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• RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, APPROVING THE ISSUANCE OF UP TO $747,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority") has considered the application of East Jefferson Street Land Trust, a Virginia Land Trust whose principal business address is 1101 East Jefferson Street, Charlottesville, Virginia 22901 (the "Applicant"), for the issuance of the Authority's industrial development revenue refunding bonds in an amount not to exceed $747,000 (the "Refunding Bonds") to refund the outstanding principal amount of the Authority's $1,000,000 Industrial Development Revenue Bonds (East Jefferson Street Land Trust Project), Series 1981 issued on December 29, 1981 for the benefit of the Applicant to finance the acquisition, construction and equipping of a medical and professional office facility located at the corner of 11th and East Jefferson Streets, Charlottesville, Virginia 22901 (the "Project"); and WHEREAS, the Authority has held a public hearing regarding these matters on February 11, 1992; and WHEREAS, 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 industrial development bonds and over the area in which any facility financed with the proceeds of the industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is located in the City; and the City Council of the City (the "City Council") constitutes the highest elected governmental unit of the City; and WHEREAS, the Authority has recommended that the City Council approve the issuance of the Refunding Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Refunding Bonds, subject to terms to be agreed upon, a summary of statements made at the public hearing and a Fiscal Impact Statement have been filed with the City Council; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The City Refunding Bonds by the as required by Section . of the Code of Virginia Council approves the issuance of the Authority for the benefit of the Applicant, 147(f) of the Code and Section 15.1-1378.1 of 1950, as amended.