeds of which were <br />used to assist in the financing of the Company's acquisition, <br />construction and equipping of a grocery store facility consisting <br />of approximately 43,335 square feet ("Project") located at the <br />Barracks Road Shopping Center on Emmet Street, in the City of <br />Charlottesville, Virginia, and has held a public hearing thereon <br />on April 9, 1991; <br />WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of private activity <br />bonds and over the area in which any facility financed with the <br />• proceeds of private activity bonds is located must approve the <br />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 Section <br />147(f) of the Code and Section 15.1-1378.1 of the Code of <br />Virginia of 1950, as amended ("Virginia Code"), to permit the <br />Authority to assist in the refinancing of the Project. <br />0 <br />